All categories

3 years ago

A merchandiser returned inventory worth $1,400 that was purchased on account. Under the periodic inventory system, the joumal

Business

1 answer:

cestrela7 [59]3 years ago

4 0

Answer:

a debit to Accounts Payable for $1,400 and a $1,400 credit to Purchase Returns allowances

Explanation:

Periodic inventory system is one that updates information on inventory on a periodic basis. This is opposite of perpetual inventory system that requires update of inventory system at all times.

In the scenario the merchandiser bought the goods on account. That means he did not pay cash but rather bought on credit.

On purchasing the items accounts payable will be credited thereby increasing the account balance.

Since the items are being returned a debit will be applied to accounts payable resulting in a decrease in the account balance.

A credit will now be posted to purchase returns allowances to show that products have been returned by a buyer

You might be interested in

Wrigley introduced a new flavor of Orbit brand sugar-free chewing gum, mint mojito, and its introductory price was low so that i

Julli [10]

In this example, Wrigley used the Penetration pricing.

Penetration pricing is one of marketing strategy which aims to attract potential customers by offering lower price as its initial offering.

This pricing strategy helps a new product or service to penetrate the market and attract customers because of the low price offered.

In the question, the introductory price for chewing gum, mint mojito were set low and aims to attract new customers to the product.

In conclusion, Wrigley used the Penetration pricing to attract new customers.

Read more about this here

<em>brainly.com/question/3521758</em>

3 0

3 years ago

Suppose nominal GDP is $2,000 a year and the quantity of money is $400. Then the velocity of circulation equals

ahrayia [7]

Answer: 5

Explanation:

The velocity of circulation is the average number of times that each dollar can be used for the purchase of goods and services in a year.

From the information given in the question, the velocity of circulation will be:

= Nominal GDP / Quantity of money

= $2000 / $400

= 5

Therefore, the velocity of circulation is 5.

3 0

2 years ago

Why long hair on men fell out after the medieval times?

fiasKO [112]

That depends from culture to culture. Some associated it with wildlings or with "uncivilized" Arabian cultures from Northern Africa, while others found it impractical as they were in the military or were in a religious order. Buddhist monks for example shave their heads completely due to their beliefs, while others cut of their hair for army reasons.

3 0

3 years ago

Your grandmother recently surprised you and gave you $15,000 expressly for the purpose of starting your retirement savings. Her

qaws [65]

Answer:

A. $115,291.30

B. $421,536.55

C. $1,471,502.67

Explanation:

The expression that describes the final amount of a $15,000 investment compounded annually for 35 years is:

$A = \$15,000*(1+i)^{35}$

A. 6% per year

i = 0.06

$A = \$15,000*(1+0.06)^{35}\\A = \$115,291.30$

B. 10% per year

i = 0.10

$A = \$15,000*(1+0.10)^{35}\\A = \$421,536.55$

C. 14% per year

i = 0.14

$A = \$15,000*(1+0.14)^{35}\\A = \$1,471,502.67$

3 0

3 years ago

The term _____ is defined as the activity, set of institutions, and processes for creating, communicating, delivering, and excha

Temka [501]

Answer:

American Marketing Association

Explanation:

American Marketing Association -

It refers to the association of many marketing professionals all together , is referred to as the American Marketing Association .

In the year 2012 , there were 30,000 members , present in the United states .

Which consists of 250 collegiate chapters and 76 professional chapters .

Hence from the given scenario of the question ,

The correct option is American Marketing Association .

3 0

3 years ago