Explanation:
The journal entries are shown below:
On July 15:
Purchase A/c Dr $97,020
To Accounts payable $97,020
(By buying goods on credit with discount), the following are shown in the estimates of tire sales following application of the discount:
= Number of tires × price per tire - discount rate
= 2,200 tires × $45 - 2%
= $99,000 - $1,980
= $97,020
On July 23:
Account payable A/c Dr $97,020
To Cash A/c $97,020
(Being payment is made)
On August 15:
Account payable A/c Dr $97,020
Interest expense A/c Dr $1,980
To Cash A/c $99,000
(Being payment is made on late interval)
Answer:
After each purchase
Explanation:
perpetual inventory system can be regarded as a kind of inventory management that utilize technology in the documentation of real-time transactions whenever stock is received or sold, this method is reliable and the efficiency is high compare to
periodic inventory system. It should be noted that When using a perpetual inventory system and the weighted-average inventory costing method, a new weighted-average cost per unit is computed after each purchase. perpetual inventory system can be use by gocesory stores.
Answer:
$8000
= $10,636.63
Explanation:
Simple interest = P x R x T
P = amount
R = interest rate
T = time
= $12,500 × 0.08 x 8 = $8000
For compound interest:
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$12500(1.08)^8 = $23,136.63
Interest = $23,136.63 - $12,500 = $10,636.63
I hope my answer helps you
Answer:
6
Explanation:
Find the percentage for 24% of 25.
That's how I did mine.
Answer:
UR FACE
Explanation:
magic
Answer:
Selection of Concept with its Best Description:
Concept Best Description
4. Total quality management Focuses on quality throughout the
production process
3. Customer orientation Flexible product designs can be modified
to accommodate customer choices.
2. Continuous improvements Every manager and employee constantly
looks for ways to improve company
operations.
5. Triple bottom line Reports on financial, social, and
environmental performance.
1. Just-in-time manufacturing Inventory is acquired or produced only
as needed.
Explanation:
1. Just-in-time manufacturing reduces manufacturing flow times and suppliers' and customers' response times. The purpose is to reduce waste and continuously improve operations.
2. Continuous improvement is a business approach that focuses on incremental or breakthrough improvement of processes, services, or products.
3. Customer orientation: An organization that has customer orientation focuses on the customer first and tries to satisfy the customer before meeting its own needs.
4. Total quality management: This is a management strategy whereby all members of the organization improve customer services, processes, products, and organizational culture in order to achieve long-term success.
5. Triple bottom line (TBL): To create greater business value, some organizations adopt the TBL performance evaluation framework, with a focus on social, environmental (or ecological) and financial performance.
Answer:
Total overhead cash disbursement= $59,080
Explanation:
Giving the following information:
Estimated direct labor hours= 2,800
The variable overhead rate is $7.00 per direct labor-hour.
Estimated fixed manufacturing overhead= $43,120 per month
Includes depreciation of $3,640
To calculate the cash disbursement, we need to deduct from the fixed manufacturing overhead the depreciation expense because it is not a cash disbursement.
Variable overhead= 7*2,800= 19,600
Fixed overhead= 43,120-3,640= 39,480
Total overhead cash disbursement= $59,080
Mar. 9 Paid the amount owed on the invoice within the discount period.
Mar. 11 Discovered that $18,000 of the merchandise purchased on March 1 was defective and returned items, receiving credit for $17,640 [$18,000 − ($18,000 × 2%)].
Mar. 18 Purchased $10,000 of merchandise from Wright Co. on account, terms n/30.
Mar. 20 Received a refund from Wright Co. for return on Mar. 11 less the purchase on Mar. 18.
Answer:
See explanation section.
Explanation:
March 1, Purchased Debit $90,000
Accounts payable Credit $90,000
Note: To record the purchased on account.
March 9, Accounts payable Debit $90,000
Cash Credit $88,200
Purchased discount Credit $1,800
Calculation: $90,000 - ($90,000 × 2%) = $88,200
Note: To record the payment.
March 11, No journal entry required.
March 18, Purchased Debit $10,000
Accounts payable Credit $10,000
Note: To record the purchased on account.
March 20, Cash Debit $17,640
Refunds payable Credit $17,640
Note: To record the return.
The journal entries are indicated for each transaction during March, highlighting purchases on account, payment within discount period, return of defective goods, a second purchase, and a refund received. The entries show how these transactions are reflected in the accounting system of Manville Heating & Air Company.
The journal entries for the transactions of Manville Heating & Air Company in the month of March are as follows:
The above journal entries demonstrate the recording of purchasing transactions and returns, considering the discount period and the eventual refund received.
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