ABC Co. purchased merchandise on August 5 at a $1,000 invoice price with terms of 2/10,n/30 and paid for the merchandise on August 14. Determine its entry to record this purchase and the subsequent payment under both the gross method and the net method by matching the action on the left with the method on the right. (Assume a perpetual inventory system.)

Answers

Answer 1

Answer:

Credit Cash for $980 on August 14: Both methods

Debit Merchandise lnventoty for $980 on August 5: Net method

Credit Merchandise Inventory for $20 on August 14: Gross method

Debit Discounts Lost for $20 on August 14: Neither method

Explanation:

To Determine the entry to record this PURCHASE AND THE SUBSEQUENT PAYMENT under both the GROSS METHOD and the NET METHOD by matching the action on the left with the method on the right using a perpetual inventory system

Credit Cash for $980 on August 14: BOTH METHODS

(98%*$1,000)

Debit Merchandise lnventoty for $980 on August 5: NET METHOD

(98%*$1,000)

Credit Merchandise Inventory for $20 on August 14: GROSS METHOD

(2%*$1,000)

Debit Discounts Lost for $20 on August 14: NEITHER METHOD

(2%*$1,000)


Related Questions

ith respect to the write-off of an uncollectible account receivable against the Allowance for Bad Debts account, a sound system of internal control would require: Multiple Choice an investigation of why credit was extended to this customer in the first place. a lawsuit to be initiated to recover the uncollectible amount. the write-off to be made within six months after the date of sale. the write-off be approved by two employees.

Answers

Answer:

The write-off to be approved by two employees

Explanation:

Allowance Method

This method is capitalizes on matching principle. The key work is to record bad debts expense in the same period as the sales revenue.

Direct Write-off Method

This is simply known as when an accounts receivable are written off and bad debts expense is recorded when the company determines that it will not be able to collect from a specific customer.

Method used

Record bad debts expense and reduce accounts receivable

Debit: Bad Debts Expense

Credit: Accounts Receivable

Recovery method

Step 1: Reverse earlier write off

Debit: Accounts Receivable

Credit: Bad Debts Expense

Allowance For Bad Debts Account

It is usually in a contra asset account, in relation to accounts receivable, that holds the estimated amount of uncollectible accounts. The account is said to limits the asset receivable in anticipation of uncollectible debts.

In 2014 the average cost of a four year college is $26,017. How much is a four year college expected to cost in 2034 based on 7% inflation

Answers

Answer:

i think the answer is $27,350

Explanation:

i hope it help

Kimberly is 7 years old. She asks her mother to buy her clothes at the start of the new academic year. However, her mother tells her that she won't buy too many clothes now as Kimberly will grow them out soon. She expects Kimberly, on an average, to gain _____ pounds per year during middle and late childhood. Group of answer choices

Answers

Answer:

5 to 7

Explanation:

Middle and Late Childhood

This is said to occur between children of 7 and 12 years old. In this stage, years, children grow taller, heavier, stronger and has more physical skills and new cognitive skills. There are some changes to children's social and emotional lives in this stage as well as changes in parent and peer relationships.

The Physical development in middle and late childhood in terms of body and growth and change.

During this period of middle and late childhood, children develop slow, consistent growth. In elementary school years, it is said that children grow an average of 2 to 3 inches a year and gain about 5-7 pounds a year during middle and late childhood. Muscle mass and strength also increases in the children at this stage of growth.

If the number of suppliers increase, the supply curve will shift to the ________ and the price will ________.

Answers

Answer:

Rightwards; Fall

Explanation:

Rightwards; Fall

The increased number of sellers or suppliers will increase the supply in the market. Resulting the supply curve will shift rightwards and with the shift in the supply curve, the price will fall because of the more availability of goods in the market.

A(n) __________ opening involves actually providing a demonstration of a good or service as soon as a salesperson meets the prospect.

Answers

Answer:

Product

Explanation:

Four A's of Selling Process

1. Acknowledge

2. Acquire

3. Advise and

4. Assure

The vital elements of the sales entails

making a good impression, identifying or reiterating needs, offering the solution to the buyer's needs, and lastly credibility and trust.

