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Nady [450]
2 years ago
7

On May 10, 2020, Splish Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the

full contract price of $2,060 on July 15, 2020. The cost of the goods is $1,380. Splish delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Splish related to this contract. Either party may terminate the contract without compensation until one of the parties performs.
Business
1 answer:
Amiraneli [1.4K]2 years ago
4 0

Answer:

May 15, 2020

No Entry

June 15, 2020

Debit: Account Receivable 2,060

Credit Revenue 2,060

Debit COGS 1,380

Credit Inventory 1,380

July 15, 2020

Debit Cash 2,060

Credit Account Receivable 2,060

Explanation:

Preparation of the journal entries for Splish related to this contract.

May 15, 2020

No Entry

June 15, 2020

Debit: Account Receivable 2,060

Credit Revenue 2,060

Debit COGS 1,380

Credit Inventory 1,380

July 15, 2020

Debit Cash 2,060

Credit Account Receivable 2,060

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The correct answer is B) False.

Explanation:

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Under the gold standard of currency exchange that existed from 1879 to 1914, an ounce of gold cost $20.67 in U.S. dollars and £4
Elena-2011 [213]

Answer:

The answer is £0.2055/$

Explanation:

Exchange rate is the price of one currency in terms of another. It is also the number of units of one currency(price currency) that one unit of another currency(base currency) will buy.

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Therefore, exchange rate of pounds per dollar =

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8 0
3 years ago
Customer: An entity that describes a customer. An instance occurs for unique customers only using name, date of birth, and login
Tasya [4]

Answer:

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Which of these factors would be considered when making a location decision at the region/community level?
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Hope it's correct,

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3 years ago
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Beginning balance                                                                 2700

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