Landon jewelers uses the perpetual inventory system. on april​ 2, landon sold merchandise with a cost of​ $2,500 for​ $7,000 to a customer on account with terms of​ 3/15, n/30. the journal entry to record the cost of goods sold would​ be:

Answers

Answer 1

Answer:

Dr Cash $6,790

Dr Sales discount $210

Cr Accounts Receivable $7,000

Explanation:

Cost of goods sold by Landon Jewelers is $7,000

The cost is subject to 3/15, n/30 meaning that 3% will discount will be applicable if payment is made in 15 days. Where the balance is not paid within 15 days, it must however be paid within 30 days.

Since payment was made to Landon Jewelers within the 15 days grace, 3% deduction will be applicable to the payment.

Therefore Sales discount would be ;

= $7,000 × 3%

=$210

Balance paid in cash would be;

=$7,000 - $210

=$6,790

Journal entry for cost of goods sold would be;

Dr Cash $6,790

Dr Sales discount $210

Cr Accounts Receivable $7,000

Sales discount is an expense hence debited while the whole amount is credited to accounts receivable.


Related Questions

During the economic periods of ____ , the economy is at its highest point and unemployment is low, in addition, total income is high and consumers are willing to buy products and services.

Answers

Answer:

Prosperity.

Explanation:

This can be tagged to be an economic period or stage in fluctuation, contraction and other factors affect the growth of a business or a certain economy. Example can be seen when your business generally follows the same economic cycle as the others does in the economy, then warning signs of an impending recession suggest that it is not a good time for you to broaden or create new growth grounds. This cycle help a business organisation protect against downturns, and position themselves to gain maximum merits of economic expansions.

Why is it important for insurance companies to have a large pool of people paying premiums?

Answers

Answer:

The premium payments of all the insured clients will cover the costs for the emergencies of the few who need it. The more people that pay premiums, the less likely each insured client will experience an emergency.

It is important for insurance companies to have a large number of people paying premiums in order to have the higher costs than the needy would have to be offset by the lower costs of the less needy.

If a risk pool is larger than it is, it is very helpful because it would make the premiums to be more stable as well as to be more predictable.

Pooling is very beneficial due to the fact that the cost of health care could be high and they could lead to significant costs. Risk pooling would help to ensure that those that are in need would be able to afford it when necessary.

Read more on https://brainly.com/question/24163187?referrer=searchResults

what is organic manure? how can it help to farmer. Ans from class 8

Answers

Answer:

manure that is from decayed plaint and animal matter, helps crops consume more nutrients.

Explanation:

organic manure is derived from decayed plant/animal matter. Inorganic manure, exclusively now referred to as fertilizers, are chemicals produced by controlled chemical processes. manure increases organic carbon in soil and thus leads to higher organic matter in soil. organic matter is the soil fertilities assessment index. If there is enough organic matter in the soil, there would be more microbe development, so crops will consume more nutrients from the soil.

hope this helped!

Where do insurance companies get the money to pay for losses suffered by their customers?

Answers

Answer:

Through the Insured premium paid

Explanation:

Insurance is a form of contract where the insureds are indemnified by the insurer against potential future losses.

The primary way through which insurance  generate money is through the premium , which is the amount of money that is periodically contributed by the policy holders. This premium is thereafter re-invested into other profit generating investment portfolio.

It is from this that the insurances pull out money for compensation for losses suffered by their customers whenever there is one.

your total debt from all loans should not exceed what percentage of your gross monthly salary?
a) 16%
b) 26%
c) 36%
d)40%

Answers

Answer: The answer is c) 36 percent

Explanation:

Tucker works for a retail distributor company that was recently started. Tucker already invested a lot of his earnings into shares of the company. When the quarterly earnings are posted, Tucker receives a check for 8% of the quarterly profit of the company. Tucker belongs to a _________ Corporation.
A. Professional
B. Closely-Held
C. Sub chapter S

Answers

Closely- Held I think

Dexter has recently joined an organization. His trainer, ken asks dexter to follow certain processes to complete his work faster. Dexter follows the processes without questioning ken. Which one of Aristotle's elements of good communication is being exemplified in the communication between dexter and ken?

