Answer:
Morganton Company
1. Budgeting increases effective financial management while ensuring proper allocation of scarce resources. It encourages planning for the future as well as improved business decisions. It helps management to identify problems before they occur and to develop strategies for solving any problems that may arise. With budgeting, the organization is in a better position to monitor its overall performance and ensure the achievement of its goals and objectives. Finally, budgeting increases the motivation to achieve goals for both the management and individual employees.
2. The budgeted sales for July are $10,000.
3. The expected cash collections for July are $9,040.
4. The accounts receivable balance at the end of July are $6,000.
5. According to the production budget, the units produced in July are 1,040 units.
Explanation:
a) Data and Calculations:
Budgeted selling price per unit = $70
June July August September
Budgeted unit sales 8,400 10,000 12,000 13,000
Cash Collections:
40% month of sale 3,360 4,000 4,800 5,200
60% month following 5,040 6,000 7,200
Total cash collections 3,360 9,040 10,800 12,400
Production costs:
June July August September
Ending Inventory 2,000 2,400 2,600
Cost of goods sold 8,400 10,000 12,000 13,000
Goods available 10,400 12,400 14,600
Beginning Inventory 1,680 2,000 2,400 2,600
Production costs 8,720 10,400 12,200
Unit cost of materials $10 $10 $10 ($2 * 5)
Units produced 872 1,040 1,220
Accounts receivable balance at July end:
June credit sales $8,400
June cash collection 3,360
July 1 Beginning bal. 5,040
July credit sales 10,000
Cash collections 9,040
Ending balance 6,000
The risk free rate currently have a return of 2.5% and the market risk premium is 7.83%. If a firm has a beta of 1.42, what is its cost of equity
Answer:
13.62 %
Explanation:
Cost of Equity = 2.5% + 7.83% x 1.42 = 13.62 %
ased on the segment income statement below, Chips, Inc. is considering eliminating its Barbecue Division line. Revenue from Barbecue Division sales $ 528,000 Salaries for Barbecue Division workers (128,000 ) Direct material (342,000 ) Sunk costs (equipment depreciation) (82,000 ) Allocated company-wide facility-sustaining costs (64,000 ) Net loss $ (88,000 ) If the Division is eliminated, what is the total amount of avoidable cost?
Answer:
the total amount of avoidable cost is $470,000
Explanation:
The computation of the total amount of avoidable cost is shown below:
= Salaries for Barbecue Division workers + direct materials
= $128,000 + $342,000
= $470,000
Hence, the total amount of avoidable cost is $470,000
We simply added the above two items
cube root of 9 rational or irrational
. True or False.
1. Creativity, problem-solving skills, and physical dexterity are examples of aptitudes.
2. The Occupational Outlook Handbook would be most useful for determining detailed information on various career clusters.
3. The purpose of an informational interview is to gather information about an organization or a career.
4. A seventy percent of professional locate employment positions presently available through networking and personal contacts.
Answer:
For #1 True
For #2 i think false
For #3 true
And for #4 false
Explanation:
Please let me know what the correct answers were if i answered 1-4 incorrectly but hope this helps
1. Creativity, problem-solving skills, and physical dexterity are all examples of aptitudes are true.
Creativity, problem-solving skills, and physical dexterity are natural talents or abilities that can be developed and applied to various tasks or activities.
2. False. The Occupational Outlook Handbook (OOH) is a publication by the U.S. Bureau of Labor Statistics (BLS) that provides detailed information about various occupations, including job outlook, earnings, education requirements, and job duties.
3. True. The purpose of an informational interview is to gather information about an organization or a career. It involves having a conversation with someone who works in a field or company of interest to learn more about their experiences, insights, and advice.
4. False. The statement is grammatically incorrect and difficult to interpret accurately. However, if we assume that the intended meaning is "Seventy percent of professionals find employment positions through networking and personal contacts," then it could be considered true.
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Coronado Industries sells one product and uses a perpetual inventory system. The beginning inventory consisted of 79 units that cost $19 per unit. During the current month, the company purchased 483 units at $19 each. Sales during the month totaled 365 units for $44 each. What is the cost of goods sold using the LIFO method?
