All categories

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

You might be interested in

On January 1, 2018, Baddour, Inc., issued 10% bonds with a face amount of $168 million. The bonds were priced at $147.2 million

bagirrra123 [75]

Answer:

(A)Balance sheet

Bonds at September 30th

Bonds Payable 168,000,000

Discount on Bonds (20,152,000)

Interest Payable 12,600,000

Net 160,448,000

(B) Income Statment

Interest Expense 13,248,000

(C)Cash Flow Statment

Financing

Cash generate for Bonds issued 147,200,000

Explanation:

Jan 1st, 2018 168,000,000 face value

Issed at 147.2M for an effective rate of 12%

Discount of 20.8M

Bonds at September 30th

accrued interest expense: 147,200,000 x 12% x 9/12 = 13,248,000

interest payable: 168,000,000 x 10% x 9/12 = 12,600,000

amortization of Discount: 648,000

7 0

3 years ago

When two goods are substitutes production then what??

swat32

Answer:

An increase in the price of one substitute good causes a decrease in supply for the other.

Explanation:

I just took a test on this subject last week :)

7 0

2 years ago

When you borrowed $50 from your rich cousin, and then had to pay her back $60, what is the original $50 called? a) Bribery b) In

alexira [117]

The correct answer is C. 100%. Please mark as brainliest! :) Have a blessed day!

7 0

3 years ago

A groundskeeper must buy bags of fertilizer. Each bag treats $10000$ square feet of ground and costs $\$27$. The groundskeeper c

castortr0y [4]

Answer:

$162

Explanation:

As we know that

1 square feet = 0.1 square yard

which means

10,000 square feet = 0.1 × 10,000

= 1,000 square yards

And, the given cost is $27

So, the cost for 6,000 square yards would be

= (6,000 square yards × $27) ÷ (1,000 square yard)

= ($162,000) ÷ (1,000 square yard)

= $162

We applied the unitary method for above calculation.

5 0

3 years ago

Why is it important to know the interest rate on your credit card?

Irina18 [472]

A

When you go into credit (the red) you basically loan money which means that you have to pay a "fine" called interest. so the more you loan and depending on the type of loan, the more interest you will pay.

3 0

3 years ago