Answer: Product Advertisements
Explanation: Product Advertisement is the advertisement of a product using its brand name, features and all its benefits when advertising such products.
Product advertisement focuses on the particular product being advertised. The products features, benefit and brand name are all featured in the advert.
This is to create an awareness for the product being advertised.
Lily has suffered severe injuries from a car accident. She would like to sue for compensation, but does not have enough funds on hand to retain an attorney on her own. What is the best type of fee arrangement for Lily?
a. Hourly fee
b. Contingency fee
c. Fixed fee
d. Administrative fee
Answer:
The correct answer is b. Contingency fee
Explanation:
Contingency fee agreements are generally used in cases where a victim seeks monetary damages due to an injury. There is an agreement called a contingency fee agreement, which allows an individual to obtain legal representation without having to pay in advance. Instead of having to pay in advance, the client will agree to pay the lawyer a percentage of what is guaranteed in case he wins the case. The contingency fee agreement will include any circumstances of payment and the amount of money the lawyer will charge at the end of the case.
The concept of having a contingent fee agreement is that the plaintiff will not have initial expenses. This should help relieve some of the stress that comes with being a victim of personal injury. The client will not pay any legal fee unless and until he wins and his lawyer will receive a percentage of the recovery based on his fee. There will be no legal fees for the lawyer if he does not win the case.
When Alexander Company purchased supplies for cash of $500, it incorrectly recorded the journal entry as a credit to Supplies for $5,000 and a debit to Cash for $5,000. Before correcting this error:
a. Cash is overstated and Supplies is overstated.
b. Cash is understated and Supplies is understated.
c. Cash is understated and Supplies is overstated.
d. Cash is overstated and Supplies is understated
Answer:
d. Cash is overstated and supplies is understated
Explanation:
This is a journal entry question that tests understanding of the concept of journals and correction of errors.
There are two major errors in this case;
1. the amount has been recorded wrongly
2. the wrong entries have been made in the journals.
Cash is an asset having a natural Debit balance, when an asset is reducing in value, we Credit it. Thus when Cash is being paid for an item, cash reduces while the quantity or number of that item increases.
The correct entry would have been to Credit Cash for $500 as cash is being paid for office supplies, and increase office supplies by Debiting it to the tune of $500. ie.
CR cash $500
DR office Supplies $500.
By Debiting cash $5,000 and Crediting office supplies $5,000, what the journal is saying is that cash of $5,000 has been received and office supplies of $5,000 has been given or sold out.
Saying Alexander Company has received $5,000 when in actual fact it has paid $500 is overstating cash and saying Alexander Company has sold office supplies when it in fact purchased them is understating office supplies.
I trust this helps you understand the concept.
A vending machine's coin box contains nickels, dimes, and quarters. The total number of coins in the box is 284. The number of dimes is three times the number of nickels and quarters together. If the box contains 27 dollars and 25 cents, find the number of nickels, dimes and quarters that it contains.
Answer:
there are 59 nickels, 12 quarters, and 213 dimes
Explanation:
let n = nickelslet q = quarterslet d = dimesfirst step:
d = 3 (n + q) = 3n + 3q
d + n + q = 284
0.10d + 0.05n + 0.25q = 27.25
second step:
3n + 3q + n + q = 284
0.10 (3n + 3q) + 0.5n + 0.25q = 27.25
third step:
4n + 4q = 284
0.3n + 0.3q + 0.05n + 0.25q = 27.25
fourth step:
n + q = 71
0.35n + 0.55q = 27.25
fifth step:
replace q = 71 - n
0.35n + 0.55(71 - n) = 27.25
sixth step:
0.35n + 39.05 - 0.55n = 27.25
seventh step:
11.8 = 0.2n
eighth step:
n = 59
q = 71 - 59 = 12
d = 284 - n - q = 284 - 59 - 12 = 213
To solve the problem, characterize it through three equations: d = 3(n + q), n + d + q = 284, and 0.05n + 0.10d + 0.25q = 27.25. These equations can be solved for n, d, and q through substitution or elimination.
Explanation:The problem statement gives us some key information to define our mathematical equations. Let's denote the number of nickels by 'n', the number of dimes by 'd', and the number of quarters by 'q'.
