Using the percentageofsales ​method, the estimated total uncollectible accounts are . The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of . The Accounts Receivable balance is . The amount of the adjusting entry for UncollectibleAccounts Expense​ is:

Answers

Answer 1

Answer:

the main part of ur question hasbeen left out so no one could help but i got a answer anyways

Explanation:

it's b

$7,322 + $2,635

= $9,957


Related Questions

TB MC Qu. 6-63 Creswell Corporation's fixed monthly expenses ... Creswell Corporation's fixed monthly expenses are $23,000 and its contribution margin ratio is 63%. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company's net operating income in a month when sales are $78,000

Answers

Answer:

Net operating income= $26,140

Explanation:

Giving the following information:

Fixed costs= $23,000

The contribution margin ratio is 63%.

Sales=  $78,000

First, we need to calculate the contribution margin:

Contribution margin= contribution margin ratio*sales

Contribution margin= 0.63*78,000

Contribution margin= 49,140

Net operating income= 49,140 - 23,000= $26,140

If the price of steel, an input into the production of automobiles, rises, and at the same time the price of gasoline rises, what will happen to the equilibrium price and quantity of automobiles

Answers

Answer:

a decrease in equilibrium quantity

an indeterminate effect on equilibrium price.

Explanation:

An increase in the price of steel would raise the production cost of cars. as a result the supply curve would shift inwards or to the left. price would rise and quantity would fall.

A rise in the price of gasoline would increase the cost of fuelling one's car. As a result the demand for cars would fall. the demand curve would shift inward. Quantity and price would fall.

Taking these two effects together, there would be a decrease in equilibrium quantity but an indeterminate effect on equilibrium price.

Check the attached image for a diagram explaining the effects of these changes

If a corporation has a dividend payout ratio of 75%, the undistributed earnings (25%) will:_________.
A. increase earnings per share.
B. decrease book value.
C. increase capital in excess of par
D. increase retained earnings

Answers

Answer:

D

Explanation:

Retained earnings is what is left of net income after a company has paid out dividends to its shareholders.

The mode of transportation that results in the lowest transportation cost will also lower total costs for a supply chain.
a) true
b) false

Answers

Answer: False

Explanation:

Transportation is the movement of individuals or goods from one place to another. Supply chain are the steps that are involved before a product will finally get to the consumer.

It should be noted that the mode of transportation that results in the lowest transportation cost will not necessarily lower total costs for a supply chain. This I because transportation isn't the only process involved on supply chain.

The risk-free rate is 5% and the tangency portfolio has 20% expected return and 40% return standard deviation. A risk-loving investor has $1000 of wealth and she seeks to attain 27.5% expected return. How much money does she need to borrow from the bank? A. 250 B. 500 C. 1500 D. 1000

Answers

Answer:

B. 500

Explanation:

Portfolio return =  Weighted average return

Let the amount invested in portfolio is x and amount invested in risk free = 1000 - x

27.5% = 20%*x + 5%*(1000-x)

27.5% * 1,000 = 20%x + 50 – 5%x

0.275 * 1,000 = 15%x + 50

275 - 50 = 15%x

225 = 15%x

x = 225 / 0.15

x  =  $1,500

Hence, the amount of money borrowed = $1,500 - $1000

= $500

How would you make a convincing case that open trade in goods and services as well as free flow of foreign direct investment will enhance the well-being of (a) consumers, (b) pro-ducers, and (c) the government of countries? Give specific examples to prove your position.

Answers

Answer:

(a) consumers

Consumers are those who benefit the most from open trade and foreign direct investment. This is because these two economic policies increase the producion and delivery of goods and services, making them cheaper.

(b) producers

While some producers would be affected by open trade, most producers would benefit. Firms are allowed to specialize in producing those goods and services for which they have a competitive advantage, and they can also profit from increased foreign investment.

