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padilas [110]
3 years ago
12

Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising. EcoMart uses a perpetual in

ventory system and the gross method. Oct. 1 Sold fair trade merchandise for $2, 600, with credit teres n/30; invoice dated October 1. The cost of the nerchandise is $1,450 which had cost $145, is returned to inventory of the merchandise is $890 6 The customer in the October 1 sale returned $260 of fair trade merchandise for full credit. The merchandise, 9 Sold recycled leather merchandise for $1, 250, with credit terms of 1/10, n/30; invoice dated October 11 Received payment for the amount due from the October 1 sale less the return on 0ctober 6.
Business
1 answer:
Rudik [331]3 years ago
8 0

Answer:

Oct 1

Debit  : Accounts Receivable $2,600

Debit : Cost of Sales $1,450

Credit : Sales Revenue $2,600

Credit : Merchandise $1,450

Oct 6

Debit : Sales Revenue $260

Debit : Merchandise $145

Credit : Accounts Receivable $260

Credit : Cost of Sales $145

Oct 9

Debit  : Accounts Receivable $1, 250

Debit : Cost of Sales $1,450

Credit : Sales Revenue $1, 250

Credit : Merchandise $1,450

Oct 11

Debit  : Cash $2,340

Credit : Accounts Payable $2,340

Explanation:

The perpetual method ensures that the cost of sales and inventory values are calculated after every transaction made.

Therefore, remember to show the cost of sale journal and the resulting decrease in inventory after every sale.

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Suppose Winston's annual salary as an accountant is $60,000, and his financial assets generate $4,000 per year in interest. One
arsen [322]

Answer:

$4,000

Explanation:

Implicit cost is the cost which is an income foregone internally, that is not the exact opportunity cost, here opportunity cost is salary foregone, that is $60,000.

But implicit cost would be $4,000 if the financial assets are now used in business, and are not left as they are.

Implicit cost is internally generated opportunity cost.

Since here he outlays, $8,000 let us say these were used earlier as financial assets to generate revenue, now $4,000 would be considered as implicit cost, that is earlier generated revenue from internal funds.

Final Answer

$4,000

5 0
3 years ago
What is an an intrinsic reward?
ASHA 777 [7]
An intrinsic reward is an internal reward that employees achieve from completing their tasks or projects successfully. These rewards are mostly psychological and are based on the effort and abilities of a person
7 0
2 years ago
An activity on a project schedule has these duration estimates: optimistic (a) = 1, most likely (m) = 2, and pessimistic (b) = 5
Masteriza [31]

Answer:

Activity expected duration = 2.333

Explanation:

Given:

Optimistic (a) = 1

Most likely (m) = 2

Pessimistic (b) = 5

Activity’s expected duration = ?

Computation of Activity expected duration:

Activity\ expected\ duration =  \frac{(a + 4m + b)}{6}

Activity expected duration = [1 + 4(2) + 5] / 6

Activity expected duration = [1 + 8 + 5] / 6

Activity expected duration = [14] / 6

Activity expected duration = 2.333

5 0
3 years ago
What is the balance between supply and demand called ?
n200080 [17]

The balance between supply and demand is known as the market equilibrium.

The supply and demand are determined through the price mechanism in a free market. Such as if the goods or services are bought more frequently then their prices will go up and vice versa.

This means that the price mechanism helps to determine what goods are to be produced. In the case where the demand for good increase will result in price go up and will ultimately result in producers supplying more of those goods.

This system of price helps to scale the point where competing demands may be weighed by the consumer or producer requirements.

However, the movement towards the price equilibrium and the resulting balance between the supply and demand is known as the market equilibrium.

Learn more on supply and demand here: brainly.com/question/4804206

5 0
3 years ago
Read 2 more answers
Suppose the number of people employed (E) is currently 100 and the number unemployed (U) is 10 and the labor force is fixed at 1
artcher [175]

Answer:

9.09% and 5.263%

Explanation:

The computation is shown below:

a. The current rate of unemployment is

= Number of Unemployed people ÷ labor force

= 10 ÷ 110

= 9.09%

b. The natural rate of unemployment is

= Separation rate ÷ Separation rate + finding rate

= 0.01 ÷ 0.01 + 0.18

= 0.01 ÷ 0.19

= 5.263%

These both should be expressed in a percentage forms

4 0
3 years ago
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