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vovikov84 [41]
3 years ago
10

Prepare the journal entries to record the following transactions on Cullumber Company’s books using a perpetual inventory system

. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
(a) On March 2, Marin Company sold $928,800 of merchandise to Cullumber Company on account, terms 2/10, n/30. The cost of the merchandise sold was $511,500.
(b) On March 6, Cullumber Company returned $108,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,800.
(c) On March 12, Marin Company received the balance due from Cullumber Company.
Business
1 answer:
evablogger [386]3 years ago
4 0

Answer: See explanation

Explanation:

Rhe journal entry will be recorded as:

a. March 2:

Debit: Accounts Receivable = 928800

Credit: Sales = 928800

Debit: Cost of Goods Sold = 511500

Credit: Merchandise Inventory = 511500

b. March 6:

Debit: Sales Returns and Allowances = 108400

Credit: Accounts Receivable = 108400

Debit: Merchandise Inventory = 60800

Credit: Cost of Goods Sold = 60800

c. March 12:

Debit: Cash = 803992

Debit: Sales discount = 820400 × 2% = 16408

Credit: Account receivable = 820400

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derive the net present value of the equity investment.

3 0
3 years ago
Fremont Enterprises has an expected return of 18 % and Laurelhurst News has an expected return of 21 %. If you put 43 % of your
Umnica [9.8K]

Answer: 19.29%

Explanation:

From the question, Fremont Enterprises has an expected return of 18% and 57% of the portfolio is put in​ Fremont. The portfolio return of Fremont will be the expected return multiplied by the weight. This will be:

= 18% × 57%

= 18 × 0.57

= 10.26%

We are also told that Laurelhurst News has an expected return of 21% and that 43% of the portfolio is put in​ Laurelhurst News. The portfolio return here will be the expected return multiplied by the weight. This will be:

= 21% × 43%

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The the expected return of the portfolio will now be:

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4 0
3 years ago
The price of apples has recently fallen in the marketplace. From this information, we can safely predict that: a.a shortage of a
Stolb23 [73]

Answer:

d.a surplus of apples must have existed.

Explanation:

If the supply of apples increased while there is no change in the demand for Apples, there would be a surplus and price would fall.

If the supply of apples decreased while there is no change in the demand for Apples, there would be a shortage of apples and price would rise.

If the demand for apples recently increased while supply remains unchanged, there would be a shortage and the price of apples would rise.

I hope my answer helps you

8 0
2 years ago
Firms that are _______ recognize that including a strong social orientation in business is a sound strategy that is in the best
nirvana33 [79]

Answer:

The correct answer is E. socially responsible

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A company is socially responsible when it works attached to values and that within its business objectives includes supporting social, economic and environmental needs in order to optimize its competitive situation and its added value.

When a company is socially responsible, it does so by its own decision and not by taxation and its policies, strategies and practices are aimed at favoring its employees, suppliers, family, environment and environment.

The green paper of the European Commission states that "corporate social responsibility is the voluntary integration, by companies, of social and environmental concerns in their business operations and their relationships with all their partners."

7 0
3 years ago
:
Rasek [7]
Hi the correct answer would be C hope this helps you!
Good luck!
3 0
2 years ago
Read 2 more answers
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