Answer:
the cost of goods sold under LIFO method is $6,935
Explanation:
The computation of the cost of goods sold under LIFO method is shown below:
= Sales during the month × cost per unit
= 365 units × $19
= $6,935
Hence, the cost of goods sold under LIFO method is $6,935
We simply applied the above formula
Questions and answer
How do you solve this :(!! Need a chart
Answer:
Purchases
Date Qty Unit Cost Total Cost
11 14 $15 $210
21 9 $16 $144
Cost of Sales
Date Qty Unit Cost Total Cost
14
14 $15 $210
6 $16 $96
25
9 $16 $144
5 $16 $80
Total $530
Inventory
Qty Unit Cost Total Cost
9 $16 $144
Total $144
Explanation:
LIFO method assumes that the units to arrive last, will be sold first. Also note that the perpetual Inventory method is used. This means the cost of sales and inventory value is calculated after every transaction.
So with LIFO , Cost of Sales will be calculated on recent prices (later prices) whilst Inventory will be valued at earlier prices (old prices).
In 1961, NASA began admitting women into its astronaut training program. They performed well in the training but none of them ever served as astronauts because NASA changed its rules to require jet fighter experience for astronauts. Since women were not eligible to fly jet fighters, they could not qualify for space duty.
Required:
Would these women have had a claim under Title VII?
Answer:
Yes, they could make a claim due to disparate impact.
Explanation:
NASA wasn't barring females candidates directly since they were allowed into the selection process, but by requesting something that no woman could do, they were indirectly prohibiting them from becoming astronauts.
Many commodities have futures markets associated with them. A futures market is a prediction market that aggregates information based on uncertain events that may impact the market, and buyers commit to a financial contract in which they obligate themselves to purchasing a fixed quantity of the asset at a specified price on a certain date. In April, 2019, the national average price of unleaded gasoline was $2.87 per gallon. At the same time, the futures price for a June contract on unleaded gasoline was $2.07 per gallon.
A. The forecasted price in the futures market suggests that unleaded gasoline prices will_____by June of 2019.
B. If the information transmitted in this market is accurate and unbiased, then the predict____the actual price we will see in June.
Answer:
Answer is explained in the explanation section below.
Explanation:
Solution:
a.
Unleaded fuel prices are expected to fall by June 2019 according to future demand forecasts.
Since the future price is less than the spot price, it would be better for long-term buyers who can wait for the price to increase because the market is currently in BACKWARDATION. This happens due to a short-term disparity in demand and supply.
b.
If the information in this sector is reliable and impartial, the expected June price will most likely be similar to the real price we will see in June.
It is reliable if the market is accurate and impartial, i.e. the market research on which knowledge flows.
The prices of goods are either integrated or expressed in such a flow of knowledge.
So, if it's unbiased and reliable, the forecast prices would be reasonably similar to the real future price.
Answer:
A. Decline
B. Close to
Explanation:
A. The prediction market for gasoline is much lower so prices would need to decline
B. Due to the information being accurate, it is safe to assume that the predicted price will we close to the actual price
The City of Cowling decides to construct a new library, which it estimates will cost $8.5 million. The City will finance the library with a state construction grant of $3 million; a general obligation bond issuance of $5 million; and a transfer from the General Fund of $500,000. Prepare journal entries to record the following transactions in the Capital Projects Fund. No budgetary entries other than encumbrances should be recorded.
