1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Irina-Kira [14]
3 years ago
13

On April 2, Rolex SA sold $40,000 of inventory items on credit with the terms 1/10, net 30. Payment on $24,000 of sales was rece

ived on April 8 and the remaining payment on $16,000 of sales was received on April 27. Assuming Rolex uses the net method of accounting for sales discounts, the entry recorded on April 27 would include a:_____.
a. Debit to cash for $15,840.
b. Debit to revenue for $40,000.
c. Credit to sales discounts forfeited for $160.
d. Debit to accounts receivable for $400.
Business
1 answer:
Makovka662 [10]3 years ago
8 0

Answer:

c. Credit to sales discounts forfeited for $160.

Explanation:

Based on the information given the entry recorded on April 27 would include a: CREDIT TO SALES DISCOUNTS FORFEITED FOR $160

($16,000*1%=$160)

The journal entries are:

A. Dr Accounts receivable $160

Cr Sales Discount forfeited $160

B. Dr Cash $16,000

Cr Accounts receivable $16,000

You might be interested in
Which central tendency is most suitable for measuring average rate growth ​
ValentinkaMS [17]

Answer:

hey mate your answer is here

4 0
3 years ago
Hercules Workout World gains a client who prepays $ 660 for a package of six physical training sessions. Hercules Workout World
Sergeu [11.5K]

Answer:

Service revenue of $ 440

Explanation:

When the customer prepays, the revenue is yet to be earned hence the entries required would be a debit to cash account and a credit to unearned or deferred revenue.

As the service is rendered and revenue is earned, debit the deferred revenue account and credit the revenue account with the amount earned.

Since $660 was collected for 6 training sessions

Revenue from a training session

= 1/6 × $660

= $110

After 4 training sessions, revenue earned and to be recognized in the income statement

= 4 × $110

= $440

8 0
3 years ago
A characteristic found only in oligopolies is products that are slightly different. interdependence of firms. break even level o
Delvig [45]

Answer:

The correct answer is the interdependence of firms.  

Explanation:

An oligopoly market is a market structure where there are a few firms. these firms are interdependent. Price and output decisions of a firm affect its rivals. An oligopoly firm faces a downward-sloping demand curve.  

In other market structures like monopolistic or perfect competition, the firms are not interdependent.

7 0
3 years ago
Unpaid work done for a person or an organization is a _____
weqwewe [10]

It could be slavery or a Volunteer, it depends if it is willingly. I am pretty sure it is volunteer.

6 0
3 years ago
You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are m
nasty-shy [4]

Answer:

The correct answer is to put the two variables in the same type of measure.  

Explanation:

To begin with, in order to compare to different variables that are in different measures the correct way to proceed is to put them in the same measure so therefore they will be comparable with each other. Once said that, in this case the person should put the psychological benefits in economics benefits as it is the other variable and in order to do that the person should think of what aspects of his productivity would increase if he takes the vacations and gains the psychological benefits. For example, after getting back from the holidays he may feel himself less stress and more relax and therefore that he may be able to either do more job, more studies or more excercises and all that can impact in an economic way.

7 0
3 years ago
Other questions:
  • Students arrive at the Administrative Services Office at an average of one every 15 minutes, and their requests take on average
    14·1 answer
  • Which shift in the demand curve most likely to describe a company in a monopolistically competitive market that begins to spend
    11·1 answer
  • Use the following data to compute total manufacturing costs for the month:
    11·1 answer
  • When a company purchases another company and the purchase price is greater than the fair value of the net assets acquired, this
    14·1 answer
  • Which of the following is recommended when paying a credit card bill?
    11·2 answers
  • Question 8 (1 point)
    14·2 answers
  • Reasons why South African post office taking private courier companies to court​
    14·1 answer
  • What is a BFOQ? Should BFOQs be allowed?
    9·1 answer
  • What is verbal communication?
    15·1 answer
  • Suppose you work in Management and are collaborating with Human Resources to create a regression equation to predict turnover (p
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!