Business, 12.03.2020 22:49 224509

LOL Music Store uses the perpetual inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5,n/60.
If payment is made on November 21, demonstrate the required journal entry to record the payment by selecting all of the correct actions below. (Check all that apply.)

a) Credit Cash $980.
b) Credit Cash $1,000.
c) Credit Purchase Discounts $20.
d) Credit Merchandise Inventory $20.
e) Debit Merchandise Inventory $20.
f) Credit Accounts Payable $1,000.
g) Debit Accounts Payable $1,000.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 16:50

Coop inc. owns 40% of chicken inc., both coop and chicken are corporations. chicken pays coop a dividend of $10,000 in the current year. chicken also reports financial accounting earnings of $20,000 for that year. assume coop follows the general rule of accounting for investment in chicken. what is the amount and nature of the book-tax difference to coop associated with the dividend distribution (ignoring the dividends received deduction)?

Answers: 2

Answer

Business, 23.06.2019 00:20

According to the naeyc curriculum is effective when all of the following occur except

Answers: 2

Answer

Business, 23.06.2019 01:30

At the end of the fiscal year, apha airlines has an outstanding non-cancellable purchase commitment for the purchase of 1 million gallons of jet fuel at a price of $4.10 per gallon for delivery during the coming summer. the company prices its inventory at the lower of cost or market. if the market price for jet fuel at the end of the year is $4.50, how would this situation be reflected in the annual financial statements?

Answers: 2

Answer

Business, 23.06.2019 03:00

If big macs were a durable good that could be costlessly transported between countries, which of the following would present an arbitrage opportunity? check all that apply. exporting big macs from argentina to the united states. exporting big macs from the united kingdom to poland. exporting big macs from switzerland to china

Answers: 1

Answer

You know the right answer?

LOL Music Store uses the perpetual inventory system to account for its merchandise. On November 17,...

Questions