Business, 14.07.2020 01:01 jessieeverett432

On September 12, Vander Company sold merchandise in the amount of $6,200 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,200. Jepson uses the periodic inventory system and the gross method of accounting for purchases. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:

Answers: 2

Show answers

Answers

Answer from: lIechonoxIl

Accounts Payable $ 6200 Dr

Purchases Discounts $ 124 Cr

Cash $ 6076 Cr

Explanation:

Periodic inventory system is one in which the entries are passed periodically after a specific length of time.

In the Books of Jepson

Periodic Inventory

Gross Method

Journal Entry

Particulars Debit Credit

Accounts Payable $ 6200 Dr

Purchases Discounts $ 124 Cr

Cash $ 6076 Cr

Discount within the first ten days will be of 2%

$ 6200 *2%= $124

Remaining amount 6200-124 = 6076 will be paid in cash.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

Answer from: Quest

Setiap tindakan memiliki reaksi. ucapan itu ditulis oleh newton. itulah hukum ketiga-nya.

Another question on Business

Business, 22.06.2019 01:00

Azster inc. recorded sales revenue for the year that ended december 31, 2014 as $67,000. interest revenue of $5,300 and expenses of $14,000 were also recorded for the same period. what is aster’s net profit or loss?

Answers: 3

Answer

Business, 22.06.2019 08:30

Acompany recorded a check in its accounting records as $87. however, the check was actually written for $78 and it cleared the bank as $78. what adjustment is needed to the personal statement? a. decrease by $9 b. increase by $9 c. decrease by $18 d. increase by $9

Answers: 2

Answer

Business, 22.06.2019 12:30

howard, fine, & howard is an advertising agency. the firm uses an activity-based costing system to allocate overhead costs to its services. information about the firm's activity cost pool rates follows: stooge company was a client of howard, fine, & howard. recently, 7 administrative assistant hours, 3 new ad campaigns, and 8 meeting hours were incurred for the stooge company account. using the activity-based costing system, how much overhead cost would be allocated to the stooge company account?

Answers: 1

Answer

Business, 22.06.2019 22:40

Johnson company uses the allowance method to account for uncollectible accounts receivable. bad debt expense is established as a percentage of credit sales. for 2018, net credit sales totaled $6,400,000, and the estimated bad debt percentage is 1.40%. the allowance for uncollectible accounts had a credit balance of $61,000 at the beginning of 2018 and $49,500, after adjusting entries, at the end of 2018.required: 1. what is bad debt expense for 2018 as a percent of net credit sales? 2. assume johnson makes no other adjustment of bad debt expense during 2018. determine the amount of accounts receivable written off during 2018.3. if the company uses the direct write-off method, what would bad debt expense be for 2018?

Answers: 1

Answer

You know the right answer?

On September 12, Vander Company sold merchandise in the amount of $6,200 to Jepson Company, with cre...

Questions