(c) the government of countries

Governments also benefit from these economic policies. They higher well-being of society means more government credibility, and the higher economic growth means more government revenue in the form of taxes.

The case that open trade in goods and services, as well as free flow of foreign direct investment, should be described below:

Consumers, producers, and government:Consumers are those who benefit the most from open trade and foreign direct investment. While some producers would be affected by open trade, most producers would benefit. Governments also benefit from these economic policies. The higher well-being of society means more government credibility

learn more about the investment here: https://brainly.com/question/16822436?referrer=searchResults

Simon Company's year-end balance sheets follow.
At December 31 2015 2014 2013
Assets
Cash $25,267 $30,131 $31,387
Accounts receivable, net 75,450 50,642 41,435
Merchandise inventory 92,074 68,299 44,128
Prepaid expenses 8,301 8,066 3,418
193,532
Plant assets, net 231,487 215,775
Total assets $432,579 372,913 313,900
Liabilities and Equity
Accounts payable $106,635 $62,392 $41,849
Long-term notes payable secured by
mortgages on plant assets 79,698 84,912 71,453
Common stock, $10 par value 163,500 163,500 163,500
Retained earnings 82,746 62,109 37,098
Total liabilities and equity $432,579 $372,313 313,900
Express the balance sheets in common-size percents.

Answers

Answer:

Simon Company

Common-size percents Balance Sheet as of the years ended December 31 2015 2014 2013:

                                             2015     %         2014         %       2013        %

Assets

Cash                                $25,267   5.8%  $30,131      8.1%  $31,387   10%

Accounts receivable, net 75,450   17.4%  50,642    13.6%   41,435   13.2%

Merchandise inventory    92,074   21.3%  68,299   18.3%   44,128    14.1%

Prepaid expenses               8,301     1.9%     8,066    2.2%     3,418       1.1%

                                        201,092  46.5%  157,138   42.1% 120,368  38.3%

Plant assets, net             231,487  53.5%  215,775   57.9% 193,532  61.7%

Total assets                 $432,579  100%    372,913 100%   313,900    100%

Liabilities and Equity

Accounts payable       $106,635   24.7%  $62,392 16.7% $41,849    13.3%

Long-term notes payable secured by  mortgages

 on plant assets            79,698    18.4%      84,912 22.8%   71,453   22.8%

Total Liabilities           $186,333   43.1%  $147,304  39.5 $113,302   36.1%

Common stock, $10

par value                     163,500    37.8%   163,500 43.8% 163,500   52.1%

Retained earnings         82,746    19.1%      62,109  16.7%  37,098     11.8%

Total liabilities and

 equity                     $432,579    100%   $372,913 100%  313,900   100%

Explanation:

Simon Company's balance sheets in common-size percents shows the relative values of assets and liabilities and equity in numeric and percentage terms to enable comparison.  The company's balance sheet line items are expressed as  percentages of the total, usually the total assets in each period.  From the analysis, the management, investors, and other parties of Simon Company can understand the changes in the line items from year to year, thus making it possible for  Simon Company to undertake a trend analysis.

Winston contracts to sell a plot of land called Blackacre to Paris for $500,000. Winston breaches the contract and Paris sues him. Blackacre's reasonable market value at the time of the breach was $525,000. Paris can recover: Group of answer choices only $25,000.

Answers

Answer:

Correct Answer:

C) only $25,000.

Explanation:

In the case between Blackacre and Paris over the piece of land, the value recoverable will be the difference between the original value of the land the the newest value of the land when the breach of contract occurs. Hence, the only amount recoverable by Paris would be $25, 000.

g Sheffield Corp. purchased a truck at the beginning of 2017 for $109200. The truck is estimated to have a salvage value of $3800 and a useful life of 131750 miles. It was driven 23000 miles in 2017 and 31000 miles in 2018. What is the depreciation expense for 2018

Answers

Answer:

$24,800

Explanation:

Calculation for the depreciation expense for 2018 for Sheffield Corp.

