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vlabodo [156]
2 years ago
8

A seller uses a periodic inventory system, and on April 4, it sells $5,000 in merchandise on credit (when its cost is $2,400) to

a customer on credit terms of 3/10, n/30. On April 5, the customer returns merchandise for a cash refund of $500.
Required:
Complete the seller's necessary journal entry.
Business
1 answer:
RoseWind [281]2 years ago
6 0

Answer:

Periodic Inventory System

Journal Entries

April 4 Debit Accounts receivable $5,000

Credit Sales revenue $5,000

To record the sale of goods on credit, terms of 3/10, n/30.

April 5 Debit Sales returns $500

Credit Accounts receivable (cash) $500

To record the return of goods for a cash refund.

Explanation:

a) Data and Analysis:

April 4 Accounts receivable $5,000 Sales revenue $5,000 credit terms of 3/10, n/30.

April 5 Sales returns $500 Accounts receivable (cash) $500

b) The seller uses a periodic inventory system.  Therefore, the cost of goods sold will not be recorded on April 4 until April 30, when there will be a physical count of inventory to determine the closing inventory.  With the beginning and ending inventories together with the purchases account, the cost of goods sold can then be calculated.

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Answer:

The correct answers are letters "B" and "D".

Explanation:

The global service system of Theo Chocolate provides a great opportunity for some of its staff to get a <em>deeper insight into how the company's different markets work</em>. Operations in different regions include coping with different cultures which also include talking about different people and consumer patterns. Thus, all this information can be collected by the employees who are sent for one year to work in those regions.

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7 0
2 years ago
Read 2 more answers
Is Faraj legally required to pay this additional amount in this case? Melissa Faraj owns a lot and wants to build a house accord
lubasha [3.4K]

Answer:

The issues that arises between the Faraj and Siegel can be discussed by three different groups in resolving the contract agreement.

Note: Kindly find an attached copy of the complete question below.

Explanation:

Solution

In this case between Faraj and Siege'ls building contractors the following issue are discussed by three groups as follows:

(1) The contractor can increase the price of finishing construction based on inflation and the cost of raising materials during inflation prices for the materials increases or goes up and this will affect the customer gradually.

(2) Faraj will not pay the additional amount requested by Siegel because according to the contract the amount she has to pay is $153,000

(3) Issues or problems that might come up during construction is listed below:

  • Poor communication
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3 0
2 years ago
Consider Paul's decision to go to college. If he goes to college, he will spend $90,000 on tuition, $15,000 on room and board, a
Katen [24]

Answer:

B. $123,000

Explanation:

The computation of the Paul's cost of going to college is presented below:

= Tuition fees + room and board charges + books expenses + earning as a construction job - room and board charges

= $90,000 + $15,000 + $7,000 + $22,000 - $11,000

= $123,000

We simply deduct the room and board charges while working as a construction job and the other items would be added

4 0
2 years ago
You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by q = 36 – 4p and c(q)
NISA [10]

As given in the item above, the demand function is,

 

<span>   q = 36 – 4p</span>

 

To determine the inverse function,

<span> Replace every q with p and every p with q and solve for the new q’s as shown below.</span>

 

<span>   p = 36 – 4q</span>

 

Simplify the equation to determine the value of q.

<span>  4q = 36 – p</span>

<span> q = 9 – p/4</span>

 

<span>Answer: q = 9 – p/4</span>

6 0
2 years ago
Knowing she has sold 5,000 pairs, assume the company wants to launch a Black Friday promotion, where she would discount her shoe
jenyasd209 [6]

Revenue: $500,000

Shoes: $250,000

Shoe boxes: $1,000

Advertising: $500

Rent: $1,000

Depreciation: $25

Knowing she has sold 5,000 pairs, assume the company wants to launch a Black Friday promotion, where she would discount her shoes by 10%. How many more shoes would she have to sell to justify this promotion?

A. 25.13% more shoes

B. 20.08% more shoes

C. None of the above, but I could calculate this with the information I am given.

D. None of the above, I cannot calculate this with the information I am given.

Answer:

Option A. 25.13% more shoes

Explanation:

Cost Benefit analysis would be useful here to acknowledge what percentage of shoe sales is required to justify the promotion.

<u>The Benefit drawn before 10% promotion proposal:</u>

Revenue:                           $500,000

Shoes:                               ($250,000)

Shoe boxes:                         ($1,000)

Advertising:                           ($500)

Rent:                                     ($1,000)

Depreciation:                          ($25)

Profit                                    $247,475

<u>The Benefit drawn before 10% promotion proposal:</u>

Revenue:                           $450,000

Shoes:                               ($250,000)

Shoe boxes:                        ($1,000)

Advertising:                          ($500)

Rent:                                    ($1,000)

Depreciation:                         ($25)

Profit                                   $197,475

Now we can calculate how much additional sales must be required to justify the promotion.

Sales Increase Required = (Initial Profit - Before Promotion) / Profit After Promotion

Sales Increase Required = ($247,475  - $197,475) / $197,475

Sales Increase Required = 25.31% which is close to option 1, hence Option 1 is correct here.

3 0
2 years ago
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