We know that 'd' is three times the total number of nickels and quarters, so we have an equation:
d = 3(n + q)
We also know the total count of all coins in the box is 284:
n + d + q = 284
Lastly, the total sum of money in the box $27.25, each nickel values $0.05, each dime - $0.10, and each quarter - $0.25, which gives us a third equation:
0.05n + 0.10d + 0.25q = 27.25
Using these three equations, we can solve for n, d, and q through substitution and elimination methods.
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Swen Inc. is a global retail chain based in New York. It expands into France and sends Gerard, an American citizen and a trusted employee from its New York branch, to manage the operations in the new business unit. In this scenario, Gerard is most likely a(n) _____. a. host-country national b. boomerang employee c. third-country national d. expatriate manager
Answer:
The correct answer is D
Explanation:
Expatriate manager is the one or the workers who are migrated from their home country to the outside nations in order to earn more than the in the home country.
In this case, Company expands the operations in France where they sends Gerard who is a citizen of American. So, this is an expatriate manager as he was migrated to France.
"The customer is always right" explains Select one: a. All of the above are correct. b. persistent wage discrimination based on consumer preferences. c. compensating differentials. d. the higher wages paid to members of a union.
Answer:
A, all of the above are correct.
An individual's ecological footprint is equivalent to the:
a.total amount of food consumed by that individual.
b.total amount of energy used by that individual.
c.total amount of carbon emissions from that individual's car.
d.amount of land required to provide all the resources used by that individual.
e.All of these choices are correct.
Answer: option D is correct
Explanation:
This is the biologically productive land that can sustain the individuals activities. It takes into account resources needed to produce goods and clean up it's waste.
An individual's ecological footprint is the total amount of land required to provide all the resources they use, and to absorb their waste. It is a comprehensive measure encompassing all areas of resource consumption and waste generation. In short, it reflects the true environmental impact of our lifestyle.
Explanation:An individual's ecological footprint refers to much more than simply the food they consume, the energy they use, or the emissions from their vehicles. It is a comprehensive measure that is most accurately represented as the amount of land required to provide all the resources (like food, water, energy) used by that individual, and to absorb the waste they generate. Therefore, the correct answer to your question is d. amount of land required to provide all the resources used by that individual.
This footprint is equivalent to how much of the Earth's resources we use and how much waste we create compared to how much the planet can regenerate and absorb. If everyone lived like an average American, we would need five Earths to support us!
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A manufacturing firm identified that it would have difficulty sourcing raw materials locally, so it decided to relocate its production facilities. According to COSO, this decision represents which of the following responses to the risk?
Answer:
Risk reduction
Explanation:
The Committee of Sponsoring Organizations (COSO) developed an Integrated Framework for evaluating internal controls. The latest version (2017) is called the Enterprise Risk Management Integrated Framework. It is an updated version of the original framework developed in 1992.
Risk reduction is one of the four ways the COSO framework deals with potential risks. The company should take actions to reduce risk. Since it is difficult to avoid risk, sometimes it is better to just take action to reduce it.
In this case, the manufacturing firm knows it will face a lot of problems and potential risks due to a lack of availability of raw materials, so it will move its facilities to a place where raw materials are easily available.
The perfectly competitive price and output level occur where
Answer:
It occur where MR = MC
Explanation:
Perfectly competitive organization or firm is the one who is price taker, which states that they must accept the price at which it sells the goods to consumer.
In a firm that is a perfectly competitive, the level of output as well as the price happen where the Marginal Cost is equal to the Marginal Revenue.
It is stated as MR = MC.
________ involve the flow of merchandise through distribution channels, usually across international borders, other than those authorized or intended by the manufacturer or producer.
a. Chargebacks
b. Lift-outs
c. Gray-market goods
d. Exclusive dealing arrangements
e. Reverse auctions
Answer:
The correct answer is (C)
Explanation:
Gray market refers to items that are sold lawfully, however outside of the brand's consent. These items can hurt associations with wholesalers and harm item notoriety. Basic Gray market products incorporate cameras, vehicles, watches and even pharmaceuticals. At the point when a wholesaler or retailer is left with overabundance or old stock, they can decide to auction the stock at limited costs to different vendors. Those vendors then sell it in gray market, such goods, are called gray market goods
Hall company had large amounts of funds to invest on a temporary basis. The board of directors decided to purchase securities and derivatives and assigned the future purchase and sale decisions to a responsible financial executive. The best person or persons to make periodic reviews of the investment activity would be :
Answer:
Investment committee or Board of Directors
Explanation:
Because the other in investment team together with finance team are directly involved in investment activities, they may not objectively review their jobs rather than an independent team.