Using this formula

Depreciation expense = (Purchased at the beginning-Salvage value/Useful life)* Driven miles

Let plug in the formula

Depreciation expense=($109,200-$3,800/131,750)*31,000

Depreciation expense=($105,400/131,750)*31,000

Depreciation expense=0.80*31,000

Depreciation expense=$24,800

Therefore the depreciation expense for 2018 will be $24,800

If a company would still have a cash flow item even if they rejected potential new Project A, should this particular cash flow item be included in Project A's cash flow analysis?

Answers

Answer: No

Explanation:

When computing a project analysis for a project, only relevant cash flow should be included in the Project's cash flow analysis. Relevant cash-flow are those that will only occur if the project was embarked on.

If the cash flow in question is still going to occur even if the project wasn't initiated as is the case with Project A, it is not a relevant cash-flow and should not be included in the cash-flow analysis.

Jay owns Gatsby Islands and wants to convey it to his good friends, Nick and Daisy. Nick lives next door to Jay while Daisy lives across the waters. He conveys an interest in Gatsby Islands "to Nick as tenants by the entirety." Two months later, he makes a corresponding conveyance to Daisy. Jay created the following:_______

a. tenancy in common
b. severalty community property
c. joint tenancy with rights of survivorship
d. tenancy by entirety

Answers

Answer:

Correct Answer:

c. joint tenancy with rights of survivorship

Explanation:

The property Jay owes on Gatsby Island belongs to him but he wishes to share th ownership with his 2 good friends. His conveyance of the message to both which reads "tenants by the entirety" shows that he and his friends has equal ownership and rights to the Gatsby Island property.

In the event that either him or one of the friends dies, the full title of the property automatically passes to the surviving person.

The Sherman Antitrust Act of 1890 was successful enough in reducing the power of cartels and monopolies that no further legislation to curb monopoly power has ever been needed.

a. True
b. False

Answers

Answer:

False

Explanation:

After the Sherman Antitrust Act of 1890 , the Clayton Act was passed in 1914. the purpose of this act was to strengthen the anti trust law

As the workforce becomes more diverse, why does performance appraisal become a more difficult process?

Answers

Answer: The diversification of the employees in the organization will bring about a larger difference between the workers and raters and could invariably lead to bias at the workplace.

Explanation:

Performance appraisal is also called performance evaluation and it is when the performance of a worker in a company is being appraised or evaluated so as to improve efficiency and output.

The diversification of the employees in the organization will bring about a larger difference between the employees and the raters who are rating them. Hence, the above situation can lead to biases and unfairness in the workplace.

Perkins Company own 85% of Sheraton Company. Perkins Company sells merchandise to Sheraton Company at 20% above cost. During 2008 and 2009, such sales amounted to $450,000 and $486,000, respectively. At the end of each year, Sheraton Company had in its inventory one-third of the amount of goods purchased from Perkins during that year.
Prepare the workpaper entries necessary to eliminate the effects of the intercompany sales for 2008 and 2009.

Answers

Answer:

2008

Correct Overstatement

Cost of Sales $450,000 (debit)

Revenue $450,000 (credit)

Correct Unrealized Profit in Inventory

Cost of Sales $25,000 (debit)

Inventory $25,000 (credit)

2009

Adjustments of Opening Balances

Retained Earnings $25,000 (debit)

Cost of Sales $25,000 (credit)

Correct Overstatement

Cost of Sales $486,000 (debit)

Revenue $486,000 (credit)

Correct Unrealized Profit in Inventory

Cost of Sales $27,000 (debit)

Inventory $27,000 (credit)

Explanation:

The Sale of merchandise by Perkins Company (Parent) to Sheraton Company (Subsidiary) is an Intragroup transaction since the companies form a group.

This results in the Cost of Goods Sold and Revenue being overstated for each intra-sale transaction and an unrealized profit resulting in the inventory that has not been sold at the end of the period.