Opening

This is simply done in order to get the attention and interest of potential customers quickly and thereby making a smooth transition into the next phase.

Types of Openings: They includes;

Complimentary, Referral Approach, Premium Approach, Product Approach, Showmanship Approach, Benefit Approach, Question/Opinion Approach, Shock Approach and Probe (SPIN) Approach.

According to the definitions of national saving and private saving, if Y, C, and G remained the same, an increase in taxes would

Answers

Question options :

a. raise both private and public saving.b. raise private saving and lower public saving.c. lower private saving and raise public saving.d. lower private and public saving.

Answer:

c. lower private saving and raise public saving.

Explanation:

National saving is total of private and public saving minus the country's consumption and government expenditure.

Private saving is income from households minus consumption and taxes.

Formula for public saving is T − G − TR which is government budget surplus through revenue from tax. This is revenue from tax minus government expenditure and transfers.

Required: Journal entry
Issued a cheque of Rs.39000 to Saurya stores in full settlement
please help me ​

Answers

Answer:

If a cheque was being issued to settle a account payable, the relevant entry is to debit the accounts payable account to show that the debt is being reduced. You will then credit the cash account to show that cash is being reduced as well because it was used to pay off the debt.

Date                    Account Title                                           Debit               Credit

XX-XX-XXXX     Accounts Payable - Saurya Stores     Rs. 39,000

                           Cash                                                                            Rs. 39,000

Waterway Company uses the percentage of receivables method for recording bad debt expense. The accounts receivable balance is $602000 and credit sales are $2680000. Management estimates that 3% of accounts receivable will be uncollectible. What adjusting entry will Waterway Company make to record bad debt expense if the Allowance for Doubtful Accounts has a $5000 credit balance before adjustment

Answers

Answer:

Estimated uncollectible account at end = $602,000 * 0.03

Estimated uncollectible account at end = $18,060

Bad debt expense to be recorded = Estimated uncollectible - Balance in allowance account

Bad debt expense to be recorded = $18,060 - $5,000

Bad debt expense to be recorded = $13,060

Date  Journal Entry                                        Debit      Credit

         Bad Debt Expense                             $13,060

             Allowance for Doubtful Accounts                 $13,060

The period of time in which people starting a new job adjust and "settle in" is called the: A. the assimilation process. B. the socialization process. C. probationary period. D. workplace networking

Answers

Answer:

A. the assimilation process.

Explanation:

It is correct to state that the period of time in which people start a new job, adjust and settle down is called the assimilation process, which corresponds to a process in which the individual adapts to changes that will impact their way of living in society.

A new job, therefore, is an example of an assimilation process as a company has its own rules and regulations that an individual will have to assume when gaining a new position. Therefore, there is assimilation and adaptation to the new environment, rules and interpersonal relationships.

Mary's Music Store reported net income of $149,000. Beginning balances in Accounts Receivable and Accounts Payable were $28,500 and $21,500, respectively. Ending balances in these accounts were $31,500 and $14,200, respectively. Assuming that all relevant information has been presented, Mary's net cash flows from operating activities would be:

Answers

Answer:

$138,700

Explanation:

Calculation to determine what Mary's cash flows from operating activities would be:

Net income $149,000

Less increase in A/R (3,000)

($28,500 - $31,500)

Less decrease in A/P (7300)

($21,500-$14,200)

Cash flows from operating activities $138,700

Therefore Assuming that all relevant information has been presented, Mary's cash flows from operating activities would be:$138,700

Mrs. Young is currently enrolled in Original Medicare (Parts A and B), but she has been working with Agent Neil Adams in the selection of a Medicare Advantage (MA) plan. It is mid-September, and Mrs. Young is going on vacation. Agent Adams is considering suggesting that he and Mrs. Young complete the application together before she leaves. He will then submit the paper application before the start of the annual enrollment period (AEP). What would you say If you were advising Agent Adams

Answers

Answer:

Not good.

