Travis Company purchased merchandise on account from a supplier for $13,800, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions.
Answers
The journal entries for the above transactions under a perpetual inventory system are as follows:
1. Purchase of merchandise on account:
Debit Inventory $13,800
Credit Accounts Payable $13,800
2. Payment made within the discount period:
Debit Accounts Payable $13,800
Debit Cash Discount (2% of $13,800) $276
Credit Cash $13,524
The first entry records the purchase of merchandise on account from the supplier, increasing inventory and accounts payable. The second entry records the payment made within the discount period, reducing the accounts payable by the full amount and also recording a discount received for paying within the discount period.
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Related Questions
Why is social service a more respectable job?
Answers
Answer:
they provide public services
Explanation:
You wish to purchase a house that will cost you $400,000. You will pay a 10% deposit and will borrow the remainder at 6.5% with monthly payments for 25 years. How much are your monthly payments?
Answers
Your monthly mortgage payments would be approximately $2,313.51.
To calculate the monthly payments on a mortgage, we need to use the loan amount, interest rate, and loan term. In this case, the loan amount is the remaining balance after paying the 10% deposit, which is $400,000 - 10% = $360,000.
Next, we need to calculate the monthly interest rate and the number of months in the loan term. The interest rate of 6.5% needs to be divided by 100 and divided by 12 to convert it to a monthly rate: 6.5% / 100 / 12 = 0.00542.
The loan term is 25 years, which is equivalent to 25 * 12 = 300 months.
Now, we can calculate the monthly mortgage payments using the loan amount, monthly interest rate, and loan term in months. We will use the following formula:
Monthly Payment = Loan Amount * (Monthly Interest Rate / (1 - (1 + Monthly Interest Rate)^(-Loan Term)))
Plugging in the values:
Monthly Payment = $360,000 * (0.00542 / (1 - (1 + 0.00542)^(-300)))
Using a calculator or spreadsheet, we can solve this equation to find the monthly payment. The result is approximately $2,313.51.
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The epicurean society is holding its annual election for president. The three candidates are a, b, and
c. Twenty percent of the voters like upper c the most and upper a the least. Forty percent of the voters like upper a the most and upper c the least. Of the remaining 232 prefer upper b to upper c and upper c to upper a, and 696 prefer upper b to upper a and upper a to upper
c. Write out the preference schedule for this election.
Answers
Answer and Explanation:
Please find answer and explanation attached
People are living paycheck to paycheck why is that a problem
Answers
when a piece of equipment is purchased, it is generally recorded on the balance sheet at its salvage value..True or False
Answers
the answer is true I think
Golden Company has a binding commitment from another company to purchase its copyright at the end of the asset's useful life. The agreed upon amount is $150,000. When calculating copyright amortization, Golden Company should utilize a residual value of
Answers
Answer:
$150,000
Explanation:
Given an intangible asset like a copyright, it is amortized using the straight-line method, thus, to determine the amount of amortization in a given year, the formula is to divide the copyright's value by the length of its useful life.
However, in this case, since the Golden Company has a binding commitment from another company to purchase its copyright AT THE END of the asset's USEFUL LIFE, then, the value of the copyright equals zero.
What this simply means is that, when calculating copyright amortization, Golden Company should utilize a residual value of $150,000, because the value of the copyright at that moment equals zero.
TRUE OR FALSE: A mathematics professor at a university would fall under both the Education and Training career cluster and the STEM career cluster.
Answers
Explanation: none
many firms prefer to distribute directly to the final customer or consumer because they
Answers
Many firms prefer to distribute directly to the final customer or consumer because they believe it gives them more control over the customer experience. By selling directly to the consumer, the firm can ensure that their product is being presented in the best possible light and that the customer is receiving the highest level of service.
Another reason why firms may prefer direct distribution is that it can be more profitable. By cutting out intermediaries such as wholesalers or retailers, the firm can reduce costs and increase margins. This can allow them to offer their products at a lower price point than their competitors, which can be a significant competitive advantage.
However, there are also drawbacks to direct distribution. For example, it can be expensive to set up and maintain a distribution network, especially if the firm is selling a physical product that requires storage, transportation, and delivery. In addition, direct distribution can limit the firm's reach, as they may not have the resources to reach all potential customers or markets.
