Being smart and being decisive.
The accounting entries for Rippen Corporation is recorded as follows:
December 3,
DR Accounts Receivable (Burnen Corp.) $480,000
CR Sales $480,000
DR Cost of Goods Sold $320,000
CR Inventory $320,000
December 8,
DR Sales Return $30,000
CR Accounts Receivable $30,000
DR Inventory $20,000
CR Cost of Goods Sold $20,000
December 12,
DR Cash $441,000
DR Credit Discount $9,000
CR Accounts Receivable $450,000
<h3>What is Journal Entry?</h3>
A journal entry is recorded for the transactions of a company in the relevant period, the entry that is recorded is also known as the double entry. These journal entries are then used to prepare T-Accounts, an then trial balance is made and ultimately income statement and balance sheet are made.
The transaction includes a discount of 2% as credit discount for the payment being made within 10 days.
Learn more about Journal Entries at brainly.com/question/27076717
#SPJ1
Answer:
(B) Increase both assets and equity by $180
Explanation:
The transaction analysis model tells us that:
Assets = Liabilities + Owner's Equity
Owner's equity = Contributed Capital + Retained Earnings
Retained Earnings = Net Income − Dividends
and
Net Income = Income − Expenses
The expanded accounting equation is obtain if all substitutions are made:
Asset = Liabilities + Contributed Capital + Income – Expenses − Dividends
In the Global Cleaning Service`s case:
Assets are increased either because the service is collected or is an account receivable. As the service provided is a revenue (income) is part of the Owner's Equity that also increase. Both, Asset and Owner's Equity, increase in 180.
There are 16 bits in two bytes
