Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the following terms: FOB destination, 2/10, n/30. The seller prepays the freight costs of $85 (debit Delivery Expense for the freight costs). Prior to payment for the goods, the seller issues a credit memo for $750 to the customer for merchandise costing $425 that is returned. Payment is received within the discount period. The company uses a perpetual inventory system. Record the foregoing transactions of the seller in the sequence indicated below.
(a) Sold the merchandise, recognizing the sale and cost of merchandise sold.
(b) Paid the freight charges.
(c) Issued the credit memo.
(d) Received payment from the customer.
Answers: 2
Business, 22.06.2019 13:30
The purpose of safety stock is to: a. eliminate the possibility of a stockout. b. control the likelihood of a stockout due to variable demand and/or lead time. c. eliminate the likelihood of a stockout due to erroneous inventory tally. d. protect the firm from a sudden decrease in demand. e. replace failed units with good ones.
Answers: 1
Business, 22.06.2019 13:50
Diamond motor car company produces some of the most luxurious and expensive cars in the world. typically, only a single dealership is authorized to sell its cars in certain major cities. in less populous areas, diamond authorizes a single dealer for an entire state or region. the manufacturer of diamond automobiles is using a(n) distribution strategy for its product.
Answers: 2
Business, 22.06.2019 14:20
For the year ended december 31, a company has revenues of $323,000 and expenses of $199,000. the company paid $52,400 in dividends during the year. the balance in the retained earnings account before closing is $87,000. which of the following entries would be used to close the dividends account?
Answers: 3
Business, 22.06.2019 17:40
Within the relevant range, if there is a change in the level of the cost driver, then a. total fixed costs will remain the same and total variable costs will change b. total fixed costs will change and total variable costs will remain the same c. total fixed costs and total variable costs will change d. total fixed costs and total variable costs will remain the same
Answers: 3
Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the follow...
Chemistry, 04.11.2019 03:31
English, 04.11.2019 03:31
Mathematics, 04.11.2019 03:31
Social Studies, 04.11.2019 03:31
Mathematics, 04.11.2019 03:31
Mathematics, 04.11.2019 03:31
Mathematics, 04.11.2019 03:31
Mathematics, 04.11.2019 03:31
Chemistry, 04.11.2019 03:31
Mathematics, 04.11.2019 03:31