Answer:
F. Debit Accounts Payable $50.
B. Credit Merchandise Inventory $50.
Explanation:
As the company uses perpetual Inventory System, the journal entry to record the purchase return will be -
Debit Accounts Payable $50
Credit Merchandise Inventory $50
As the purchase was on credit, cash would not be either debit or credit. As the Merchandise Inventory returned to the suppliers, inventory was decreased. Hence, inventory will not be debit. Accounts payable was reduced too. Therefore, accounts payable will not be credit. Purchase returns are used in the periodic inventory system.
<span>A good report is based on compact, precise, provable pieces of evidence. The typical sources for gathering factual data for informal reports include all in the list, the printed material, surveys and questionnaires, electronic resources and by observation. Printed material will help you to spot past performance and procedures used to explain former glitches. Data from collections of individuals can be made from using surveys, questionnaires, and inventories. Interviewing people directly involved with the issue creates outstanding main data.</span>
Answer:
A
cash 15,000 debit
accounts receivable 15,000 credit
B
cash 150 debit
gift card liaiblity 150 credit
C
accounts receivable 4,000 debit
services revenue 4,000 credit
D
cash 2,250 debit
unearned revenue 2,250 credit
E
accounts receivable 125 debit
service revenues 125 credit
Explanation:
A
we increase cash and decrease the customers accounts
B
we record the cash proceeds and use a liability for the obligation in the near future to provide services to a customer
C
we recognize the revenue and increase our accounts receivable
D
as the colleciton is in advance the revenue is not earned. this is a liability as we now have the obligation to perform services in the near future
E
we must match the revenue whn the time it occurs and that time was february not march.
Answer:
- Common Stock: 3,500,000
- Additional paid-in capital-Common Stock: 2,100,000
- Retained earnings: 995,000
Total stockholders' equity: 6,595,000
Explanation:
- <u>Common Stock:</u> Values at the common stocks par value. (3,500,000 = 700,000 * 5)
- <u>Additional paid-in capital-Common Stock: </u>Difference between the paid price by stockholders and par value. The negations made after the issue of the stocks are not taken into account because they don´t include the company. (2,100,000 = 700,000 * 3)
- <u>Retained earnings:</u> As the dividend are declared after the end of the accountable year they are not taken into account. So the retained earnings final balance include the beginning balance plus the net income of the accountable period. (995,000)
- <u>Total stockholders' equity: </u>Addition of the previous items.
Answer:
D. higher profits will induce expanded production.
Explanation:
If the price of a good increases and the cost remains the same ,profits earned would increase.
For example if price of a pen was initially $5 and rose to $7. The cost of making a pen is $3. Total profit would rise from $2 to $4.
According to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the. quantity supplied. Therefore, the higher price would attract more producers and production would increase. Existing producers would also increase output.
I hope my answer helps you.
