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Fudgin [204]
3 years ago
8

A company purchased $3,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $900 worth of merchandise. On

July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:
Business
1 answer:
Jlenok [28]3 years ago
4 0

Explanation:

The correct journal entry is as follows

Accounts payable A/c Dr $2,300      

     To Cash A/c   $2,254            

     To Merchandise Inventory A/c $46

(Being due amount is paid and the remaining balance is credited to the cash account)

It is computed below:

For account payable

= $3,200 - $900

= $2,300

For Merchandise inventory

=  ($3,200 - $900) × 2%  

= $46

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Consumers planning to buy recreational equipment tend to buy higher quality,
Nady [450]

Answer:

The answer is: B) In Boravia when the economy is strong, those who might otherwise go camping tend to take vacations overseas.

Explanation:

Usually a sustained economic growth would lead to an increase in the sales of high quality products. Hill and Dale sell high quality expensive products, so the only thing that could hurt their sales is that people don't go camping anymore. The only option that could lead to lower demand is that Boravia's economy is doing so well that its citizens can now afford to travel to other countries instead of camping.  

7 0
2 years ago
When a broker advertises "sales volume" or "production," the figures must refer to:
alisha [4.7K]
The answer is C I think!
4 0
3 years ago
ClipClop Company sells horseshoes to customers at a discount of 4% if the customer orders more than 10,000 horseshoes in a year.
STALIN [3.7K]

Answer:

$7,680

Explanation:

The computation of the sales revenue in April month is shown  below:

= Sales revenue - discount

where,

Sales revenue = Number of horseshoes × price per shoe

                       = 4,000 horseshoes × $2

                       = $8,000

And, the discount equal to

= Sales revenue × discount percentage

= 8,000 horseshoes × 2%

= 3$20

Now put these values to the above formula

So, the value would be equal to

= $8,000 - $320

= $7,680

7 0
3 years ago
Chocolates R' Us, Inc is owned equally by Desi and his wife Lucy, each of whom hold 550 shares in the company. Lucy plans to red
soldi70 [24.7K]

Answer:

Chocolates R' Us, Inc.

Family hostility cannot be used as an argument to void the family attribution rules.

Lucy is still legally married to Desi.  What the husband, Desi, therefore, owes, she owes equally despite their separation and her intention to reduce her ownership in their joint company.

Explanation:

Family Attribution Rules:  Section 318 of the Internal Revenue Code says an individual shall be considered as owning the stock owned, directly or indirectly, by or for his spouse and his children, grandchildren, and parents, including legally adopted children.

3 0
3 years ago
McGriff Dog Food Company normally takes 30 days to pay for average daily credit purchases of $9,730. Its average daily sales are
Nookie1986 [14]

Answer:

The net credit position is -28,420 (thus, is i na debit position)

if the payment cycle increases to 37 days then, net credit position 40,800

The company improve its cash flow as is now delaying the paying of the purchases for more days thus, redducing his overall cash needs per year.

Explanation:

The net credit position is the difference between accounts receivable and accounts payable

Accounts receivable = average daily credit sales X average collection period receivable

Accounts receivable: 10,010 x 32 = 320,320

Accounts payable = average daily credit purchases X average payment period payable

Account Payable: 9,730 x 30 = 291,900

Accounts Receivable - Accounts Payable:

320,320 - 291,900 = 28,420

If the tiem period increases; then:

A/P = 9,730 x 37 = 361,120

position: 320,320 - 361,120 = 40,800

3 0
3 years ago
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