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Lamcy Company, a manufacturer of electric equipment, sold 200 units to Radius Company on November 17, 2019. The units have a list price of $400 each, but Radius was given a 30% trade discount. The terms of the sale were 2/10, n/30.
Question 1: Assume that Lamcy Company uses net method of accounting for cash discount. Which of the following should be true?
A. Accounts receivable Debit $80,000
B. Accounts receivable Debit $56,000
C. Accounts receivable Debit $54,880
D. Accounts receivable Credit $56,000
On January 1, 20X2, Jeff Co.’s defined benefit pension plan had plan assets with a fair value of $750,000, and a projected plan obligation of $875,000. According to FASB ASC 715 (SFAS 158), an employer sponsoring a defined benefit pension plan must r..
Please give us an example of a transaction where there are two increases. Note that you will still need to have at least one debit and one credit. Indicate which account will be debited and which will be credited.
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