Answer:
a. Dr Cash 500,000
Cr Transfer in from General Fund 500,000
b. Dr Cash 5,000,000
Cr Other financing source—long-term debt issued 5,000,000
c. Dr Encumbrances—capital project 8,300,000 Cr Budgetary fund balance reserved for encumbrances 8,300,000
d. Dr Cash 3,000,000
Cr Revenues—construction grant 3,000,000
e. Dr Budgetary fund balance reserved for encumbrances 8,300,000
Cr Encumbrances—capital project 8,300,000
Dr Expenditures—construction costs 8,400,000 Cr Retainage payable 840,000
Cr Construction contracts payable 7,560,000
f. Dr Construction contracts payable 7,560,000 Cr Cash 7,560,000
g. Dr Retainage payable 840,000
Cr Cash 840,000
h. Dr Transfer out to Debt Service Fund 100,000
Cr Cash 100,000
Explanation:
Preparation of the journal entries to record the Capital Projects Fund
a. Dr Cash 500,000
Cr Transfer in from General Fund 500,000
b. Dr Cash 5,000,000
Cr Other financing source—long-term debt issued 5,000,000
c. Dr Encumbrances—capital project 8,300,000 Cr Budgetary fund balance reserved for encumbrances 8,300,000
d. Dr Cash 3,000,000
Cr Revenues—construction grant 3,000,000
e. Dr Budgetary fund balance reserved for encumbrances 8,300,000
Cr Encumbrances—capital project 8,300,000
Dr Expenditures—construction costs 8,400,000 Cr Retainage payable 840,000
(10%*8,400,000)
Cr Construction contracts payable 7,560,000
(8,400,000-840,000)
f. Dr Construction contracts payable 7,560,000 Cr Cash 7,560,000
(8,400,000-840,000)
g. Dr Retainage payable 840,000
Cr Cash 840,000
(10%*8,400,000)
h. Dr Transfer out to Debt Service Fund 100,000
Cr Cash 100,000
explain the difference between production control and production planning
Answer:
Planning of the manufacturing process is deciding in advance what to do, how to do, when to do it and who is to do it. Controlling of the manufacturing process measures the digression of actual performance from the standard performance and takes corrective actions.
Explanation:
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $54 $1,728 Sale No. 1 10 Purchase No. 1 28 60 1,680 Sale No. 2 32 Purchase No. 2 20 57 1,140 Totals 80 $4,548 42 Assuming Quebec, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:
Answer:
Quebec, Inc.
Assuming Quebec, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:
= $2,220.
Explanation:
a) Data and Calculations:
Units Unit Cost Total Cost Units Sold
Beginning Inventory 32 $54 $1,728
Sale No. 1 10
Purchase No. 1 28 60 1,680
Sale No. 2 32
Purchase No. 2 20 57 1,140
Totals 80 $4,548 42
Ending Inventory using FIFO periodic inventory system:
Units of ending inventory = 38 (80 - 42)
Units are from: Units Unit Cost Total Cost
Purchase No. 1 18 60 $1,080
Purchase No. 2 20 57 1,140
Ending Inventory 38 $2,220
King Company issued bonds with a face amount of $1,600,000 in 2015. As of January 1, 2020, the balance in Discount on Bonds Payable is $4,800. At that time, King redeemed the bonds at 102. Assuming that no interest is payable, make the entry to record the redemption. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answer:
Dr Bonds payable 1,600,000
Dr Loss on redemption of bonds 36,800
Cr Cash 1,632,000
Cr Discount on bonds payable 4,800
Explanation:
Loss/gain on redemption of bonds = carrying value - cash paid = ($1,600,000 - $4,800) - $1,632,000 = $1,595,200 - $1,632,000 = -$36,800 loss
The decisions of a mediator are?
Reynolds Manufacturers Inc. has estimated total factory overhead costs of $104,000 and expected direct labor hours of 13,000 for the current fiscal year. If job number 117 incurs 1,720 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for a.$104,000 b.$52,000 c.$1,720 d.$13,760
Answer:
Work in Process 13.760
Manufacturing Overhead 13,760
Explanation:
First, we need to calculate the predetermined overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 104,000 / 13,000
Predetermined manufacturing overhead rate= $8 per direct labor hour
Now, we can allocate overhead to Job 117:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 8*1,720
Allocated MOH= $13,760
Work in Process 13.760
Manufacturing Overhead 13,760
Which of the following policies would lead to greater productivity in the printing industry? Check all that apply. Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts Sharply increasing the interest rate on student loans to people pursuing advanced degrees in printing Subsidizing research and development into new printing technologies Imposing a tax on printing presses
Answer:
✓Subsidizing research and development into new printing technologies
✓.Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts
Explanation:
Productivity can be regarded as
ratio that exist between output volume and volume of inputs. It is a term used to describe how efficient production input is, such as capital as well as labor. It provides
efficiency of production.
