Answer:
The correct answer is letter "A": journalize the daily transactions in the inventory account.
Explanation:
Physical inventories are the process of measuring the material items of a company's stock. The measures can be given in terms of numbers or weighing the objects. The most common methods of measuring inventory in a company are the perpetual inventory system which is used as soon as inventory is received or sold and the periodic inventory system every certain period which could be every month, quarter, or year.
<em>A physical inventory is not used to journalize transactions every day in the corresponding inventory accounts.</em>
Answer:
Reconciling Items
Item Treatment
1. b. a deduction from the cash balance according to the bank statement
2. b. a deduction from the cash balance according to the bank statement
3. d. a deduction from the cash balance according to the company's records
4. a. an addition to the cash balance according to the bank statement
5. a. an addition to the cash balance according to the bank statement
6. a. an addition to the cash balance according to the bank statement
7. a. an addition to the cash balance according to the bank statement
Explanation:
a) Data and Analysis:
1. Bank service charges, $30 Cash $30
2. Accounts Receivable (NSF) $400 Cash $400
3. Accounts Payable $90 Cash $90
4. Cash $990 Bank $990.
5. Bank $3,300 Cash $3,300
6. Cash $7,950 Bank $7,950
7. Cash $10,500 Accounts Receivable $10,500
Answer:
July 1, 2020
Dr. Account Receivable $56,000
Cr. Sales $56,000
July 9, 2020
Dr. Cash $54,880
Dr. Sales Discount $1,120
Cr. Account Receivable $56,000
Explanation:
Credit terms of 2/10, n/30 means there is a discount of 2% is available on payment of due amount within discount period of 10 days after sale with net credit period of 30 days.
As Payment of $56,000 is received within the discount period. So, the discount will be
Discount = $56,000 x 2% = $1,120
Amount Paid = $56,000 - $1,120 = $54,880
Answer:
Jan 7
Dr Cost of Good Sold 7,860
Cr Inventory 7,860
(to record the cost of good sold)
Dr Account Receivable 13,100
Cr Revenue 13,100
( to record revenue and receivable owed from Stewart)
Jan 13
Dr Sales Returns 2,620
Cr Account Receivable 2,620
(to record sales return from Stewart)
Dr Inventory 2,620
Cr Cost of good sold 2,620
(to record inventory returns and decrease in cost of good sold due to sales return from Stewart)
Jan 18
Dr Cash 10,480
Cr Account Receivable 10,480
( to record full collection from Stewart after 11 days)
* further working note on Jan 18 transaction: As Stewart had return $2,620 sales; the Receivable from Stewart is just $10,480 ( 13,100 - 2,620). Also, the term of receivable is 5/10, n/30; the repayment after 10 days received from Steward is not eligible for discount.
Explanation:
Answer: Pessimistic time- the optimistic time then divide that number by 6 and square root that number to get the final number.
Explanation:
They can be computed by pessimistic time- the optimistic time divide the number by 6 and square root the number gotten to get the final answer
A manager will choose pert for her project due to uncertainties as regards weather, supplies and availability of labour which would all insert variances into her estimated activity upon completion.