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Anestetic [448]
2 years ago
8

On October 14, the Patrick Company sold merchandise with an invoice price of $1,200 ($770 cost), with terms of 2/10, n/30, to th

e Baxter Company. On October 18, $220 of the merchandise ($170 cost) was returned because it was the wrong size. On October 24, the Patrick Company received a check for the amount due from the Baxter Company.
Required:
Prepare the journal entries for the Patrick Company using the perpetual inventory system.
Business
1 answer:
Anna11 [10]2 years ago
7 0

Answer:

Patrick Company

Journal Entries:

Oct. 14: Debit Accounts receivable (Baxter Company) $1,200

Credit Sales revenue $1,200

To record the sale of goods on account, terms of 2/10, n/30.

Oct. 14: Debit Cost of goods sold $770

Credit Inventory $770

To record the cost of goods sold.

Oct. 18: Debit Sales returns $220

Credit Accounts receivable (Baxter Company) $220

To record the return of goods (wrong size) by Baxter.

Oct. 18: Debit Inventory $170

Credit Cost of goods sold $170

To record the cost of goods returned.

Oct. 24: Debit Cash $960

Debit Cash discounts $20

Credit Accounts receivable (Baxter Company) $980

To record the receipt of check on full settlement, including discounts.

Explanation:

a) Data and Calculations:

Oct. 14: Accounts receivable (Baxter Company) $1,200 Sales revenue $1,200, terms of 2/10, n/30.

Oct. 14: Cost of goods sold $770 Inventory $770

Oct. 18: Sales returns $220 Accounts receivable (Baxter Company) $220

Oct. 18: Inventory $170 Cost of goods sold $170

Oct. 24: Cash $960 Cash discounts $20 Accounts receivable (Baxter Company) $980

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In an unregulated, competitive market consumer surplus exists because some

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Interest you receive from a bank is not considered income<br> True or False?
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Answer:

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Explanation:

Solution

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The Maximum quantity that can be shipped from Harrisburg to Cleveland is 175

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By applying a least cost method called greedy, we need to remove our least costing node and then provide minimum of demand and supply unit a present to each cell.

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3 years ago
At meetings of the quality team, Juan is nervous about suggesting ideas
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Answer:

The correct option is;

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Positive workplace behaviors in the meetings include preparation for the meeting to make the meeting productive for you and the other participants by ensuring;

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2) Find out about the meeting agenda

3) To prepare for meetings

4) Make adequate preparation for the meeting

5) Know other attendees

6) Acquire and send out relevant information

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Answer:

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