Answers

Answer:

Ethos

Explanation:

Ethos is one of the three Aristotle's elements of good communication that is based on credibility. It explains the reason why a listener should believe what you are saying to them.

This can also come as a result of ones position and in the environment where he is communicating or because of his expertise and skills and knowledge in the subject of communication which actually convince the listeners that you are more knowledgeable.

Ken's position as Dexter's trainers makes allows his credibility to Ken.

Answer:

Ethos

Explanation:

Answered it right on edmentum

Which of the following is an example of promotion?
A The quality of a product
B. The price of a product
C. An advertisement
D. An employee who works for your company

Answers

Answer:

A. An advertisement

Explanation:

Answer:

it is c

Explanation:

on edg 2021

We are interest rate compounded annually beginning balance 1000 annual interest rate 8% what will your ending balance be after one year

Answers

Answer:

1080

Explanation:

Compound interest involves the reinvesting of interest.

The formula for compound interest is given by:

[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]

Where P is the principal (i.e the beginning balance),

r is the rate,

n is the number of times it is compounded,

t is the number of years

A is the ending balance.

Given that P = 1000, r = 8% = 0.08, t =1 years and it is compounded annually (i.e n = 1).

Substituting values into the formula and calculating gives:

[tex]A=P(1+\frac{r}{n} )^{nt}\\A=1000(1+\frac{0.08}{1} )^{1*1}\\A= 1000(1+0.08)=1000(1.08)\\A=1080[/tex]

When preparing a business message, you should make your writing audience oriented. Audience oriented means a. attempting to get your audience to believe and accept your message. b. writing to solve a problem or convey information. c. presenting ideas clearly but concisely. d. concentrating on looking at the message from the receiver's perspective.

Answers

Answer:

D. Concentrating on looking at the message from the receiver's perspective.

Explanation:

When writing a business message, it is important to ensure that the perspective of the receiver is considered. There are two sides to a message; the speaker and the receiver. By making a business writtings audience oriented, it means that thoughts of the receiver or audience is considered alongside the message.

Although other skills such as; present ideal clearly but concise, attempt to get your audience to believe and accept your message, write to solve a problem or convey information are essential qualities of business writtings, yet do not point to audience oriented message.

what are the objectives of the public sector?

Answers

Answer:

1. To prevent concentration of economic power and growth of private monopolies.

2. To also help the Government to enforce social control on trade and industry for ensuring equitable distribution of goods and services.

As an advertising manager of a company, you have been asked to write a proposal stating why the company should advertise and it's benefits to the company

Answers

Answer: Advertising helps expand the market of the company to have more people to know about the product

Explanation:

Proposal for advertising; My firm, xyz cooperation would love to handle the publicizing aspect of your product while you go ahead your business. We have been into these business for about 20years, so we understand the challenges that comes with the business and how they are tackled. We are creative and emerging with our services, as we offer them with reasonable and affordable prices, do read through our profile as we look forward working with you

Benefits;

1) We expand your market when we advertise for you

2) We brand your firm with a new look and make consumers get attracted

3) We offer a discount of 15% for new firms and subsequently 5% for consistent customers.

Define Red Gross Society.​

Answers

Answer: The Indian Red Cross Society is a voluntary humanitarian organization to protect human life and health based in India.

Explanation: It is part of the International Red Cross and Red Crescent Movement, and so shares the Fundamental Principles of the International Red Cross and Red Crescent Movement.

How can the government efficiently encourage an optimal level of research and
development?
O All of these answers
Provide grants to academic and private researchers
O Fund research directly
O Enforce an effective patent system

Answers

Answer:

Enforce an effective patent system

Explanation:

Patent is defined as the government authority that bestows the full right and title of ownership to an investor in order to keep others away from making and selling such invention for a defined period of time.