Explanation:

Mrs. Young is leaving on vacation in mid-September. Before Mrs. Young departs, Agent Adams is contemplating recommending that he and Mrs. Young finish the registration together.

This is a terrible plan. Prior to the beginning of the AEP, agents are typically barred from soliciting or receiving registration forms.

The supply chain area that is responsible for determining what to buy, how much to buy, and how to manage the suppliers is known as _____.

Answers

Answer:

Procurement

Explanation:

The supply chain area that is primarily concerned with what to buy, how much to buy, and how to manage suppliers for optimum service delivery is known as procurement.

The supply chain generally refers to the processes and resources involved in the supply of products or services to the final consumers.  It includes procurement, planning, and logistics.

The procurement has to the with the purchase of materials. It includes the quantity of materials to buy and at what price as well as how to manage relationships with suppliers for the benefit of the firm.  Planning has to do with synchronizing the supply of material with production in relation to the demand for the final product while logistic has to do with optimizing the delivery process to minimize cost and time.

Good, a C corporation, sells an automobile to its sole shareholder for $4,500. Good's adjusted basis in the automobile is $12,000, and the fair market value is $5,000. What is the amount of loss that is recognized by Good

Answers

Answer:

$0

Explanation:

The computation of the amount of loss is shown below:

Generally taxpayers does not subtracted the losses on sales of property that can be with the related parties

And, in the case when a corporation and the shareholder who owns more than 50% of that one corporation so it to be considered as the relevant parties

Therefore the amount is zero

The inability of lower-income groups to sustain the same lifestyle as higher-income groups in the same community is known as:

Answers

Answer:

Relative deprivation

Explanation:

Relative deprivation is the inability of lower income groups to sustain the same lifestyle as higher income groups in their same lifestyle as higher income groups in their same community, often resulting in feelings of anxiety and inferiority.

It is the lack of resources such as money, food, clothes, rights, social equality necessary to maintain the quality of life considered acceptable within a given socioeconomic group.

Relative deprivation is a feeling of being worse of than the people one mingles with. For instance: when your group of friends or colleagues all have a car but you couldn't afford one at the moment.

In 2020, Courtney, 16 and a dependent of her mother, had earned income of $4,000 and interest income (unearned) of $9,500. What is Courtney's federal income tax liability (before credits)? Courtney's mother is in the 35% marginal tax bracket.

Answers

Answer:

The Tax Liability is $1,400

Explanation:

Income is only taxable when it is earned. Any unearned income is not taxable

As unearned income is not taxable then there will be no tax on the unearned interest income of $9,500.

The only taxable income is earned income of $4,000

Use the following formula to calculate the tax liability

Tax liability = Taxable income x Tax rate

Where

Taxable income = $4,000

Tax rate = 35%

Placing values in the formula

Tax liability = $4,000 x 35%

Tax liability = $1,400

You, the manager of an electronics store, have asked the salespeople in the camera department and the computer department to come up with regular, weekly ideas about how to increase sales. However, you have asked the people in the camera department to think of ideas independently, whereas you have asked the people in the computer department to get together every week and brainstorm. You should expect, after several weeks of this, that ____.

Answers

Answer:

A. the camera group will come up with more ideas, but the computer group will have a stronger group bond.

Explanation:

As a manager you have asked to the sales people that come with ides with respect how to increase the sales on weekly basis and at the same time you ask with the camera department to think independently while for computer department there should be get together so after several weeks we expected that the camera group should come with more ideas while on the other hand, the computer group created the strong bond in a group

You should expect, after several weeks of this, that the camera group will come up with more ideas, but the computer group will have a stronger group bond.

In many firms, the sales manger's ability to produce results through his salespeople determines the effectiveness of the marketing campaign. The difference between a good sales manager and one who is not can make a big difference in sales, earnings, and whether or not a marketing program pays off.