This independent team should be in higher positions who can manage or adjust the jobs of investment team. Thus many corporations set up an investment committee or assign BOD ("board of directors) to periodically review the company's investment activity to make sure they're still aligning with the company's target.
Net Steels is a steel manufacturing company. It orders 180 metric tons of raw material per order. It was observed that the company often faces stockout. To tackle this issue, the company incorporated a fixed-quantity system (FQS) and collected the following data. Demand 11,000 metric tons per year Order Cost $18,000 per order Item Cost $36,000 per year Inventory-Holding Cost 20 percent per year Using the data, Net Steels determined that the economic order quantity (EOQ) should be 235 metric tons. In this scenario, the annual amount that Net Steels can save by ordering as per the EOQ instead of its conventional order is________.a. more than $45,000 but less than or equal to $55,000.b. more than $65,000.c. less than $45,000.d. more than $55,000 but less than or equal to $65,000.
Final answer:
To calculate the annual amount that Net Steels can save by ordering as per the economic order quantity (EOQ), we compare the total cost of the conventional order with the total cost of the EOQ. The annual amount saved is the difference between the two costs.
Explanation:
To calculate the annual amount that Net Steels can save by ordering as per the economic order quantity (EOQ), we first need to calculate the total cost of ordering as per the conventional order and the total cost of ordering as per the EOQ.
For the conventional order:
Number of orders = Total demand / Quantity per order = 11,000 / 180 = 61.11 orders (rounded to 61)
Total cost = (Number of orders × Order Cost) + (Total demand × Item Cost × Inventory-Holding Cost)
Total cost = (61 × $18,000) + (11,000 × $36,000 × 0.20) = $1,098,000 + $79,200,000 = $80,298,000
For the EOQ:
Total cost = (Total demand × Item Cost × Inventory-Holding Cost) = 11,000 × $36,000 × 0.20 = $79,200,000
The amount saved by ordering as per the EOQ instead of the conventional order is the difference between the total costs:
Amount saved = Total cost (Conventional order) - Total cost (EOQ) = $80,298,000 - $79,200,000 = $1,098,000
Therefore, the annual amount that Net Steels can save by ordering as per the EOQ instead of its conventional order is less than $45,000 (option c).
Your client performed the physical count of inventory as of November 30, one month prior to year-end. Subsequently, your client closed the sales journal on 12/29/XX, two days before year-end, and reported those two days' credit sales in January of the next year. Assuming the client uses a perpetual inventory system, which of the following is most likely to be overstated relating to the year XX financial statements?
A. Sales.
B. Cash.
C. Inventory.
D. Accounts receivable.
Answer:
The answer is C, that is, for the inaccurate accounting recording described in the question, inventory is most likely to be overstated.
Explanation:
For the year XX, any sales happening in the last two days of the year must be recorded in the year XX. However, as sales journal closes 02 days before year end, these recordings will be recorded in (XX +1) year.
As a sales transaction happens, Cash and Account Receivable go up (Dr), Sales also increases (Cr) while Inventory decreases (Cr).
With the early closing of sales journal, as explained above, if any sales takes place in the last two days of the year, Cash and Account Receivable and Sales for the year XX will be understated (because they are inaccurately recorded in the (XX+1) year ) and Inventory will be understated (also because they are inaccurately recorded in the (XX+1) year).
When selling convenience goods such as tobacco, newspapers, chewing gum, and potato chips to convenience stores, companies often decide to sell through all available outlets. This is an example of ________ distribution
A) selective
B) intensive
C) broad-based
D) exclusive
E) luxury
Answer: intensive distribution
Explanation: In simple words, it refers to a marketing strategy under which a company offers its product through as many outlets as possible in the market so that customers can easily find their product when in need.
The core objective of implementing thus Strategy is to make customer satisfied regarding the availability. These strategy is implemented for the products that already have a strong customer base.
Hence from the above we can conclude that the correct option is B.
_______ inflation can be explained by an ________ shift in the aggregate _________ curve.
a. Cost-push, rightward, supply
b. Demand-pull, leftward, demand
c. Demand-pull, leftward, supply
d. Cost-push, rightward, supply
Answer: Demand-pull, leftward, demand.
Explanation: DEMAND-PULL inflation can be explained by an LEFTWARD shift in the aggregate DEMAND curve.
