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Luba_88 [7]
3 years ago
10

Mullis Company sold merchandise on account to a customer for $1,045, terms n/30. The journal entry to record this sale transacti

on would be: ________
Business
1 answer:
ki77a [65]3 years ago
7 0

Answer:

Debit Accounts Receivable $1,045 and credit Sales $1,045.

Explanation:

Date  Account Titles              Debit    Credit

          Accounts Receivable    $1,045

              Sales                                        $1,045

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According to Rule of 72, what will be the rate of inflation if the price of a commodity doubles in 12 years?
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According to Rule of 72, an amount of investment equal to $5,000 with an investment interest with an average of 6 percent will only take 12 years to double the value. The price will be equal to $10,000 after 12 years. 
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4 years ago
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Budgeted sales are expected to be: January 200 Units February 300 Units March 400 Units April 300 Units May 400 Units Selling Pr
erik [133]

Answer:

Sales Budget for January, February, March and April

                                             January         February          March          April

Budgeted Sales Units             200                 300               400             300

Selling Price                             $10                  $10                $10              $10

Budgeted Sales                   $2,000            $3,000         $4,000        $9,000

Production Budget for January, February, March and April

                                             January         February          March          April

Budgeted Sales Units             200                 300               400             300

Budgeted Production Units    200                 300               400             300

Explanation:

Sales Budget shows a forecast of the future sales revenues expected by the Company.It is the first budget to be prepared from which all other companies budget are created.

Sales Budget for January, February, March and April

                                             January         February          March          April

Budgeted Sales Units             200                 300               400             300

Selling Price                             $10                  $10                $10              $10

Budgeted Sales                   $2,000            $3,000         $4,000        $9,000

Production Budget for January, February, March and April

Hint : Since there are no targets for beginning or closing inventories, then Sales are equal to production.

                                             January         February          March          April

Budgeted Sales Units             200                 300               400             300

Budgeted Production Units    200                 300               400             300

4 0
3 years ago
Teal Mountain Inc. issues $5.0 million, 10-year, 8% bonds at 101, with interest payable on January 1. The straight-line method i
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Answer:

Dec. 31

Dr Interest expense $405,000

Cr Discount on bonds payable $5,000

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Explanation:

Preparation of the journal entry to record interest expense and bond premium amortization on December 31, 2022

Dec. 31

Dr Interest expense $405,000

($400,000+$5,000)

Cr Discount on bonds payable $5,000

[$5,000,000 - ($5,000,000 x 101/100)/10]

Cr Cash ($5,000,000 x 8%) $400,000

(To record interest expense and bond premium amortization)

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Adam Smith, and Invisible hand. hope this helps!
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An account becomes uncollectible a. at the end of the fiscal year b. There is no general rule for when an account becomes uncoll
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Answer:

b. There is no general rule for when an account becomes uncollectible.

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