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PIT_PIT [208]
2 years ago
3

Emma Co. sold to Isabella Co. merchandise on account FOB shipping point, 2/10, net 30, for $15,000. Emma Co. prepaid the $750 sh

ipping charge. Using the perpetual inventory method, which of the following entries will Isabella Co. make to record the payment for the merchandise if Isabella Co. pays within the discount period?
a. Accounts Payable—Emma Co., debit $15,750; Inventory, debit $300; Cash, credit $16,050
b.Accounts Payable—Emma Co., debit $15,000; Freight In, debit $750; Cash, credit $15,750
c. Accounts Payable—Emma Co., debit $15,450; Cash, credit $15,450
d. Accounts Payable—Emma Co., debit $15,000; Cash, credit $15,000
Business
1 answer:
Vlad1618 [11]2 years ago
4 0

Answer:

c. Accounts Payable—Emma Co., debit $15,450; Cash, credit $15,450

Explanation:

The journal entry is shown below:

Accounts payable - Emma Co. A/c Dr $15,450

         To Cash A/c $15,450

(Being balance owed is paid)

The computation of amount paid is shown below:

= Purchase value of merchandise + shipping cost - discount

= $15,000 + $750 - $300

= $15,450

The discount is computed below:

= Purchase value of merchandise × discount rate

= $15,000 × 2%

= $300

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2 years ago
A sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. The associate continues to be employed by the same brok
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Answer: The sales associate must notify the DBPR in writing within 60 days regarding her change in residency

Explanation:

The options are:

a. The states associate broker is required to file the change of address on her behalf.

b. The sales associate broker is not required to notify DBPR because she did not change employers.

c. The sales associate must notify the DBPR in writing within 60 days regarding her change in residency.

d. The sales associate must file an application for Georgia real estate license.

From the question, we are informed that a sales associate moves from Jacksonville, Florida, to Atlanta, Georgia. The associate continues to be employed by the same broker, who has an office in Atlanta.

Based on the scenario, the sales associate should let the DBPR be aware that he or she has moved from

Jacksonville, Florida, to Atlanta, Georgia by writing to them within 60 days regarding her change in residency.

6 0
2 years ago
Reck Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been allocated to
madreJ [45]

Answer:

$17,867

Explanation:

The computation of the overhead cost assigned to Product V8 is shown below:

                           <u>    (a)                 (b)       (a × b)        c         (a × b × c) </u>

<u>Overhead Activity  Overhead    Driver    ABC     V8          V8 </u>

<u>                  driver     amount       quantity  Rate  Driver    Overhead </u>

Maching

Costs        Machine

                 Hours     $11,700        10000        1.17    3100        3627

Order

filling     No of orders $17,800     1000           17.8   800         14240

Total V8 overhead cost assigned is

= $3,627 + $14,240

= $17,867

7 0
2 years ago
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
aleksandrvk [35]

Answer:

See explanation section.

Explanation:

                                             Journal entries

A. April 4, Account receivable        Debit        $5,000

Sales Revenue                            Credit       $5,000

Note: As the seller uses  periodic inventory system, the seller will deduct the discount only after meeting the terms. It does not have to give cost of good sold journal.

B. April 5, Customer refund payable  Debit   $500

                                           Cash          Credit  $500

Note: As the seller refunds to the customer, cash become credit.

4 0
2 years ago
Read 2 more answers
Managers are constantly seeking out new tools to meet new challenges. Indicate whether today’s manager’s are more or less aware
Galina-37 [17]

Answer:

Customer relationship management system​ (CRM)

Explanation:

A <em>CRM </em>system is what keeps the customer coming back. Instead of targeting each customer with a default bundle of products that are trending, the customer relationship management system tracks down the customer's habits and preferences, creating a tailor-made approach. Every customer is different in things he/she wants to buy. This way, marketing gets more customized and customer statistics generates better reports (more insight for the long-term).

7 0
2 years ago
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