In a Demand-pull inflation an increase demand leads to an equivalent increase in price which leads to a rise on the demand curve.
Final answer:
The correct answer is 'Cost-push inflation, leftward, supply', which indicates a situation where higher production costs cause the aggregate supply curve to shift left, leading to higher price levels.
Explanation:
The correct answer to the question is Cost-push inflation, which can be explained by a leftward shift in the aggregate supply curve. This leftward shift signifies that the supply of goods and services at every price level has decreased, typically due to increased production costs. Historical instances like the oil crisis of the 1970s are classic examples of cost-push inflation, where the abrupt increase in oil prices led to a surge in production costs for many industries, thereby reducing aggregate supply.
Cost-push inflation is not caused by an increase in demand for goods and services, but rather by an increase in the costs to produce those goods and services, which shifts the aggregate supply to the left.
In contrast, demand-pull inflation would be the result of an increase in aggregate demand, which is typically represented by a rightward shift in the aggregate demand curve. This occurs when there's an increase in overall spending in the economy, leading to greater real GDP and upward pressure on the price level, and is not associated with a shift in the supply curve.
Matt owns a ski instruction school in the Berkshire Mountains, a dog training academy in Connecticut, and an investment house in Boston. He just told Chet, one of his most promising investment managers, to run the dog academy for six months. What technique is Matt using?VestibuleSurvival trainingJob rotationVirtual realityAssistant-To position.
Answer:
Job Rotation
Explanation:
Based on the information provided within the question it seems that the technique that Matt is using is called Job Rotation. This business technique refers to the act of employees rotating between job roles within the same company and taking all the responsibilities that are associated with that new role. Which is exactly what is happening in this scenario since Chet is switching to the ownership position within the business until Matt gets back, then they would rotate back.
Bellingham Inc had the following activity last year:
Sales $300,000;
Cost of goods sold $170,000;
Depreciation expense $25,000;
other selling and administrative expenses $95,000;
income tax expense $3,000.
What was the estimated net cash flow for the year?
Answer:
The net cash flow of the year amounts to $32,000
Explanation:
The net cash flow of the year is computed as:
Net cash flow = Net income + Depreciation
= $7,000 + $25,000
= $32,000
Where
Net Income is computed as:
Net Income = Sales - COGS (Cost of goods sold) - Depreciation expense - Selling and administrative expense - Income tax expense
= $300,000 - $170,000 - $25,000 - $95,000 - $3,000
= $7,000
Which NIMS Management Characteristic may include gathering, analyzing, and assessing weather service data from technical specialists?
A. Management by Objectives
B. Incident Facilities and Locations
C. Integrated Communications
D. Information and Intelligence Management
Answer:
Information and intelligence management
Explanation:
NIMs which stands for national incident management system. it is a system that direct all sort of organisation whether is is government, private or non government to work for prevention , respond to any incident occurs.
it is collective effort from all above organisation for prevention of any incident.
Information and intelligence management is one main characteristics of NIMS which gather all important information regarding any incident.
five steps of this characteristics are
planning and direction of work
collection of raw information
processing work
analysis of information
and circulation of information through various source
Gregory is a manager in an insurance company and heads a team of 30 agents. In order to meet the company's target, every agent needs to increase his or her target for the month by 15 percent. Gregory promises his agents a bonus if the company's target is met. Which influence tactic is Gregory using?
A. Pressure
B. Ingratiation
C. Coalition
D. Personal appeal
E. Exchange
Answer:
E. Exchange
Explanation:
-Pressure: Is to force compliance by using intimidation.
-Ingratiation: Is becoming more likeable to ask for something.
-Coalition: Is to get people to help you to convince someone
-Personal appeal: Is to use friendship to ask for something
-Exchange: Is to offer or promise something to receive something else in return
According to this, the influence tactic that Gregory is using is Exchange because Gregory promised his agents a bonus if they meet the target.
Answer:
E) Exchange
Explanation:
I'll include a personal opinion here; Bonuses are probably the best way to increase productivity. You want to earn more money, then you must work harder and earn your bonus.
Exchange tactics are used to offer rewards in exchange for performing a certain way. In this case Gregory is offering a bonus in exchange for an increase in the sales volume. In order for an exchange tactic to be successful, the leader should offer something the other party values and wants. In this case everybody wants more money.