To know more about mangers, refer to the link:

https://brainly.com/question/15093168

If $240,000 is invested today and returns $432,000 in 10 years, what formula can be used to calculate the interest rate

Answers

Answer:

r = (FV/PV)^(1/n) – 1

and

Interest is 6.05 %

Explanation:

Interest is calculated as :

r = (FV/PV)^(1/n) – 1

Thus,

The formula that can be used to calculate the interest rate is

r = ($432,000/$240,000)^(1/10) – 1

  = 6.05 %

A and B formed a partnership by transferring the following assets to the partnership: A transferred $20,000 in cash, and equipment which cost $27,000, had an adjusted basis of $19,800, and had a fair market value of $30,000; B transferred cash of $50,000. The partnership's basis in equipment transferred to the partnership by A is

Answers

Answer:

$19,800

Explanation:

Based on the information given we were told that they transferred an assets to the partnership of an ADJUSTED BASIS of the amount of $19,800 which therefore means that The PARTNERSHIP'S BASIS IN EQUIPMENT TRANSFERRED to the partnership by A will be $19,800 based on the fact that the basis for the property contributed will be the ADJUSTED BASIS of the property to the partner that contributed during the time of the contribution.

Therefore The PARTNERSHIP'S BASIS in equipment transferred to the partnership by A is $19,800

If workers and firms have rational expectations, they understand that ________ monetary policy will raise the inflation rate, so actual inflation ________ expected inflation. contractionary; will be equal to expansionary; will be less than expansionary; will be equal to contractionary; will be less than expansionary; will be greater than

Answers

Answer:

expansionary; will be equal to

Explanation:

Remember, monetary policies are basically divided into:

expansionary monetary policy, andcontractionary monetary policy.

Indeed, as the name implies, the expansionary monetary policy is meant to in a sense boost up economic growth in terms of reducing interest rates thereby theoretically increasing spending and also leading to an increase in the money supply. When there is an increase in the money supply, this thus leads to an increased inflation rate, which would be expected if workers and firms have rational expectations.

On January 1, 2015, Danville Corporation acquired a machine at a cost of $60,000. The machine's service life was estimated to be ten years and its residual value to be $6,000. The straight-line method was used for depreciation. On January 1, 2020, the machine was no longer useful and was sold for $3,000. For 2020, in regard to this machine, how much of a loss should Danville record

Answers

Answer:

Loss= $30,000

Explanation:

First, we need to calculate the annual depreciation and the accumulated depreciation at the moment of the sale:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (60,000 - 6,000) / 10

Annual depreciation= $5,400

Accumulated depreciation= 5,400*5= $27,000

Now, the book value and loss from the sale:

Book value= 60,000 - 27,000= $33,000

Loss= selling price - book value

Loss= 33,000 - 3,000

Loss= $30,000

who benefits from a loan?
A - only the person who is given the loan by a bank?
B - only the bank who gives the loan to a person
C - both the person who gets the loan and the bank that loans the money
D - no one benefits when a loan is given out

Answers

Answer:

C

Explanation:

The person gets money to spend, then over time the bank will earn that money back from the same person. So I'd say both benefit.

A corporation filed a breach of contract action against another corporation in the United States District Court for the District of State A on the basis of diversity of citizenship jurisdiction. The action seeks $80,000 in damages. The plaintiff corporation was incorporated in State B and has its principal place of business in State C. The defendant corporation was incorporated in State C and has its principal place of business in State A. The defendant corporation filed a motion to dismiss the action for lack of subject matter jurisdiction. Will the defendant corporation's motion be granted

Answers

Answer:

Yes because both the plaintiff corporation and the defendant corporation have a common state citizenship

Explanation:

A federal court can have federal subject-matter jurisdiction over a case based on diversity jurisdiction, in which is required the jurisdictional amount  is more than $75,000 and that non of the plaintiffs has the same citizenship of a state as any of the defendants

The citizenship of a corporation is both the state of incorporation and the corporation's principal place of business

Given that the plaintiff corporation was incorporated in State B and has State C as its principal place of business, the citizenship of the plaintiff corporation is both State B and State C

Similarly, the defendant corporation's citizenship, based on the state the corporation was incorporated and the state of principal place of business are State C and State A

Therefore, the plaintiff corporation and the defendant corporation have the same citizenship of a state, which is State C, and the defendant corporation's motion will be granted

A manufacturing firm produces goods in accordance with customer specifications, commencing production upon receipt of a purchase order. To accumulate the cost of each order, the company would use a:

Answers

Answer:

Job Cost Card/ Record

Explanation:

A Job cost record accounts for all costs related to the job or order. It is unique to specific order. Therefore, this is a useful tool to deal with situations where firms produce in accordance with customer specifications.