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________ has dramatically reduced the time and labor associated with checking and receiving merchandise.
Answers
Technology has dramatically reduced the time and labor associated with checking and receiving merchandise.
The time and labor involved in checking and receiving goods have been significantly reduced by the use of technology, particularly barcode scanning and automated systems. Items can be quickly and accurately scanned using barcode scanning technology, enabling effective inventory management and tracking.
By automatically generating reports and updating inventory records, automated systems further streamline the procedure by obviating the need for manual data entry and lowering the risk of errors. Due to the significant speed and accuracy improvements brought about by this technology, businesses are now able to optimize their operations and boost supply chain efficiency.
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The invisible hand principle indicates that competitive markets can help promote the efficient use of resources Group of answer choices only if buyers and sellers really care, personally, about economic efficiency. even when each market participant cares only about their own self interest rather than about the overall efficiency of resource use. even if business firms fail to produce goods efficiently. if, and only if, businesses recognize their social obligation to keep costs low and use resources wisely.
Answers
Answer:
even when each market participant cares only about their own self interest rather than about the overall efficiency of resource use.
Explanation:
A capitalist economy also referred to as free-enterprise system, pure capitalism, or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a capitalist economy is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a capitalist economy is a type of economy that is completely driven by demand and supply of goods and services.
The invisible hand principle indicates that competitive markets can help promote the efficient use of resources even when each market participant such as producer and suppliers cares only about their own self interest rather than about the overall efficiency of resource use.
The "invisible hand" concept asserts that, the self-interest by producers and suppliers of resources in a market system will automatically promote the public interest as well.
This ultimately implies that, public and private interest will always coincide assuming there exist competition in a free market system.
In conclusion, the invisible hand concept is a metaphorical description of the unforeseen forces that typically moves a free market system or economy.
Alibaba formed a partnership with Indian mobile wallet company, Paytm,
to set up an online gaming company. This
is Alibaba's first
significant international expansion.
a. totally owned facility
b. trading company
c. direct investment
d. joint venture
Answers
The partnership between Alibaba and Paytm to set up an online gaming company would be considered a joint venture.
In a joint venture, two or more companies come together to create a new entity, sharing ownership, risks, and profits. In this case, Alibaba and Paytm are collaborating to create a new company for the purpose of online gaming. This represents Alibaba's first significant international expansion as it is partnering with an Indian company to expand its reach beyond China.
Alibaba Group Holding Limited is a Chinese multinational conglomerate specializing in e-commerce, retail, and technology. Paytm is an Indian mobile wallet company that offers a range of financial services including payments, banking, and investment products.
In 2018, Alibaba and Paytm formed a joint venture called Paytm E-commerce Private Limited, in which Alibaba took a 36% stake. This joint venture was established to operate Paytm's online marketplace, which competes with Amazon India and Flipkart.
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in response to the need to develop greater and greater mass markets for their products, american business in the 1920s relied especially on the new techniques of
Answers
"In response to the need to develop greater and greater mass markets for their products, american business in the 1920s relied especially on the new techniques of consumer advertising."
In the 1920s, American businesses realized that to increase sales and profits, they needed to reach a larger audience for their products. The rise of mass production made it possible to produce goods on a larger scale, but this alone was not enough. Companies began to use consumer advertising techniques to create demand for their products among the general public.
Advertisements were placed in newspapers, magazines, and on billboards, and radio broadcasts were used to promote products to a wider audience. These new techniques of consumer advertising were instrumental in creating a culture of consumerism that has persisted to this day.
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what is one major disadvantage of corporations compared to other types of business organizations? A. Corporations have more legal liability for owners than other businesses B. Corporations are less likely to have specialized workers than other businesses C. corporations are more complex to start than other businesses D. corporations have a less stable life span than other businesses
Answers
Answer:
C. Corporations are more complex to start than other businesses
Explanation:
APE X got this right
One major disadvantage of corporations compared to other types of business organizations, corporations are more complex to start than other businesses. The correct option is C.
