Answer:
Dr Cash $6,790
Dr Sales discount $210
Cr Accounts Receivable $7,000
Explanation:
Cost of goods sold by Landon Jewelers is $7,000
The cost is subject to 3/15, n/30 meaning that 3% will discount will be applicable if payment is made in 15 days. Where the balance is not paid within 15 days, it must however be paid within 30 days.
Since payment was made to Landon Jewelers within the 15 days grace, 3% deduction will be applicable to the payment.
Therefore Sales discount would be ;
= $7,000 × 3%
=$210
Balance paid in cash would be;
=$7,000 - $210
=$6,790
Journal entry for cost of goods sold would be;
Dr Cash $6,790
Dr Sales discount $210
Cr Accounts Receivable $7,000
Sales discount is an expense hence debited while the whole amount is credited to accounts receivable.
Answer:
c
Explanation:
lie is not the right term to use in this situation because the salesperson didn't really lie its more of he left some facts about the expensive converter box which is best expressed as omission
Lawyer is a career typically requiring a certificate from a vocational school program.
<u>TC</u> Units
$64,500 (High) 2,470
} $30,700 } 2000
$33,800( Low) 470
<u>VC</u><u> </u><u>per</u><u> </u><u>Unit</u><u> </u><u>=</u><u> </u><u> </u> 30 700 ÷ 2000 = $15.35
when 470 units are sold,( substitute vc per unit = 15.35)
TC = FC + VC
33, 800 = FC + ( 15.35× 470)
FC = $ 26 586
Answer: False.
Explanation:
False.
This indicates that the two goods are substitute goods, not the complementary goods.
In case of complementary goods, the price of one good is inversely related with the demand for other related good. For example, car and petrol; if the price of petrol increases as a result demand for cars decreases.
In case of substitute goods, the price of one good is directly related with the demand for other related good. For example, tea and coffee; if the price of coffee increases as a result demand for tea increases. So, there is a positive relationship between the price of one good and demand for the other good.