Nami is very good at research, is skilled at developing instructional materials, and knows about libraries and

Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual i

fgiga [73]

Answer and Explanation:

The Journal entry is shown below:-

1. Inventory Dr, $1,800

To accounts payable $1,800

(Being purchase of calculators on account is recorded)

2. Inventory Dr, $50

To cash $50

(Being inventory is recorded)

3. Accounts payable Dr, $51

To inventory $51

(Being return of calculators is recorded)

4. Accounts Receivable $670

To Sales revenue $670

(Being sales revenue is recorded)

5. Cost of Goods Sold Dr, $460

To Inventory $$460

(Being cost of goods sold is recorded)

6. Sales returns Dr, $40

To Accounts receivable $40

(Being goods returned by customer is recorded)

7. Inventory Dr, $28

To Cost of Goods Sold $28

(Being cost of goods sold returned is recorded)

8. Cost of Goods Sold Dr, $780

To Sales revenue $780

(Being cost of goods sold is recorded)

9. Cost of Goods Sold Dr, $560

To inventory $560

(Being cost of goods sold is recorded)

8 0

2 years ago

Elastic demand exists when:

arlik [135]

Answer:

B. a small percentage decrease in price produces a larger percentage increase in quantity demanded and total revenue increases.

Explanation:

Elasticity of demand measures the responsiveness of quantity demanded to changes in price.

Elasticity of demand = percentage change in quantity demanded / percentage change in price

Demand is elastic if a small percentage decrease in price produces a larger percentage increase in quantity demanded . Total revenue would increase because the percentage increase in Quanitity demanded exceeds the percentage decrease in price.

If demand is elastic, a small percentage increase in price produces a larger percentage decrease in quantity demanded and total revenue increases.

Here, total revenue falls because percentage decrease in price exceeds the percentage increase in price.

Demand is inelastic if a small percentage decrease in price produces a smaller percentage increasein quantity demanded.

Demand is perfectly inelastic if the quantity demanded remains the same regardless of level of price.

I hope my answer helps you

6 0

2 years ago

How frequently is the value of insurers variable sub accounts normally calculated

Dennis_Churaev [7]

Answer:

Everyday because the ever-increasing complexity of our securities laws has led to a great deal of confusion among investors over the differences between mutual funds and variable annuity sub-accounts.

Explanation:

That's the answer.

8 0

1 year ago

The owner of Hanson Manufacturing is considering the idea of establishing a smoke-free workplace and instigating an incentive pl

klemol [59]

Answer:

$2000

Explanation:

According to CDC research, each employee who smokes costs his or her organization approximately $2000 per year due to reasons such as;

• Smoke breaks at work which accumulate to reduce the amount of time spent doing productive work.

• Health related issues resulting from smoking that may cost the organization money or cause the employee to be absent from work (research shows that smokers are absent from work more than non smokers.

Therefore, for each smoker who quits smoking, Hanson Manufacturing will gain approximately $2000 in productivity.

7 0

2 years ago

Total 0 1 to 30 31 to 60 61 to 90 over 90

natulia [17]

Answer:

a. $25,650

b. Journal entries

Explanation:

The computation is shown below:

a. The balance of the Allowance for Doubtful Accounts is

= Total account receivable × estimated percentage

= $570,000 × 4.5%

= $25,650

b. The adjusting entry is as follows

Bad Debt Expense $13,650 ($25,650 - $12,000)

To Allowance for Doubtful Accounts $13,650

(Being the bad debt expense is recorded)

c. The adjusting entry is as follows

Bad Debt Expense $26,650 ($25,650 + $1,000)

To Allowance for Doubtful Accounts $26,650

(Being the bad debt expense is recorded)

4 0

3 years ago