The enforcement of effective patent system serves as incentives for optimal level of research and development as researchers feel recognized for their efforts and will be willing to do more as they know that inventions are now protected from duplication by others . Moreover , returns in investment are now guaranteed.

Analyse the implications to Mr Flake’s business if: In May and June Mr Flake fell ill and he had to pay somebody else £1200 a month to run the business as well as himself? Answer: He received 6 more party bookings for September?

Answers

Answer:

1. Paying somebody else and himself represent cash outflow.

2. Party bookings represents forecasted cash inflow.

Explanation:

Remember, a cash flow shows where money is coming from into the accounts of a business and where money goes to from the accounts of the business. Inflows represent credit transactions into the business account, while the outflows represents debit transactions to external sources.

Thus, paying somebody else £1200 a month to run the business as well as himself (Mr Flake) both represents outflow of cash from his ice-cream business. But the 6 more party bookings for September represents cash inflows since he will be receiving a pay from the clients.

Which of the following roles best fits the situation?
Kevin wants to create a business but is not sure what role is best for him. He has capital to invest. He has several partners with which he can begin a business. He has the most management experience of all his potential partners.

A. Limited partner in a limited partnership.
B. Neither a limited or general partner would be a good choice.
C. General partner in a limited partnership.

Answers

Answer:

The correct answer to the following question will be Option C.

Explanation:

Limited Partnership seems to be a form of cooperation where partner responsibility becomes restricted to the degree to which they should have invested their money. It is a companion contributing even just a capital, i.e. only financial stake.

General Partner seems to be the associate who continues to operate the alliance company and seems to be responsible for the company's activities.According to the above scenario, Kelvin has an investment to open a company as well as a few partner organizations to do so. As some other collaborators have the financial commitment, a public benefit relationship should be established. He seems to have professional experience, though in this configuration he should choose to become a limited partner or shareholder.

So that the above is the right answer.

The colonial government never made any sincere attempt to estimate India's National and per capita income. However some individual attempts were made to measure such incomes. Which among those individual attempts of estimates of national income and per capita income was considered very significant?

Answers

The correct answer to this open question is the following.

Among those individual attempts of estimates of national income and per capita income that were considered very significant to estimate India's National and per capita income in the colonial government, are the following.

Those important individual attempts belong to people like William Digby, Findlay Shirras, Dadabhai Naoroji, R.C. Desai, and VKVR Rao. From the British perspective, there was no real interest in the measurement of this economic indicator because what was important for the British government was to fulfill its economic and political interests such as the exploitation of natural resources and raw materials that were sent to England to be transformed in the fabrics and industries of London. The development or growth of India was never a goal.

However, a capacity utilization rate that is nearing 100% is ............... because .......

Answers

Answer:

A capacity utilization rate that is nearing 100% is ideal because it means that company's actual output is almost the same as its maximum possible output.

Explanation:

Capital utilization rate is used to calculate the rate at which levels of output are met. It is defined by the given formula:

Capacity utilization = (Actual level of output / Maximum level of output) · 100

If the Capacity utilization rate is near 100%, it means that actual level of output is almost same as the maximum level of output, which is considered as the Ideal rate.

Ideal rate is usually not possible because there are a lot of hurdles in the processes. A rate of 85% is considered the optimal rate for most companies.

1. Do you believe E-sports will continue to grow in the future? Why or why not?

Answers

Answer: I don’t really know but I think it will still be popular and lots of people will still play no matter what

Answer:

In terms of video games, yes. Because, everyone can play videogames, but not everyone can compete in physical sports.

Explanation:

I don't need to give an explanation since it's my opinion. So don't report this answer please...

How do the effects of voluntary restraint agreements differ from the effects of a tariff? Tariffs reduce trade by more than voluntary restraint agreements. Voluntary restraint agreements result in higher prices, which increase revenue for foreign firms, while the revenue raised from tariffs goes to the domestic government. Tariffs increase the prices of imports, helping domestic producers, while voluntary restraints do not. Voluntary restraint agreements are informal agreements that can be easily changed, while tariffs are not.

