5.ABC Company is planning to market a new model of product X. The management

The transactions listed below are typical of those involving New Books Inc. and Readers’ Corner. New Books is a wholesale mercha

Anuta_ua [19.1K]

Answer:

Readers' Corner

1. Effect of each transaction on the Inventory Balance:

a. $625,000 Purchase: Inventory balance is increased

b. $11,000 Allowance: Inventory balance is decreased.

c. $614,000 Payment: Inventory balance is not affected.

2.

a. Debit Inventory $625,000

Credit Accounts Payable (New Books) $625,000

To record the purchase of new books on account.

b. Debit Accounts Payable (New Books) $11,000

Credit Inventory $11,000

To record the allowance received from New Books.

c. Debit Accounts Payable (New Books) $614,000

Credit Cash Account $614,000

To record the payment on account.

Explanation:

Readers' Corner records its transactions with New Books Inc. by initially using the journal. The entries in the journal identify the accounts involved in each transaction. During the recording, the accounts to be debited and the ones to be credited in the general ledger are identified and recorded accordingly.

3 0

4 years ago

Which central ideas does this poster include? Check all

NARA [144]

Answer:

What poster?

Explanation:

3 0

3 years ago

Read 2 more answers

Blanton Company wishes to allocate rent expense of $24,000 to its three operating departments, A, B, and C. Assuming the three d

wariber [46]

Answer:

given statement is false

Explanation:

given data

rent expense = $24,000

operating departments, A = 10,000 square feet

operating departments, B = 20,000 square feet

operating departments, C = 30,000 square feet

cost allocation rate = $0.80 per square foot

solution

rent expense will be here as

rent expense = $\frac{24000}{60000}$

rent expense = $0.40 per square foot

and

rent expense allocated to department C is = 30000 × $0.40

rent expense allocated to department C = $12000

so given statement is false

5 0

4 years ago

Your client's investment portfolio is 50% growth stocks, 10% foreign stocks, and 40% blue-chip stocks. If the client is interest

Vlad [161]

Your client's investment portfolio is 50% growth stocks, 10% foreign stocks and 40% blue chip stocks. If the client is interested in further diversification which mutual fund would best meet that goal? Aggressive growth fund. Emerging market fund.

3 0

4 years ago

Real estate professionals have long supported strict standards of ethics and practice. Followed by all states and federal regula

docker41 [41]

Answer:

The answer is: Uniform Standards of Professional Appraisal Practice (USPAP)

Explanation:

The USPAP represents the ethical and performance standards that real estate professionals must follow when they provide appraisals. It is updated every two years and real estate professionals that want to become real property appraisers must take and pass the national USPAP course, and every two years they must take the update course.

7 0

3 years ago