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3 years ago

Journalize the following merchandise transactions, using the net method under a perpetual inventory system.

Business

1 answer:

Olenka [21]3 years ago

6 0

Answer:

Part a

Debit : Accounts Receivable $18,000

Debit : Cost of Sales $10,800

Credit : Sales Revenue $18,000

Credit : Inventory $10,800

Part b

Debit : Cash $16,200

Debit : Discount allowed $1,800

Credit : Accounts Receivable $18,000

Part c

Debit : Accounts Receivable $600

Credit : Cash $600

Explanation:

The perpetual method calculates the cost of sales for each transaction made.

See the journals prepared as above

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musickatia [10]

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3 years ago

What is the rate at which one currency is converted to another currency called?

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My answer would be C ''Foreign Exchange Rate''.

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Given the following information, analyze XYZ Company's liquidity. Year 2013 Total quick assets $30,000 Total current assets $40,

kogti [31]

Answer:

A. They are more liquid than others in their industry.
C. They have sufficient quick assets to pay off short-term debt if needed.

Explanation:

The Acid-test and current ratios are used to measure the liquidity of a company with higher figures meaning more liquidity. XYZ Company has a both a higher acid-test and current ratio so they are more liquid than others in their industry.

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3 years ago

Steve is in charge of accounting for the purchase of equipment at Cal Works, Inc. The company has a policy that all expenditures

Svetlanka [38]

Answer: Materiality

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In other words, the transactions should be recorded in such a way that it gives some value to the stakeholders.

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3 years ago

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Answer:

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3 years ago