Answers

Answer:

Tariffs increase the prices of imports, helping domestic producers, while voluntary restraints do not.

Explanation:

A tarrif is defined as a tax that is imposed by government on goods and services that are imported from another country. Tarrifs are used to discourage imports by increasing their prices compared to locally produced goods and services.

Voluntary restraint agreements is is also called voluntary export restraint. It is a restriction on the amount of goods and services that exporters are allowed to export to other countries. It is also referred to as export visa.

Tarrifs results in increase in price of goods and services while voluntary restraint agreement does not.

The adjusted trial balance for Yondel Company at December 31, 2018 is presented below: Accounts Debit Credit Cash $ 8,000 Prepaid rent 23,000 Land 445,000 Accounts payable $ 12,000 Salaries payable 20,000 Common stock 230,000 Retained earnings 109,000 Dividends 14,000 Service revenue 340,000 Salaries expense 160,000 Rent expense 29,000 Utilities expense 32,000 Totals $ 711,000 $ 711,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2018.

Answers

Answer:

Explanation:

Cash                        =8000

Prepaid rent           = 23,000

Land                       = 445000

Accounts payable                              = 12,000

Salaries payable                                  = 20,000

Retained earnings                              = 109,000

Dividends                    = 14,000

Service revenue                                   = 340,000

Salaries expenses      = 160,0000

Rent expenses             = 29,000

Utilities expenses         = 32,000

Net income = Service revenue - Salaries-Rent-Utilities-

=340,000-160,000-29,000-32,000 = 119,000

                                       

                                                       Journal

1.     Debit  Service revenue   - 340,000

      Credit income summary -                  340,000

2,    Debit Income summary -    221,000

      Credit Salaries expenses                              160,000

      Credit Rent expenses                                     29,000

      Credit Utilities expenses                                 32,000

3     Debit Income summary          119,000

      Credit retained earnings                                  119,000

4     Debit retained earnings          14,000

      Credit retained earnings                                   14,000

A man in San Rafael County was discovered committing workers' compensation fraud. He had been observed working while at the same time receiving disability benefits. Surveillance showed the man working at an automobile auction. The investigator interviewed the owner of the auction and found that the claimant was being paid $200 per week in cash for washing vehicles and performing other shop tasks. Surveillance video showed the man carrying 25-pound bags of pet food, loading boxes, and rummaging through a trash dumpster. Obviously, he was not hurt very badly. 1. Was surveillance the proper method to use in this case? Why? 2. What are some restrictions to be careful about in conducting surveillance?

Answers

Answer:

1. Yes

2. - privacy concerns

- may lack full details.

Explanation:

1. In this scenario the automobile auction house would need to show video evidence of his (San Rafael's) fraud activities to the investigator.

2. Privacy concerns such as how the information gotten from video surveillance is used may pose a challenge.

There's also the reality of a lack of full details. For instance, San Rafael may be deaf a disability that cannot be reflected well on a surveillance video that shows him working.

Forrester Company is considering buying new equipment that would increase monthly fixed costs from $120,000 to $150,000 and would decrease the current variable costs of $70 by $10 per unit. The selling price of $100 is not expected to change. Forrester's current break-even sales are $400,000 and current break-even units are 4,000. If Forrester purchases this new equipment, the revised break-even point in dollars would be: $300,000. $400,000. $325,000. $500,000. $375,000.

Answers

Answer: $375,000

Explanation:

Given the following :

Selling price = $100

New variable cost per unit =$(70 - 10) = $60

New fixed cost = $150,000

Break-even point in dollars:

Fixed costs/Contribution margin ratio

contribution Margin Ratio

[(selling price per unit - total variable cost per unit) /selling price per unit]

= [($100 - $60) / $100]

$40 / $100 = 0.4 = 40%

Break-even point in dollars:

$150,000 / 0.4 = $375,000

“Creditors do not actually have to worry about their dues in case the business fails.” In which
form of business is this possible? Which special feature is highlighted in this statement ?