As regards to printing industry, some of the policies that would lead to greater productivity in the printing industry are;
✓Subsidizing research and development into new printing technologies
✓.Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts
Assume the cholesterol levels in a certain population have mean µ= 200 and standard deviation σ = 24. The cholesterol levels for a random sample of n = 9 individuals are measured and the sample mean x is determined. What is the z-score for a sample mean x = 180?
a. –3.75
b. –2.50
c. −0.83
d. 2.50
The required z-score for the given sample mean would be -0.83. which is the correct answer would be an option (C).
What is Z -score?A Z-score is defined as the fractional representation of data point to the mean using standard deviations.
Given the mean µ= 200 and standard deviation σ = 24. The cholesterol levels for a random sample of n = 9 individuals are measured sample mean is 180.
To determine the Z-score for the given sample mean
⇒ z-score = (X-ц )/σ
Here,
ц = 200
σ = 24
X = 180
Substitute the values in the above formula,
⇒ z-score = (180 - 200)/24
⇒ z-score = -20 /24
⇒ z-score = -0.833
Therefore, the required z-score for the given sample mean would be -0.83.
Hence, the correct answer would be an option (C).
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A business must decide whether to open a new office in China. If it opens the
branch, it will increase its chances of selling a high volume of its products in
China. On the other hand, the business will have to spend a lot of money to
make the branch operational.
What would be an opportunity cost for the business if it chooses not to open
the new branch in China?
O A. The business would increase its marginal benefits on each
product it makes
O B. The business would lose the chance to make more money in
China.
O C. The business would have to open a new branch in a different
country
O D. The business would be able to use the money it saves on other
projects.
One of the reasons we make bad decisions is because we have to rely on our perceptions.
a. True
b. False
Answer:
false??
Explanation:
Actual sales revenue in dollars is 3.5% higher than budgeted, actual sales price is 10% lower than budgeted, actual sales volume in units is 15% higher than budgeted, actual input prices are 5% lower than budgeted, and actual input quantities per unit are 5% lower than budgeted. Characterize input price and input efficiency variances as favorable (F) or unfavorable (U):
Answer:
Input price and input efficiency variances are:
Favorable.
Explanation:
The input price is the cost of production. When the actual cost of production (input price) is 5% lower than budgeted, it is a favorable outcome. Similarly, when the input efficiency (that is the quantity of input) is 5% lower than budgeted, it shows a favorable outcome. Therefore, the variances of these input elements (price and efficiency) are all together favorable.
Times-Roman Publishing Company reports the following amounts in its first three years of operation: ($ in thousands) 2021 2022 2023 Subscription revenue recognized (earned) $ 350 $ 360 $ 320 Subscription payments received in cash 390 340 360 The difference between pretax accounting income and taxable income is due to subscription revenue for one-year magazine subscriptions being reported for tax purposes in the year received, but reported in the income statement in later years when the performance obligation is satisfied. The income tax rate is 25% each year. Times-Roman anticipates profitable operations in the future. Required: 1. What is the balance sheet account that gives rise to a temporary difference in this situation
Answer: Unearned subscription revenue.
Explanation:
Tax is made on a cash basis which means that a transaction is eligible for taxation once cash has been paid for it. Businesses however have to use the Accrual basis which only record transactions in the period that they have been incurred.
In this scenario, there is more subscription payment in cash than the company recognized which means that the company has not yet delivered the service they were paid for and so could not recognize the subscriptions. They will however be taxed on those amounts because the cash has come in.
The account giving this temporary difference is therefore the Unearned Subscription Revenue account.
define foreclosure economics.
Answer:
Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property
Gerrell Corp. is comparing two different capital structures. Plan I would result in 18,000 shares of stock and $95,000 in debt. Plan II would result in 14,000 shares of stock and $190,000 in debt. The interest rate on the debt is 5 percent. Compare both of these plans to an all-equity plan assuming that EBIT will be $90,000. The all-equity plan would result in 22,000 shares of stock outstanding. Assuming that the corporate tax rate is 40 percent, what is the EPS for each of these plans
Answer:
Plan I
Number of share outstanding = 18,000
Value of debt = $95,000
Interest on debt = $95,000*5% = $4,750
EBIT = $90,000
Net Income = ($90,000 - $4,750)*(1 - 40%) = $85,250*60% = $51,150
EPS in case of plan I = $51,150 / 18,000 = $2.84.