The above are the necessary adjustments that are required to correct the overstatement and unrealized profits.

he beginning share price for a security over a three-year period was $50. Subsequent year-end prices were $62, $58 and $64. The arithmetic average annual rate of return and the geometric average annual rate of return for this stock were:

Answers

Answer:

Arithmetic average rate of return = 9.30%

geometric average annual rate of return = 8.58%

Explanation:

share price at the beginning = $50

time = 3 year

price at the end of year 1 =  $62

price at the end of year 2 = $58

price at the end of year 3 =  $64

Annual rate of return in year 1 = ($62 / $50 - 1) x 100 = 24%

Annual rate of return in year 2 = ($58 / $62 - 1) x 100 = -6.45%

Annual rate of return in year 3 = \($64 / $58 - 1) x 100  = 10.34%

Arithmetic average rate of return = sum of annual rate of return / 3

Arithmetic average rate of return =  (24% + -6.45% + 10.34%) / 3

Arithmetic average rate of return = 9.30%

geometric average annual rate of return = { (1 + r1) x (1 + r2) x (1 + r3) }^1/3 - 1

= (1.24) x (0.9355) x (1.1034)^1/3 - 1  =  8.58%

Morgan Company issues 10%, 20-year bonds with a par value of $720,000 that pay interest semiannually. The current market rate is 9%. The amount paid to the bondholders for each semiannual interest payment is:

Answers

Answer:

$36,000

Explanation:

Calculation for the amount to be paid to the bondholders for each semiannual interest payment

Using this formula

Semiannual interest payment = Face value Amount*Interest Rate*Time

Let plug in the formula

Semiannual interest payment = $720,000*0.10*0.50

Semiannual interest payment = $36,000

The amount paid to the bondholders for each semiannual interest payment is $36,000

Wilson Dover Inc. The total value (debt plus equity) of Wilson Dover Inc. is $500 million and the face value of its 1-year coupon debt is $200 million. The volatility (σ) of Wilson Dover's total value is 0.60, and the risk-free rate is 5%. Assume that N(d1) = 0.9720 and N(d2) = 0.9050. Refer to the data for Wilson Dover Inc. What is the yield on Wilson Dover's debt? a. 7.05% b. 6.04% c. 6.70% d. 7.42% e. 6.36%

Answers

Answer:

7.42%

Explanation:

Value = 500 million

Amount of debt = 200 million

Time = year

Volatility = 6%

Risk free rate = 0.05

Nd1 = 0.9720

Nd2 = 0.9050

We have to calculate the value =

500 - (500 x 0.9720 - 200 x e^-0.05 x 0.9050)

= 186.17 million

We now calculate the yield

(200/186.17)^1 - 1

= 0.0742

= 7.42%

Broad network access, measured service, resource pooling, and rapid elasticity are essential characteristics of ___________.

Answers

Answer:

cloud computing

Explanation:

All of these characteristics alongside on-demand self-service are essential characteristics of cloud computing. Cloud computing refers to the different computer system resources that are always available to a client when needed from any remote location, usually in regards to data storage and computing power, without actual direct active involvement by the user themselves. Allowing the user to access information or computing power remotely.

On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What amount of interest expense will be included in the first annual payment

Answers

Answer:

Interest expense = $20,000

Explanation:

Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.  