Answers

Answer:

Sole proprietorship

The sole proprietor(not creditors but creditor) bears all losses

Explanation:

Sole proprietorship is a form of business in which there is no legal difference between the owner and the business entity as both are one and the same. The term 'sole' connotes 'only' while 'proprietorship' connotes 'owner(ship)'; it is also referred to as individual entrepreneurship. This is because only the owner of the business (the proprietor) bears all the risks (losses, debts, legal actions etc) and benefits (profits, dividends etc) of the business venture. He owns all the assets of the business venture, debts as well as the legal actions (whether positive or negative); when business is faring well, he enjoys a handsome profit and when business is struggling, he also bears the brunt of it.

The special feature highlighted in the statement above is the reality that the "creditors" refers simply and only to the proprietor (the owner of the business); in which case, if the business fails, the proprietor does not have to bother about the backlash from creditors' pressures, legal actions etc. He is the sole bearer of the losses of the business venture.

Abigail sells rice to stores. She has total og 125 cavans that she plans to distribute to three stores. If she gives 1/5 of what she has to store A, can she divide the remaining equally to stores B and C? How many will store A and store B get

Answers

Answer:

Store A would get 25 Cavans

Store B would get 50 Cavans

Explanation:

Total of cavans is 125

Since she gives 1/5 of 125 cavans to A A would be getting 1/5 × 125 = 25

The balance would be 125 -25 = 100

If the balance is divided equally between B and C

= 100 ÷ 2

=50

Therefore,

Store A would get 25 Cavans

Store B would get 50 Cavans

Store C would get 50 Cavans

A company in Maine sends lobsters to France What is Maine doing? Select three options​

Answers

Answer:

Following are the answer to this question:

Explanation:

Some information is missing in the question. So, the correct choices can be described as follows:

i) practicing international trade

ii) exporting products

iii) participating in globalization

Maine has been globally traded because its, company transfers it's own goods at international frontiers when a client gives lobster with France in Maine.  It exports products as its goods are manufactured in one nation, in this scenario the USA, is one other country, France in this case.Finally, it participates in the process of globalization because the company operates internationally by selling its products.

Answer:

B. practicing international trade

C. exporting products

D. participating in globalization

The Hawkins Supply company is currently faced with an inventory rotation problem. This difficulty stems from the fact that some supplies must be used prior to a stated expiration date. Upon receipt, a new shipment of these perishable items must be stacked beneath the boxes that are currently in inventory. A substantial amount of time is consumed in restacking the items according to their expiration dates.

Answers

Here's the completed question.

Question: The company would like to reduce the double and sometimes triple handling of items. How can this goal be achieved? Are there alternative solutions which might also be effective?

Answer:

1. Using the Just in Time Management inventory technique.

2. Using automated inventory processing systems, changing physical layout of warehouse.

Explanation:

1. The Just in time method would allow Hawkins Supply company to quickly process its inventory by adopting a principle of processing smaller batches with reduced factory space. Doing so would minimise the worries about expired inventory since the inventory isn't excessive.

2. There are automated softwares such as the KANBAN system that would automated the process, requiring lesser use receipts to track inventories. Another alternative is to restructure the warehouse by making provision for racks that could be numbered serially to easily find desired inventory.

form a correct sentence by unscrambling the following sentence en el espanol hay vocales cinco

Answers

Answer:

its option c

Explanation:

just found it the other guy is also correct

Laura’s husband died in a car accident. When she turns 67, she will receive her husband’s __1___. Her children will also receive the same until they ___2___ .
1. 401k account
social security benefits
certificate of deposit
2. gradute from high school
retire
become employed
this is on plato
i will give brainliest

Answers

Answer:

1. social security benefit

2.retire

What is the definition of hangry my friend keeps saying it but i dont understand

Answers

Answer:

hangry is when you feel hungry and angry at the same time

Explanation:

basically, your angry because of the fact that your hungry

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