If 75 percent of the employees of a certain company take a winter vacation, 40 percent take a winter and a summer vacation, and 20 percent take neither a winter nor a summer vacation, what percent of the employees take a summer vacation but not a winter vacation?A) 5%B) 15%C) 25%D) 35%E) 45%
Answer:
Summer vacation but not winter vacation = 5 %
so correct option is A) 5%
Explanation:
given data
winter vacation = 75 %
winter and a summer vacation = 40%
neither a winter nor a summer vacation = 20%
to find out
what percent of the employees take a summer vacation but not a winter vacation
solution
we know that total is 100 % so
Winter vacation + Summer vacation - Both vacation + Neither vacation = 100 % ......................1
put here value we get
Winter vacation + Summer vacation - Both vacation + Neither vacation = 100 %
75 % + Summer vacation - 40% + 20% = 100 %
summer vacation = 45 %
so we get now Summer vacation but not winter vacation that is
Summer vacation but not winter vacation = Summer vacation - both winter and a summer vacation ...................2
Summer vacation but not winter vacation = 45% - 40 %
Summer vacation but not winter vacation = 5 %
so correct option is A) 5%
Which of the following would shift the demand for dollars in the market for foreign currency exchange to the right?
a. foreign citizens want to buy more U.S. goods and services at a given exchange rate
b. foreign citizens want to buy fewer U.S. goods and services at a given exchange rate
c. foreign citizens want to buy more U.S. bonds
d. foreign citizens want to by fewer U.S. bonds
Answer:
A) foreign citizens want to buy more U.S. goods and services at a given exchange rate
Explanation:
In a free floating exchange rate market, when foreign companies and individuals purchase more goods and services from the US, it mans that the US is exporting more. When any country exports more goods or services its currency appreciates since more people want it (law of supply and demand) in order to be able pay for US products or services.
The velocity of money is defined as A) real GDP divided by the money supply. B) nominal GDP divided by the money supply. C) real GDP times the money supply. D) nominal GDP times the money supply.
Answer:
B) nominal GDP divided by the money supply.
Explanation:
Velocity of money calculates the rate of turnover of money. It calculates how fast money changes hands.
Velocity = (price × agregrate output ) / money supply
Velocity = Nominal GDP / Money supply
If velocity is 2, it means the dollar is usually spent two times in purchasing goods and services.
Ronald is actively using social media to gather buying information. He prefers social media because of its ability to create personalized communication through online forums that initiate discussions with other consumers. He wants to be anonymous in his online presence, but he is unaware that his online activities are being tracked by marketers. Which ethical issues in marketing communication does this scenario best illustrate?
Answer:
consumer privacy
Explanation:
Consumer privacy issues refer to the right that a consumer's personal information should be protected even though he/she provided that information for common transactions (e.g. are online purchases, social media interactions, etc.). The companies which receive that personal information should handle it properly and not make it available to other companies.
For example, credit card companies should not share data collected on its customers' buying habits with other companies.
This is also the reason why social media companies request us to accept their terms and conditions before using their services. When we accept those terms we surrender all our privacy rights since social media companies sell our private information. It's not ethical, but it's the reason why FB, Twitter, IG, etc. are free.
The nominal exchange rate
a) is the difference between the interest rate in one country and the interest rate in another country.
b) the rate at which a bond may be exchanged for currency.
c) the rate at which a stock may be exchanged for currency.
d) the price of one country's currency in terms of another's.
Answer: D: the price of one country's currency in terms of another's.
Explanation: the number of units of a local currency required to exchange for another number of units of a foreign currency is called the nominal exchange rate.
For example, if £1 = $1.5, it means that one pound is required to exchange for two American dollar.
When a certain competitive firm produces and sells 100 units of output, marginal revenue is $80. When the same firm produces and sells 200 units of output, what is average revenue? a. $40 b. $80 c. $160 d. This cannot be determined from the given information.
Answer:
d. This cannot be determined from the given information
Explanation:
To find the average revenue of 200 units it is necessary to know the total units. However, the function of the marginal revenue is not given. It is impossible to infer the marginal revenue (price) of other units (of output) only from knowing the marginal revenue of the 100th unit.
Achieving the goal of price stability with low and steady inflation allows the Fed to achieve other goals, such as stable interest rates and stable foreign exchange rates. If the Fed fails to achieve low and steady inflation, why will it be hard to achieve stable interest rates? A. Because the real interest rate includes an inflation premium. B. Because high inflation leads to tremendous decreases of nominal interest rates. C. Because low inflation leads to tremendous increases of nominal interest rates. D. Because the nominal interest rate includes an inflation premium.
