Lamps unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer with credit terms of 1/10, n/30. if the customer pays within the discount period, the journal entry to record the receipt of payment would include:

Dr Cash account 990

Dr Sales Discounts account 10

Cr Accounts Receivable account 1,000

Explanation:

The total sales discount is 1% x $1,000 = $10

Sales discount is a contra revenue account and since it increases, it should be debited

Cash is an asset account and since it increases, it should be debited.

Accounts receivable is an asset account and since it decreases, it should be credited.

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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