Reference no: EM132695463
Problem 1: An item of merchandise with a list price of $200 was purchased with a trade discount of 40% and credit terms of 3/10, n/30. The vendor was paid within the discount period. From the buyer's standpoint, which is the correct journal entry to record the payment?
A) Accounts Payable, debit, $200.00; Purchases Discount, credit, $86.00; Cash, credit, $114.00
B) Accounts Payable, debit, $80.00; Merchandise Inventory, credit, $2.40; Cash, credit, $77.60
C) Accounts Payable, debit, $120.00; Merchandise Inventory, credit, $3.60; Cash, credit, $116.40
D) Purchases, debit, $200.00; Purchase Discount, credit, $86.00; Cash, credit, $114.00
E) None of the above
|
Which is the term in the credit terms
: The buyer received an invoice from the seller for merchandise with a list price and credit terms of 2/10, n/60. The term 'n/60' in the credit terms is which
|
|
Differences between shigella infections and intoxications
: What are the differences between Shigella infections and intoxications?
|
|
List the resources required for each session
: List the resources required for each session (manpower, materials, location, etc). Note the specific training goal for each session ( what specific skills are).
|
|
What factors contribute to antibiotic resistance
: What factors contribute to antibiotic resistance?
|
|
Which is the correct journal entry to record the payment
: The vendor was paid within the discount period. From the buyer's standpoint, which is the correct journal entry to record the payment?
|
|
Describe the condition epiglottitis
: Describe the condition epiglottitis, including the causative agent(s) and why it can be life threatening. Also include how this condition may be prevented.
|
|
Which is the correct journal entry to record the purchase
: Under a perpetual inventory system merchandise is purchased for cash. Which is the correct journal entry to record this purchase?
|
|
Explaining the role of hrm in terms of recruitment
: Create a memorandum to the CEO explaining the role of HRM in terms of recruitment, selection, training and development of employees and recommended policies.
|
|
What was the ending merchandise inventory
: Beginning merchandise inventory $ 30,000 Purchases 135,000 Cost of goods sold 150,000 What was the ending merchandise inventory?
|