What is a corporation?A corporation is a legal body that exists independently of its owners. Corporations have many of the same legal rights and obligations as individuals. They have the ability to enter into contracts, lend and borrow money, sue and be sued, hire personnel, own assets, and pay taxes.
Corporations are subject to double taxation and must go through several formalities in order to be formed. A corporation is required to submit a corporate tax return and pay taxes on its profits at the corporate tax rate. Dividends to shareholders are taxed at the shareholder's individual tax rate.
Therefore, corporations are more complex to start than other businesses.
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Which type of document typically includes contract contingencies?
Purchase and sale agreement.
O Assignment of contract.
Appraisal.
O Option contract.
Answers
Answer:
A.
Explanation:
I have $3,000 in credit card debt. If I can pay $150.00 a month, how long will it take to pay it off? My current interest rate is 18%. Remember to include your inputs and round 2 decimal points like we did in module 2.
Answers
Answer:
2 years
Explanation:
Rate = rate per period = 18%/12 = 1.5%
PV = 3,000
PMT = 150
Number of a payment period = NPER(Rate, PMT, -PV, FV)
Number of a payment period = NPER(18%/12, 150, -3000)
Number of a payment period = 23.96 months
Time to payoff loan = 23.96/12
Time to payoff loan = 1.99667
Time to payoff loan = 2 years
three years ago, you purchased a corporate bond that pays 4.30 percent. the purchase price was $1,000. what is the annual dollar amount of interest that you receive from your bond investment?
Answers
The annual interest earned on the bond is $43
A sort of financial product sold to investors is a corporate bond, which is issued by a business. The investor receives a predetermined amount of interest payments at either a fixed or variable interest rate in exchange for providing the firm with the money it requires. The bond "reaches maturity" when it stops making payments and the initial investment is refunded. High-quality corporate bonds are regarded as a conservative and generally safe investment. Bonds are frequently included in portfolios being built by investors to balance out riskier investments like growth stocks.
Computation of interest earned per annum:
Interest earned per annum = Face value of the bond*Interest rate
= 1000*4.3%
= $43
So, interest earned is $43 per annum
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In at least 150 words, analyze the relationships of users and participants in marketing research projects. Examine each group that makes up the structure of the marketin
Answers
Answer:
Financial markets offer some solace
Explanation:
Financial markets offer some solace: After tumbling the most in more than two months on Wednesday in the wake of the April consumer price data, the S&P 500 Index jumped on Thursday and Friday. Bond yields also retreated after a surge, suggesting no big fear of breakout inflation.#accelerationism
Consumer surplus exists because of the
A. surplus of money that wealthy consumers hold.
B. surplus in marginal product that firms get when they hire an additional worker.
C. willingness of some consumers to pay a price higher than the market price for some units of a good.
D. additional utility that households obtain when the prices of substitutes fall.
E. increase in the availability of goods when income rises.
Answers
Answer:
it exists because of the increase in the availability of goods when income rises
Home inspector Murray is explaining to first-time buyers in Peabody what he looks for during a home inspection. What is his primary goal
Answers
What is the biggest financial worry of most individuals and what can they do about it
Answers
General financial worries include: how to pay off debt, how to save money for college and school, how to invest money and where.
The solution would be to save money instead of having to take a loan from the bank, which will increase your debt. With proper planning one can avoid debt, if they plan for the future. Investment is something that should be studied and people would need to educate themselves about the market and investing. To save money for college and school, again proper financial planning is required and timely planning as well. One should plan years and months ahead of time when it comes to finance so that they don’t have to suffer from issues like debt and school or college fees.
In an answer of at least two well-developed paragraphs, define the terms shortage and surplus and explain how each impact the prices of goods in the marketplace.
I will make you brainliest and you'll get 25 points
Thank youuu. I know its a lot but I really need help.
Answers
forces of surplus and shortage guarantee that all other prices are temporary. each of these definitely impact the economy and the prices of goods. if there is a shortage, most likely the price is going to go up. if there is a surplus, the price most likely will go decrease
sorry if this didn't help!!!
bailey's accountant made a gross error on her tax return. which form must be filed with the internal revenue service to correct the mistake?
