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Apr. 1 Sold merchandise for $3,000, granting the customer terms of 2/10, EOM; invoice dated April 1. The cost of the merchandise is $1,800.
Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $600. The merchandise, which had cost $360, is returned to inventory.
Apr.11 Received payment for the amount due from the April 1 sale less the return on April 4.
Question 1: Prepare journal entries to record each of the above sales transactions of a merchandising company. Assume a perpetual inventory system.
possible misstatements related to the validity internal control objective for payroll transactions include all of the
The patent had a book value of $35,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $280,000.
On March 1, 2015, when the market price of Wilson's stock was $14 per share, 3 million of the options were exercised. The journal entry to record this would include:
What profit did Maria earn during the first week when her price was $3.50? What profit did Maria earn during the second week when her price was $4.00?
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Trey Monson starts a merchandising business
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an analysis of a particular mixed cost indicates it will be an average of 0.65 per hour at an activity level of 18000
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