Saving time and possibly money. Once you’re prequalified, you know which homes you can afford and won’t waste your time viewing homes that are out of your price range.
Answer:
(a) Date Account Titles & Explanation Debit Credit
1. Jun-03 Accounts Receivable-Chester Company $3,100
Sales $3,100
(To record sales)
Jun-12 Cash $3,038
Sales Discounts $62
(3,100*2%)
Accounts ReceivableChester Company $3,100
(To record payment received)
2. Jun-03 Accounts Receivable-Chester Company $3,038
($3,100*0.98)
Sales $3,038
(To record sales)
Jun-12 Cash $3,038
Accounts Receivable-Chester Company $3,038
(To record payment received)
(b) Date Account Titles & Explanation Debit Credit
Jul-29 Cash $3,100
Accounts Receivable—Chester Company $3,038
Sales Discounts Forfeited $62
(To record payment received)
Theft and fraud. Are two.
Answer:
<u>FIFO</u>
Ending inventory: = 6745
Cost of goods sold: = 5120
<u>AVERAGE</u>
Ending inventory: 6215
Cost of goods sold: = 5650
Explanation:
The FIFO (First input, first output) method allows you to make an inventory valuation, taking into account that the first items that enter the stock are the first ones that come out.
In the method of valuation of weighted average cost inventory, a weighted average is used to determine the cost of goods sold and the value of the inventory. To do this, the cost of the goods available for sale is divided by the number of units available for sale.
<em>(See the attached form to see the calculations)</em>