Answers
Bailey's accountant made a gross error on her tax return. Form 1040X must be filed with the internal revenue service to correct the mistake.
When a taxpayer needs to fix a mistake on a previously submitted federal tax return, they use the 1040-X, Amended U.S. Individual U.S. Income Tax Return. The most frequent errors fixed with this form involve the taxpayer's filing status, the number of dependents, and the omission of credits or deductions. Since the Internal Revenue Service (IRS) frequently fixes such errors while processing returns, Form 1040-X shouldn't be used to fix simple mathematical errors in a tax return.
This form is an itemized, line-by-line description of all potential adjustments, allowing the taxpayer to precisely record each amendment's type, amount, and justification.
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NEED ASAP
What are the steps for properly carrying an item
Answers
Answer:
Do not twist or turn the body; instead, move your feet to turn. Your hips, shoulders, toes, and knees should stay facing the same direction. Keep the load as close to your body as possible with your elbows close to your sides. If you feel fatigued, set the load down and rest for a few minutes.
Explanation:
Once the entire submission has been completed, the user must be informed that the product details have been successfully saved.
Answers
Your product details have been saved. After completing the submission process, it is important to inform the user about the successful saving of product details.
This confirmation message provides reassurance to the user that their data has been securely stored and eliminates any uncertainty or doubt. By clearly stating that the product details have been successfully saved, the user can proceed with confidence, knowing that their input has been recorded and can be accessed as needed. This feedback enhances the user experience and ensures transparency in the system, fostering trust and satisfaction.
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If exchange rates are allowed to fluctuate freely and the US demand for Japanese yen increases which of the following will happen?
a. the US balance of trade deficit will worsen in the long run
b. Americans will have to pay more for Japanese goods
c. It will be more expensive for the Japanese to buy American real estate
d. the dollar will appreciate
e. more Americans will want to travel to Japan
Answers
If exchange rates are allowed to fluctuate freely and the US demand for Japanese yen increases then dollar will appreciate.
If the US demand for Japanese yen increases and exchange rates are allowed to fluctuate freely, the demand for yen will rise relative to the supply. This increased demand for yen will cause its value to appreciate against the US dollar. Consequently, the value of the US dollar will decrease relative to the yen. Therefore, option d is the correct the dollar will appreciate.
When the US demand for Japanese yen increases, it means that more US dollars are being exchanged for yen. In a freely floating exchange rate system, this increased demand for yen will lead to a decrease in the supply of yen relative to the demand, causing the yen to appreciate. As a result, the value of the US dollar will decline in relation to the yen, and the dollar will appreciate.
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The insurance pathway includes worker who deliver services that transfer risk from an individual or business to an insurance company to protect individuals and businesses from financial losses.
True
False
Answers
Is interest on loan an expense or a liability....Please help
Answers
Answer:
expense
explanation :
when we're about loan we are talking about a business or a person who is taking a loan. in this case the person or the firm pay interest on the loan.
Expliquen la siguiente frase:
El mero crecimiento económico no es suficiente para terminar con la pobreza y preservar el medio ambiente
Answers
Answer:
Efectivamente, el mero crecimiento económico no es suficiente para terminar con la pobreza y preservar el medio ambiente, sino que dicho crecimiento debe ir acompañado de un desarrollo estructural que contemple el acceso igualitario a los distintos servicios por parte de la sociedad, así como también el establecimiento de controles sanitarios y medioambientales que preserven el bienestar de los individuos en el marco del desarrollo de las actividades económicas.
________ processes span an organization and support activities in multiple departments.
Answers
Answer:
Enterprise processes span an organization and support activities in multiple departments.
Which level of government are Planning workers most likely to work for?
A) state
B) federal
C) local
D) international
Answers
The level of government is Planning workers most likely to work for local. Thus, the correct option is (C).
A single sovereign state's lowest levels of public administration are collectively referred to as "local government" in the United States.
When the word "government" is used in this context, it explicitly alludes to a level of bureaucracy that is geographically confined and has a set of responsibilities.
A variety of essential services for residents and companies in certain areas are handled by the local government.
Therefore, the correct option is "C".
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