Answer:
The correct answer is D. Because the nominal interest rate includes an inflation premium.
Explanation:
If the prices of many of the items we buy go up, we lose purchasing power. In other words, with the money we have - income and savings - we cannot buy as much as before. This can trigger an upward spiral of prices. If everything becomes more expensive, we may have to request a salary increase from our company. To finance the increase in staff salaries, the company could react by raising its prices. If this happens in many companies, the prices of many items will rise more, which will feed the spiral. This situation makes planning savings and investments more difficult for individuals and businesses. In the face of a rapid loss of value, the public can lose confidence in the currency. These are just a few examples of the negative effects of high inflation rates.
Janette goes into a car dealership to buy a new car. The salesperson works with her to find the right model, and she agrees to buy a new car for $25,250. Just when she is ready to pay, the salesperson walks away for a minute and then comes back to inform her that the car she was ready to purchase can’t be sold for less than $25,750. She agrees to the extra $500 even though they had initially agreed on the $25,250 selling price. Janette has fallen for the ________ technique of gaining compliance.
Answer:
Janet has fallen for Foot in the floor technique.
Explanation:
The foot-in-the-door technique involves making a smaller request, which a person is likely to agree to, before making your larger request
Managerial accounting information
a) tends to be different from business to business based on management needs.
b) focuses on historical transactions excluding an budgets or forecasts for the future.
c) is prepared primarily for investors and creditors and is generally available to the public.
d) is governed by GMP.
e) All of the above.
Answer:
a) tends to be different from business to business based on management needs.
Explanation:
In each specific business and industry there are different factors that are more important in one sector compared to another. Therefore, the managerial accounting information’s is prepared according to specific needs of the business.
The statements used to present this information is based on the importance give for the managers to each one of the statements. As the final idea is to take decisions with these statements the managers select specific accounting information regarding the specific problem or strategy that they are facing.
lists two things that both increase the money supply?
Answer:
Decrease is taxes
Increase in government spending
Explanation:
Government policies that increases the money supply in an economy is known as expansionary fiscal policy. They are:
1. Decrease is taxes - when government reduces the tax rate, the amount paid as taxes falls and as a result individuals, companies have higher disposable income whuch can be used for consumption or saving. This increases the money supply in the economy.
2. Increase in government spending - if the government increases it's spending on public goods for example, money supply would increase. If the government constructs a road, labour would be employed and paid wages. This payment increases the income of Labour and money supply increases.
Central bank policies that increases money supply are known as expansionary monetary policies. They include:
1. Open market purchase: The central bank purchase securities from the open market to increase money supply.
2. Reduction in reserve requirement ratio : if the reserve requirement ratio is reduced , commercial banks would have more money to give out as loans and this would increase money supply.
Cotton created the antebellum South. The wildly profitable commodity opened a previously closed society to the grandeur, the profit, the exploitation, and the social dimensions of a larger, more connected, global community. How did this profitable commodity effect the institutions of slavery in America?
Answer:
Slavery in the southern US began to expand in the Virginia Colony with the tobacco plantations in the Chesapeake area. It expanded southwards with time, first to the Carolinas, were slaves were imported to work in Rice Plantations, and, finally the Georgia colony.
However, cotton began to replace tobacco, rice and sugar in the South, because it was more profitable, and suited better the soil and climate of the region. With the cultivation of cotton, slavery became widespread in the US. The majority of slaves were "imported" from the end of the 17th century to the first decades of the 18th century.
Cotton plantations made then, slavery institutions of the antebellum South widespread, strong and entrenched. The economics of the South practically depended on slavery, just like the economics of the Roman Empire a millenium ago.
Bingerton Industries uses a perpetual inventory system. The company began the year with inventory of $93,000. Purchases of inventory on account during the year totaled $318,000. Inventory costing $343,000 was sold on account for $536,000. Record transactions for the purchase and sale of inventory.
Answer:
Explanation:
The journal entries are shown below:
1. Merchandise Inventory A/c $318,000
To Accounts payable A/c $318,000
(Being the inventory is purchased on credit)
2. Accounts receivable A/c Dr $536,000
To Sales revenue A/c $536,000
(Being inventory is sold on credit)
3. Cost of goods sold A/c Dr $343,000
To Merchandise inventory A/c $343,000
(Being inventory is sold at cost)