Software that is developed and customized to meet the needs of companies within a specific industry is _____

1/1/2019 sally miller purchased $500 of merchandise on account; the cost of the item is $310

timofeeve [1]

<u>Solution and Explanation:</u>

date Particulars Debit Credit

1st january, 2019 Account receivable 500

Sales revenue 500

(To record sales on account)

Cost of goods sold 310

Merchandise inventory 310

(To record cost of goods sold)

31st january, 2019 Notes receivable 500

Accounts receivable 500

(To record notes receivable for the 60 days at the rate of 6 percent)

1st April, 2019 Allowances for Doubtfull accounts 500

Notes receivable 500

(In order to write off Sally Millers account, no interest revenue is to be recognised)

2nd May, 2019 Notes receivable 500

Allowances for doubtful debts 500

( in order to record re-instatement)

2nd May, 2019 Cash 507.50

Notes receivable 500

Interest revenue 7.5

( In order to record the payment received)

3 0

3 years ago

Mountain High Ice Cream Company transferred $68,000 of accounts receivable to the Prudential Bank. The transfer was made with re

horrorfan [7]

Answer:

Entries are given below

Explanation:

Calculations

Cash = ($68,000 x 90%) - ($68,000 x 2%)

Cash = $61,200 - $1,360

Cash = $59,840

Loss on sale = ($68,000 + $3,800) - ($59,840 +$5,800)

Loss on sale = $71,800 - $65,640

Loss on sale = $6,160

Entries

DEBIT CREDIT

Cash $59,840

Loss on sale $6,160

Receivable from factor $5,800

Recourse liability $3,800

Receivables $68,000

4 0

3 years ago

Nirav just opened a savings account paying 2 percent interest, compounded annually. After four years, the savings account will b

nlexa [21]

Nirav recently opened a savings account offering 2% annual compound interest, this means that Nirav will earn the same amount of interest each year for four years.

<h3>What is a saving account?</h3>

An account at a retail bank is formally called as a savings account. This is a type of account that person granted a person that his money is safe in a particular bank. Refer to the image below for the complete question.

The given case tells about that <u>what would be the impact</u> of savings account offering 2% annual compound interest on Nirav, then he will earn the same amount of interest compounded each year for four years.

Learn more about the interest, refer to:

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3 0

2 years ago

If all firms expect greater demand for their products or services, they will hire _____ resources like labor and capital and the

nexus9112 [7]

Answer: more, growth

Explanation:

If all firms expect greater demand for their products or services, they will hire more resources like labor and capital and the economy will experience growth.

For an economy to grow, human capital, labor force, and technology can not be exempted. The quality of the materials used also plays a vital role as well. Once all these are in place, then the economy while start experiencing turn around.

6 0

3 years ago

Arantxa corporation has outstanding 20,000 shares of $5 par value common stock. on august 1, 2014, arantxa reacquired 200 shares

nexus9112 [7]

The journal entries to record these transactions of Arantxa corporation using the cost method are given below.

<h3>How do you define journal entries?</h3>

The journal entry can encompass numerous recordings, every of that's both a debit or a credit. The act of maintaining or making statistics of any transactions both financial or non-financial is referred to as journal entries.

The missing information in the question can be given below:

On November 1, Arantxa reissued the 200 shares at $70 per share. Arantxa had no previous treasury stock transactions. Prepare Arantxa's journal entries to record these transactions using the cost method.

As per the given information,

The journal entries for the given information are as follows:

Treasury A/c Dr. $16,000

To Cash $16,000

Cash $14000

Retained Earnings $2,000

To Treasury stock $16,000

Hence, the journal entries recording the given transaction relating to treasury stock are explained above.

Learn more about journal entries here:

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6 0

2 years ago

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Software that is developed and customized to meet the needs of companies within a specific industry is ______ software.