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aliya0001 [1]
3 years ago
11

Swifty Co. uses the gross method to record sales made on credit. On July 1, 2020, it made sales of 69,000 with terms 2/10 n/30.

On July 9, 2020, Swifty received full payment for the July 1 sale. Prepare the required journal entries for Swifty Co.
Business
1 answer:
wel3 years ago
4 0

Answer:

July 1, 2020

Debit  : Accounts Receivable $69,000

Credit : Sales $69,000

July 9, 2020

Debit  : Cash $62,100

Debit : Discount allowed $1,380

Credit : Accounts Receivable $69,000

Explanation:

Note : Remove the discount from final payment.

The required journal entries for Swifty Co have been prepared above.

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Which of the following is not a role of accounting in business?
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Answer:

The correct answer is letter "D": To personally guarantee loans of the business.

Explanation:

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However, <em>securing a loan for a company will rely on the credit history of the institution which directly does not involve one of the functions of corporate accounting.</em>

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4 years ago
Selected financial information for Thornton Company for 2019 follows: Sales $ 2,000,000 Cost of goods sold 1,400,000 Merchandise
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Answer:

7.80 times

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Hence the merchandise inventory was turned over 7.80 times in 2019

7 0
3 years ago
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