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Vaselesa [24]
3 years ago
12

Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales

for $2,000. If payment occurs on January 21, the journal entry would include: Group of answer choices
Business
1 answer:
Tomtit [17]3 years ago
7 0

Answer:

Credit to Accounts Receivable for $2,000

Explanation:

Preparation of the Journal entry

Based on the information given we were told that the Merchandise sold have a terms of 2/10, n/30, which is been recorded by debiting Accounts Receivable as well as crediting Sales for the amount of $2,000 which means that If the payment occurs on January 21 the Journal entry would include Debit to Accounts Receivable for $2,000

Dr Cash 1,960

(2,000-40)

Dr Discount on bills receivable 40

(2,000*2%)

Cr Accounts receivable 2,000

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Consistent with____recognition principle, companies record revenue at the time goods are provided to customers.
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Answer:

Revenue

Explanation:

In finance, revenue recognition principle can be associated to acrrual accounting, it stated that recognition of revenue should only take place when revenue is earned or received, it shouldn't be when there is received cash. It helps to know periods that revenue is needed to be recognized.

It should be noted that Consistent with revenue recognition principle, companies record revenue at the time goods are provided to customers.

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Which group of words be describes wants?
kirill [66]

Answer:

Explanation:

I'm describing the word: wants

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3 years ago
When suppliers are paid, which of the following occurs?
iogann1982 [59]
I believe it s3 but not quite sure
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Read 2 more answers
A retired auto mechanic hopes to open a rustproofing shop. Customers would be local new-car dealers. Two locations are being con
8_murik_8 [283]

Answer:

1) Outside Location

2) Central Location

The profit will be the same when monthly demand is 230 cars

Explanation:

Let central location be termed as location A

Let outside location be termed as location B

<u>1. Demand 200 cars</u>

Profit- Location A = (90-30) * 200 - 7000 = $5000

Profit- Location B = (90-40) * 200 - 4700 =$5300

<u>2. Demand 300 cars</u>

Profit- Location A = (90-30) * 300 - 7000 = $11000

Let x be the number of cars where profit is same,

we will equate both the profit equations

(90-30)*x - 7000 = (90-40)*x - 4700

60x - 7000 = 50x - 4700

60x - 50x = 7000 -4700

10x = 2300

x = 2300/10

x = 230 cars

Profit- Location B = (90-40) * 300 - 4700 =$10300

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3 years ago
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