Plan II
Number of share outstanding = 14,000
Value of debt = $190,000
Interest on debt = $190,000*5% = $9,500
EBIT = $90,000
Net Income = ($90,000 - $9,500)*(1 - 40%) = $80,500*60% = $48,300
EPS in case of plan II = $84,300 / 14,000 = $3.45
All equity Plan
Net Income = $90,000 * (1 - 40%) = $54,000
EPS in case of all equity plan = $54,000 / 22,000 = $2.45.
This morning, you purchased a seventeen-year, 6.45% annual coupon bond with face value of $1,000 at a price of $1,030.04. Just after purchasing the bond, the yield to maturity of the bond falls to 5.50 percent and stays at that level throughout your investment period. If you sell your bond after holding it for seven years, what will be your realized rate of return
Answer:
6.73%
Explanation:
the price of the bond in seven years is:
PV = $1,000 / (1 + 5.50%)¹⁰ = $585.43
PV of coupon payments = $64.50 x 7.538 (PVIFA, 5.5%, 10 years) = $486.20
market price = $1,071.63
using an excel spreadsheet of financial calculator, the annual rate of return:
year 0 = -1030.04
year 1 = 64.5
year 2 = 64.5
year 3 = 64.5
year 4 = 64.5
year 5 = 64.5
year 6 = 64.5
year 7 = 1136.13
IRR = 6.73%
Following is the stockholders’ equity section from the The Coca-Cola Company 2017 balance sheet. (All amounts in millions except par value.)
The Coca-Cola Company Shareowners' Equity December 31, 2017
Common stock-$0.25 par value; authorized-11,200 shares; issued-7,040 shares $1,760
Capital surplus 15,864
Reinvested earnings 60,430
Accumulated other comprehensive income (loss) (10,305)
Treasury stock, at cost-2,781 shares (50,677)
Equity attributable to shareowners of The Coca-Cola Company $17,072
Required:
a. Compute the number of shares outstanding.
b. At what average price were the Coca-Cola shares issued? Round answer to two decimal places.
Answer and Explanation:
a. The computation of the no of shares outstanding is shown below:
No. of shares outstanding is
= shares issued - shares held as treasury stock
= 7,040 shares - 2,781 shares
= 4,259 shares
b. The average price is
= (Common Stock value + Capital Surplus) ÷ No. of shares issued
=($1,760 + $15,864) ÷ 4259 shares
= $4.14
Which of the following gives suggestions for new product and also help to market new product.
A. Existing product and services
B.federal government
C.Distribution channel
D.creativeness
Answer:
A
Explanation:
Financial information is presented below: Operating Expenses $ 91100 Sales Returns and Allowances 17000 Sales Discounts 12400 Sales Revenue 320100 Cost of Goods Sold 174200 The amount of net sales on the income statement would be
Answer:
$290,700
Explanation:
The amount of net sales on the income statement is computed as shown below;
Net sales = Sales revenue - Sales discount - Sales return and allowance
Net sales = $320,100 - $12,400 - $17,000
Net sales = $290,700
Chess Top uses the perpetual inventory system. On May 1st, the beginning inventory consisted of 480 units that cost $65 each. During the month, the company made two purchases: May 3rd, 720 units at $68 each May 20th, 360 units at $70 each. Chess Top also sold 800 units on May 10th , Using the LIFO method, what is the amount of cost of goods sold for themonth
Answer:
the amount of the cost of goods sold is $55,120
Explanation:
The computation of the cost of goods sold for the month is shown below:
Since 800 units were sold out of which 360 units would sold at $70 and the remaining units i.e. 440 units would be sold at $68
= 360 units × $70 + 440 units × $68
= $25,200 + $29,920
= $55,120
Hence, the amount of the cost of goods sold is $55,120
Most successful firms have a clearly defined, well-written marketing plan that specifies the marketing activities to be performed to implement, manage, and evaluate its marketing strategies.
a. True
b. False
Answer:
a. True
Explanation:
Most successful firms have a clearly defined, well-written marketing plan that specifies the marketing activities to be performed to implement, manage, and evaluate its marketing strategies.
