Journalize the following transactions for Powell Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. December 3 Sold goods costing $5, 760 to James Company on account, $9, 600, terms 5/10, n/30. December 9 James Company was granted an allowance of $480 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition. December 14 Received the amount due from James Company.

The distinction between a normal and an inferior good is

At the end of the week, carla receives her paycheck and goes directly to the bank after work to make a deposit into her savings account. the bank keeps the required reserve and then loans out the remaining balance to a qualified borrower named malik as a portion of his small business loan. malik uses the loan to buy a tractor for his construction business and makes small monthly payments to the bank to payback the principal balance plus interest on the loan. the bank profits from a portion of the interest payment received and also passes some of the interest back to carla in the form of an interest payment to her savings account. in this example, the bank is acting

Aminor has the legal right to repudiate