The annual installment is computed as follows:  

Annual installment= Loan amount/annuity factor  

Annual installment is already given as = 37,258 (already given)

Interest payment = interest rate × Loan balance at the beginning of the year

DATA

Interest rate = 8%

Loan balance at the beginning of the year = $250,000

Interest expense = 8%× 250,000 = $20000

Principal paid = Annual installment - Interest = 37,258-20,000 = 17,258 (this  is not required but to explain the concept)

Interest expense = $20,000

uestion 5
BROOKLYN LTD has developed a new product and is currently considering the marketing and pricing
policy it should employ for this. Specifically, it is considering whether the sales price should be set at Shs.
15,000 per unit or at the higher level of Shs. 24,000 per unit. Sales volume at these two (2) prices is shown
in the following table:
Sales price Shs. 15,000 per Unit
Forecast Sales volume Probability
20,000
0.1
30,000
0,6
40,000
0.3
Sales price Shs. 24,000 per Unit
Forecast Sales volume Probability
8,000
0.1
16,000
0.3
20,000
0.3
24,000
0.3

Answers

Answer:

BROOKLYN LTD

The selling price should be set at Shs. 15,000.  At this price, there are more sales in unit and value than at the selling price of Shs. 24,000.

Explanation:

a) Data and Calculations:

                                            Shs. 15,000   Probability  Expected Sales

Forecasted Sales Volume     20,000              10%         2,000

Forecasted Sales Volume     30,000              60%       18,000

Forecasted Sales Volume     40,000              30%       12,000

Total Expected sales                                                     32,000

Total Sales Value = Shs. 480,000,000 (Shs. 15,000 x 32,000)

                                       Shs. 24,000     Probability  Expected Sales

Forecasted Sales Volume       8,000              10%             800

Forecasted Sales Volume     16,000              30%          4,800

Forecasted Sales Volume    20,000              30%          6,000

Forecasted Sales Volume    24,000              30%          7,200

Total Expected sales                                                      18,800

Total Sales Value = Shs. 451,200,000 (Shs. 24,000 x 18,800)

What term is used to identify the difference between the number of units of an item listed on the master schedule and the number of firm customer orders?

Answers

Answer:

Available to promise

Explanation:

Available-to-promise (ATP) refers to a function of a business in which the company provides a response to inquires of the order done by the customer that depended on the availability of the resources. Moreover, the quantities are also available based on the customer request and their delivery on due dates

So, the difference between the number of units listed on the master schedule and the number of customer orders is known as available to promise

A salesperson shows his broker an offer for one of his listings that has a good faith deposit in the form of a promissory note. The broker should tell the salesperson that: Group of answer choices

Answers

Answer:

The seller must be informed when the offer is presented that the depositis a promissory note

Explanation:

A good faith deposit is one that is done by a buyer in which conditions are stated that could result in the loss of deposit by the buyer.

It is a deposit made by the buyer to show he intends to complete the payment later.

In this instance if there is a Goodwill deposit in form of a promissory note, the broker needs to be aware.

So that when he is bringing in a client he will consider the already existing deposit.

Deals that offer more deposit or full payment will be considered and the original buyer discarded.

Crane Company distributes to consumers coupons which may be presented (on or before a stated expiration date) to grocers for discounts on certain products of Crane. The grocers are reimbursed when they send the coupons to Crane. In Crane's experience, 50% of such coupons are redeemed, and generally one month elapses between the date a grocer receives a coupon from a consumer and the date Crane receives it. During 2018 Crane issued two separate series of coupons as follows:

Issued On Total Value Consumer Expiration Date Amount Disbursed as of 12/31/18
1/1/18 $510000 6/30/18 $234000
7/1/18 830000 12/31/18 355000

The only journal entry recorded to date is: debit to coupon expense and credit to cash of $817000. The December 31, 2018 balance sheet should include a liability for unredeemed coupons of:__________

a. $0.
b. $70,000.
c. $184,000.
d. $420,000.

