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viva [34]
3 years ago
5

how can you journalise this a supplier account had been debited with a $200 sales invoice (which had been correctly recorded in

the sales account).​
Business
1 answer:
Mkey [24]3 years ago
6 0

Answer:

Debit : Supplier $200

Credit : Purchases Returns and Allowances $200

Explanation:

We normally debit the Supplier account when we want to reduce our entity`s liability.

We reduce the entity liability when :

  1. The suppliers have been paid amount due to them
  2. The entity has returned goods to suppliers

The above journal depicts a return of goods to suppliers from the entry view of the Customer.

The Supplier has to reduce their Sales Account with the same amount of $200, the value of the goods returned.

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Abbie Marson is the sole owner and operator of Great Plains Company. As of the end of its accounting period, December 31, Year 1
Nataliya [291]

Answer:

The net income for Year 2 is $ 114,482

Explanation:

Accounting Equation is used in order to calculate the closing capital figure of Year 1 and Year 2:

Assets=Liabilities + Equity.

we can rearrange the formula as Assets-Liabilities = Equity

  • So in Year 1. the closing capital is: $910,049-$274,794 = $635,255.
  • In Year 2. the closing capital is : $988,160-$234,792 = $ 753,368

Now we can construct an equation to drive net income of year to by means of balancing figure:

Opening capital year 1:            $635,255

+ Additional Capital in Year 2: $28,651

-Drawing in year 2:                   $(25,020)

Net Income(Balancing figure)   <u>$114,482</u>              

Closing Capital Year 2:            $ 753,368              

7 0
3 years ago
Read 2 more answers
The Magnolia Company's Division A has income from operations of $80,000 and assets of $400,000. The minimum acceptable rate of r
Afina-wow [57]

The residual income for the Division A of Magnolia Company for an income from operations of $80,000 will be $32,000.

<h3>What is residual income?</h3>

Residual Income is the total of total income from operations less the minimum acceptable rate of return on the deployed assets for such operations over a financial period.

Using the above information, it can be ascertained that the residual income will be,

\rm Residual\ Income = Income\ from\ Operations - Rate\ of\ Return\ x\ Assets\\\rm Residual\ Income = 80000- (12\%\ x\ 400000)\\\\\rm Residual\ Income = \$32,000

Hence, the residual income will be as computed above.

Learn more about residual income here:

brainly.com/question/27330050

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8 0
2 years ago
A business's source documents:_____.A. Must be in electronic form. B. Include the ledger. C. Provide objective evidence that a t
harina [27]

C. Provide objective evidence that a transaction has taken place.

8 0
3 years ago
Who benefits from an import-substitution strategy? who is harmed?
Aloiza [94]

Answer:

Import substitution industrialization (ISI) is a trade and economic policy which advocates replacing foreign imports with domestic production. Domestic consumers benefit from import substitution as they do not have to face strong competition from foreign competitors and can sell their goods at a higher price. So for example manufacturers in USA sell a battery from $10 but consumers from USA have the option to import that battery at $7 from China the US manufacturers wont be able to compete as Chinese companies have lower cost of production therefore they can sell cheaper and in order to protect the local manufacturers the government may use an ISI strategy to help the local manufacturers. On the other hand consumers are harmed from this strategy as they cannot buy the cheaper product because of change in government strategy. So consumers who were buying the battery at $7 not have to buy it at $10.

Explanation:

5 0
3 years ago
Clarifying the issues of a problem is the _____ step in the problem solving process.
solmaris [256]

Answer:

hii there

The correct answer is option ( A )

8 Step Problem Solving Process

Step 1: Define the Problem. What is the problem?

Step 2: Clarify the Problem.

Step 3: Define the Goals.

Step 4: Identify Root Cause of the Problem.

Step 5: Develop Action Plan.

Step 6: Execute Action Plan.

Step 7: Evaluate the Results.

Step 8: Continuously Improve

Explanation:

Hope it helps

have a nice day

8 0
3 years ago
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