The F. Mercury, Capital account has a credit balance of $29,750 before closing entries are made. If total revenues for the period are $92,700, total expenses are $68,300, and withdrawals are $15,750, what is the ending balance in the F. Mercury, Capital account after all closing entries are made?

Answers

Answer:

$38,000 credit balance

Explanation:

Data and Calculation

Capital Account

Debit :

Drawings                               $15,750

Closing Balance                   $38,000

Credit :

Opening Balance                 $29,750

Profit ($92,700 -  $68,300) $24,000

thus

Capital account after all closing entries are made has credit balance of $38,000.

Bob is the vice-president of a medium sized company in a suburb of Seattle. He has two new cars, a large home with a sauna, new clothes, and takes many trips with his family. He also carries $21,000 of debt on his credit cards and struggles to make his payments. Bob would be considered part of which social class

Answers

Answer: None of the above

Explanation:

The options are:

-none of the above

-working poor

-working class

-underclass

The working poor are those that are working but their income is below the poverty line.

The working class consists of the people whom are semi skilled, unskilled or industrial workers.

Underclass is made up of the poor and the unemployed.

Based on the information above, Bob doesn't fit into any of the above description.

Define what liquidity means by completing the following sentence. Liquidity refers to an asset which can be readily used to pay for current

Answers

Answer:

Liabilities

Explanation:

'Liquidity' is described as the 'asset's property of being able to be sold without affecting its value or the degree to which it can be easily converted into cash.' If the liquidity ratio of a company is high, then its ability to pay off its current liabilities is high as well. Therefore, the company can pay off the debtors with immediate effect and thus, it would be able to meet its short-term financial commitments. This is the key reason for people's high investments in the companies having a higher liquidity ratio as they analyze the debt paying capability of the company first.

Which money market security is defined as short-term funds transferred between financial institutions, often for no more than one day

Answers

Answer: Federal Funds

Explanation:

The Fed requires that some financial institutions keep a certain proportion of their deposits with the Fed called a reserve requirement. Sometimes, on a daily basis, some financial institutions may not be able to meet up with this requirement whilst other exceed it.

When this happens, those with the excess can return lend those who don't have enough. This is called Federal funds and usually lasts for no more than one day.

Assume the following for the town of Boone: it has a total population of 40,000 people, of which 1,000 are under 16 years of age or are institutionalized: 5,000 are full-time students who are not employed and are not seeking work; and 30,000 are employed. The rest of the people are out of work but have been actively seeking work within the past four weeks. What is Boone's unemployment rate?
Round your answer to 1 decimal place
__________ percent

Answers

Answer:

Unemployment rate = 0.1176 or 11.76%

Explanation:

Given total population = 40000

Blow 16 years = 1000

Full time student = 5000

Employed = 30000

Unemployed people = 40000 - 1000 - 5000 - 30000

Unemployed people = 4000

Unemployment rate = Unemployed people / (employed + unemployed)

Unemployment rate = 4000/ (30000 + 4000)

Unemployment rate = 0.1176 or 11.76%

what do you mean by agriculture related profession​

Answers

Answer:

Explanation:

Agriculture careers are professionals paths related to farming, cultivation and animal husbandry. These career paths involve everything from growing crops and nurturing the soil to raising livestock like cattle, pigs and chickens.

if there was a shirt that looks identical but came out in two different seasons how do you explain the price difference to the customer even though they look the same but from two different seasons?

Answers

There may be a higher demand for a long sleeve shirt in winter or fall rather than summer or spring. It’s all about economics.

Hope this helps!

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