Answers

Answer:

Liability of un-redeemed coupons Pending on December 31, 2018 is $60,000

Explanation:

Coupon already expired issued on Jan 01, 2018      

Coupon issued on 07/01/2018                                 $830,000

Estimated redeemable coupon value - 50%           $415,000

($830,000 * 50%)

Less : Disbursed                                                        $355,000

Liability pending on Dec. 31, 2018                         $60,000

A broker is charged with discrimination. The Federal fair housing investigator notices that the Fair Housing Poster is not displayed in the broker's office. The investigator may

Answers

Answer:

charge the broker with discrimination with no further evidence

Explanation:

It is mandatory for a broker who markets dwelling for rent or sale to display fair housing poster in his or her office or at any dwelling meant for rent or sale. This is according to the Department of Housing and Urban development (HUD) that brokers who market dwelling should display such where they can be easily seen by persons who need the service of the broker to list or locate a dwelling or purchase same in a residential area.

The fair housing poster gives assurance to intending clients that the broker do not engage in any unlawful discriminatory services he offers. However, where a broker fails to paste the fair housing poster, he will not be subjected to any penalty but may be charged with discrimination by the federal fair housing investigator.

Make a list of some typical documentation you would request from a loan applicant and/or the verifications you would perform?

A. Make a list of at least three items that are important to double check before submitting a loan application to underwriting.

B. List at least two things you would be sure to tell a borrower in preparation for closing.

C. List at least three calculations that are typically used during the course of a mortgage loan transaction.

Answers

Answer:

a. Items that are important to double check before submitting a loan application to underwriting:

Personal ID DocumentsProof of IncomePersonal Credit Bureau Report

b. Things you would be sure to tell a borrower in preparation for closing:

Proof of Property Ownership or Guarantee PledgeContact details of 2-3 relatives or guarantors

c. Calculations that are typically used during the course of a mortgage loan transaction:

Loan to Value ratioDebt to Income ratioHouse expense ratio

Explanation:

The following are typical documentation and/or verifications to request from a loan applicant:

(A) 3 Items that are important to double check before submitting a loan application to underwriting are as follows;

Personal ID Documents (for background check)

Proof of Income

Personal Credit Bureau Report

(B) 2 things one would be sure to tell a borrower in preparation for closing are as follows;

Proof of Property Ownership (certificate of ownership)

Contact details of guarantors

(C) 3 Calculations that are typically used during the course of a mortgage loan transaction:

Debt to Income ratioHouse expense ratioLoan to Value ratio

Read more on loan documents:

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Geese Company utilizes the LIFO retail inventory method. Its cost-to-retail percentage is 60% based on beginning inventory and 64% based on current-period purchases. The company determined that beginning inventory at retail was $200,000 and that during the current period a new layer was added with retail value of $50,000. The cost of ending inventory should be

Answers

Answer:

$152,000

Explanation:

Calculation for the cost of the ending inventory

First step is to calculate the cost-to-retail percentage of the beginning inventory amount

Using this formula

Beginning Inventory =Cost-to-retail percentage*Beginning inventory at retail

Let plug in the formula

Beginning Inventory =60%*$200,000

Beginning Inventory =$120,000

Second step is to calculate current-period purchases percentage of the new layer amount

Using this formula

Current period purchases= Purchases percentage* New layer

Let plug in the formula

Current period purchases=64%*50,000

Current period purchases=$32,000

The last step is to find the cost of the ending inventory using this formula

Ending inventory cost=Beginning Inventory+Current period purchases

Let plug in the formula

Ending inventory cost=$120,000+$32,000

Ending inventory cost=$152,000

Therefore the cost of the ending inventory will be $152,000

When entering a foreign market, Montain stream brewery purchases a manufacturing plant and sets up a new brewery. Instead of using their signature name, the product produced in the foreign market is labeled as “Everest Prak Brew” This is an example of?

Answers

it's an example of brand localization

Harris Co. is considering a 12-year project that is estimated to cost $900,000 and has no residual value. Harris seeks to earn an average rate of return of 15% on all capital projects. Determine the necessary average annual income (using straight-line depreciation) that must be achieved on this project for it to be acceptable to Harris Co.