The typical marketing plan has multiple components which are based on information derived through environmental scanning.
Environmental scanning is a management strategy that focuses on systematically acquiring informations about occasions, trends, events or patterns through surveys and analysis of these information in an organisation's external and internal environment. The informations acquired through environmental scanning is then used by the executive management in strategically planning the organisation's future and exploitation of available opportunities for the success of the organization.
The internal environmental scanning offers an organization strength and weakness while the external environmental scanning provides information about opportunities and threats while the external environmental scanning gives an overview of the opportunities in the market as well as potential threats to an organization.
Sarasota’s Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,140 from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,080. The cost of the books sold was $650. 6 Received $40 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,100. The cost of the merchandise sold was $780. 20 Purchased books on account for $600 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,300. The cost of the merchandise sold was $770. 30 Granted General Bookstore $140 credit for books returned costing $70.
Journalize the transactions for the month of June for Sarasota Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 125.53.)
Answer:
01-Jun
Dr Inventory $1,140
Cr Accounts Payable $1,140
03-Jun
Dr Accounts Receivable $1,080
Cr Sales $1,080
03-Jun
Dr Cost of goods sold $650
Cr Inventory $650
06-Jun
Dr Accounts Payable $40
Cr Inventory $40
09-Jun
Dr Accounts Payable $ 1,100
Cr Cash $ 1,078
Cr Inventory $ 22
15-Jun
Dr Cash $1,080
Cr Accounts Receivable $1,080
17-Jun
Dr Accounts Receivable $1,100
Cr Sales $1,100
17-Jun
Dr Cost of goods sold $780
Cr Inventory $780
20-Jun
Dr Inventory $600
Cr Accounts Payable $600
24-Jun
Dr Cash $ 1,078
Dr Sales Discounts $ 22
Cr Accounts Receivable $1,100
26-Jun
Dr Accounts Payable $600
Cr Cash $594
Cr Inventory $ 6
28-Jun
Dr Accounts Receivable $1,300
Cr Sales $1,300
28-Jun
Dr Cost of goods sold $770
Cr Inventory $770
30-Jun
Dr Sales Returns & Allowances $140
Cr Accounts Receivable $140
30-Jun
Dr Inventory $70
Cr Cost of goods sold $70
Explanation:
Preparation of the Journal entries for the month of June for Sarasota Warehouse using a perpetual inventory system.
Journal entries
01-Jun
Dr Inventory $1,140
Cr Accounts Payable $1,140
03-Jun
Dr Accounts Receivable $1,080
Cr Sales $1,080
03-Jun
Dr Cost of goods sold $650
Cr Inventory $650
06-Jun
Dr Accounts Payable $40
Cr Inventory $40
09-Jun
Dr Accounts Payable $ 1,100
($1,140-$40)
Cr Cash $ 1,078
($1,100-$22)
Cr Inventory $ 22
($1,100*2%)
15-Jun
Dr Cash $1,080
Cr Accounts Receivable $1,080
17-Jun
Dr Accounts Receivable $1,100
Cr Sales $1,100
17-Jun
Dr Cost of goods sold $780
Cr Inventory $780
20-Jun
Dr Inventory $600
Cr Accounts Payable $600
24-Jun
Dr Cash $ 1,078
($1,100-$22)
Dr Sales Discounts $ 22 ($1,100*2%)
Cr Accounts Receivable $1,100
26-Jun
Dr Accounts Payable $600
Cr Cash $594
($600-$6)
Cr Inventory $ 6
($600*1%)
28-Jun
Dr Accounts Receivable $1,300
Cr Sales $1,300
28-Jun
Dr Cost of goods sold $770
Cr Inventory $770
30-Jun
Dr Sales Returns & Allowances $140
Cr Accounts Receivable $140
30-Jun
Dr Inventory $70
Cr Cost of goods sold $70