PLS I NEED HELP

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system a

lions [1.4K]

Answer:

A Retail Store

Journal Entries:

Apr. 2: Debit Inventory $3,600

Credit Accounts Payable (Lyon Company) $3,600

To record the purchase of inventory on account; FOB Shipping point, credit terms of 2/15, n/60.

Apr. 3: Debit Freight-in $360

Credit Cash $360

To record the payment of freight with cash.

Apr. 4: Debit Accounts Payable (Lyon Company) $500

Credit Inventory $500

To record the return of inventory on account.

Apr. 17: Debit Accounts Payable (Lyon Company) $3,100

Credit Cash $3,038

Credit Cash Discounts $62

To record the payment of cash on account, with discount.

Apr. 18: Debit Inventory $6,500

Credit Accounts Payable (Frist Corp.) $6,500

To record the purchase of inventory on account; FOB destination, credit terms of 1/10, n/30.

Apr. 21: Debit Accounts Payable (Frist Corp.) $500

Credit Inventory $500

To record the allowance received.

Apr. 28: Debit Accounts Payable (Frist Corp.) $6,000

Credit Cash $5,940

Credit Cash Discounts $60

To record the payment of cash on account, with discount.

Explanation:

a) Data and Analysis:

Apr. 2: Inventory $3,600 Accounts Payable (Lyon Company) $3,600. FOB Shipping point, credit terms of 2/15, n/60.

Apr. 3: Freight-in $360 Cash $360

Apr. 4: Accounts Payable (Lyon Company) $500 Inventory $500

Apr. 17: Accounts Payable (Lyon Company) $3,100 Cash $3,038 Cash Discounts $62

Apr. 18: Inventory $6,500 Accounts Payable (Frist Corp.) $6,500. FOB destination, credit terms of 1/10, n/30.

Apr. 21: Accounts Payable (Frist Corp.) $500 Inventory $500

Apr. 28: Accounts Payable (Frist Corp.) $6,000 Cash $5,940 Cash Discounts $60

7 0

3 years ago

lack Duck Enterprises has a five-day work week and pays the warehouse staff $15 per hour for each eight-hour work day. The work

Inessa05 [86]

Hi there!

Answer:

D. credit Wages Payable for $2,880.

Explanation:

-First we calculate the cost per employee per day

$15 per hour * 8 hours/day = $120 per day per employee

-Then we calculate the daily cost in wages

8 employees x $120 = $960 per day

-Then we <em>accrue</em> wages until the end of the month (Monday, Tuesday and Wednesday)

Daily cost $960

Days worked till the month ends 3

Accrued expense $2,880

<em><u>Journal entry: </u></em>

Debit Credit

Wages expense $2,880

Wages Payable $2,880

5 0

4 years ago

Marisol recently put her house on the market at an asking price of $260,000. She realizes, however, that in order to sell the ho

lukranit [14]

Maria recently put her house on the market at an asking price of $260,000. She realizes, however, that in order to sell the house, she may have to use price skimming

<h3>What is price skimming?</h3>

Price skimming is a pricing strategy that a company can use when launching a new product or service.

Price skimming is commonly used for new technologies. DVD players are an excellent example of this. When DVD players first became available in the late 1990s, they could cost up to $1,000. If you do a quick search on Amazon, you'll find that a new DVD player costs only $33.

The pricing strategy will be influenced by the stage of the product's life cycle. The process of charging a relatively high price for a product is referred to as price skimming. When a product is new to the market, skimming is commonly used (in its introduction or growth phase)

To know more about price skimming follow the link:

brainly.com/question/24263055

#SPJ4

3 0

2 years ago

the manufacturer has put in place a price discrimination policy, where it charges its household customers more per unit than it

Scorpion4ik [409]

The manufacturer wants to keep the retailer from arbitraging away the profits from the policy. the manufacturer should vertically integrate into the retail operations in the household market . Thus , Option A is correct.

What is Price descrimation?

A selling tactic known as price discrimination involves charging clients various rates for the same good or service depending on what the vendor believes they can persuade the customer to accept.
When a merchant uses pure price discrimination, they charge each consumer the highest price they will agree to. In more prevalent types of price discrimination, the supplier divides clients into groups based on particular characteristics and assesses a different price to each group.
When a seller discriminates on pricing, each consumer pays a different price for the same good or service.
The basis for price discrimination is the seller's conviction that specific groups of customers can be requested to pay more or less depending on their demographics or how much they value the goods or service in question.

To know more about Manufacturers visit:

brainly.com/question/1470138

#SPJ4

3 0

2 years ago

If you put money into a compound interest account with 7.2% interest rate how many years will it take to double your money?

Firlakuza [10]

Answer:

It would take 2 years

Explanation:

7x2=14 witch is the 7.2% interest rate so it would take two years 2 double your money

4 0

2 years ago