Answers

Answer:

annual income = $70,292.52

Explanation:

initial outlay $900,000

in order to determine the net cash flows per year we can use the present value of an ordinary annuity:

PV = annual cash flow x annuity factor

PV = $900,000 annuity factor, 15%, 12 years = 6.1944

annual cash flow = $900,000 / 6.1944 = $145,292.52

annual cash flow = [(revenue - operating costs - depreciation) x (1 - tax rate)] + depreciation

revenue - operating costs - depreciation = annual incometax rate = 0?depreciation = $900,000 / 12 = $75,000

$145,292.52 = annual income + $75,000

annual income = $145,292.52 - $75,000 = $70,292.52

[The following information applies to the questions displayed below.]

Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products.

May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000).
5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000.
7 Macy returns 125 units because they did not fit the customer’s needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory.
8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $300 toward the original invoice amount to compensate for the damage.
15
Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.)

Answers

Answer:

                                  Allied Merchandisers

                                        Journal Entries

Date           General Journal                         Debit        Credit

03-May   Merchandise Inventory               $20,000

                     To Cash                                                     $20,000

05-May    Accounts Receivable                 $21,000

                      To Sales                                                    $21,000

05-May     Cost of goods sold                     $15,000

                     To Merchandise Inventory                        $15,000

07-May      Sales Returns and allowances   $1,750  

                      To Accounts Receivable                           $1,750

07-May      Merchandise Inventory               $1,250

                      To Cost of goods sold                                $1,250

08-May      Sales Returns and allowances    $300

                       To Accounts Receivable                            $300

15-May        Cash                                             $18,571

                   Sales Discounts                           $379

                    ($18950*2%)

                         To Accounts receivable                           $18,950

                          ($21000-$1750-$300)

In order to document a business transaction in the accounting records of the company, a journal entry is employed. A journal entry is often made in the general ledger, but it can also be made in a subsidiary ledger and subsequently rolled forward into the general ledger after being summarised.

The journal entry has been attached below:

Allied Merchandisers

                                       Journal Entries

Date           General Journal                         Debit        Credit

03-May   Merchandise Inventory               $20,000

                    To Cash                                                     $20,000

05-May    Accounts Receivable                 $21,000

                     To Sales                                                    $21,000

05-May     Cost of goods sold                     $15,000

                    To Merchandise Inventory                        $15,000

07-May      Sales Returns and allowances   $1,750  

                     To Accounts Receivable                           $1,750

07-May      Merchandise Inventory               $1,250

                     To Cost of goods sold is $1,250

08-May      Sales Returns and allowances    $300

                      To Accounts Receivable                            $300

15-May        Cash                                             $18,571

                  Sales Discounts                           $379

                   ($18950*2%)

                        To Accounts receivable                           $18,950

                         ($21000-$1750-$300)

After then, the general ledger is utilized to produce the company's financial statements.  The idea behind a journal entry is to use double-entry accounting, which requires that every company transaction be recorded at least twice.

For instance, when you make a cash sale, the revenue account and the cash account are both increased. Alternatively, if you purchase items on credit, this raises both the accounts payable and inventory accounts.

Learn more about journal entries here:

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Fed is open to changing bond policy Fed policymakers signaled for the first time that they could increase or decrease stimulation of the economy in the​ future, but not now. ​Source: Los Angeles Times​, May​ 1, 2013 What are the ripple effects and time lags that the Fed must consider in deciding when to increase or decrease stimulation of the​ economy?

Answers

Answer:

When the Fed raises the federal funds rate, the inflation rate decreases about two years later.

Explanation:

When trying to stimulate the economy either by increasing or decreasing, policymakers have to take into consideration how it would effect interest rate, amount of money available in the economy, loans that would be acquired by banks and the behavior of interest rate.

Interest rate can be impacted quickly even though the period of time it would take for such action to have a reflection on what quantity of money is available in the economy. Then also a period of 2 years would be taken for this action to take effect on inflation.

Therefore

When the Fed raises the federal funds rate, the inflation rate decreases about two years later.

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