E5.2 (LO 2), AP This information relates to Rice Co. Journalize purchase transactions. 1. On April 5, purchased merchandise on account from Jax Company for $28,000, terms 2/10, n/30. 2. On April 6, paid freight costs of $700 on merchandise purchased from Jax. 3. On April 7, purchased equipment on account for $30,000. 4. On April 8, returned $3,600 of April 5 merchandise to Jax Company. 5. On April 15, paid the amount due to Jax Company in full. Instructions a. Prepare the journal entries to record the transactions listed above on Rice Co.'s books. Rice Co.

Answers

Answer 1

Answer:

A. Apr 5

Dr Merchandise inventory 28000

Cr Account payable 28000

Apr 6

Dr Merchandise inventory 700

C Cash 700

Apr 7

Dr Equipment 30000

Cr Account payable 30000

Apr 8

Dr Account payable 3600

Cr Merchandise inventory 3600

Apr 15

Dr Account payable 24400

Cr Cash 23912

Cr Merchandise inventory 488

B) Dr Account payable 24400

Cr Cash 24400

Explanation:

A. Preparation of the journal entries to record the transactions listed above on Rice Co.'s books. Rice Co.

Apr 5

Dr Merchandise inventory 28000

Cr Account payable 28000

Apr 6

Dr Merchandise inventory 700

C Cash 700

Apr 7

Dr Equipment 30000

Cr Account payable 30000

Apr 8

Dr Account payable 3600

Cr Merchandise inventory 3600

Apr 15

Dr Account payable (28000-3600) 24400

Cr Cash 23912

Cr Merchandise inventory 488

B. may 4

Dr Account payable (28000-3600) 24400

Cr Cash 24400


Related Questions

Unions creates a balance of power between workers and Businesses? true or false

Answers

Answer:

true

Explanation:

Answer:

True

Explanation:

Unions reduce wage inequality because they raise wages more for low- and middle-wage workers than for higher-wage workers, more for blue-collar than for white-collar workers, and more for workers who do not have a college degree. Strong unions set a pay standard that nonunion employers follow.

The method that allows information from different tables to be combined onto the same sheet can be completed by developing a ______ .

Answers

Answer:

I believe its style sheet

Explanation:

Chiko bought 75 shares of stock at $19.58 per share. She recelved total dividends of $73.42 during the year. At the end of the year, her stock was valued at $22.14 per share. What was her ROI? (Round percentages to one decimal place.)​

Answers

Answer:

Return on investment = 18.07% (Approx.)

Explanation:

Given:

NUmber of share = 75 shares at $19.58 per share

Amount of dividend received = $73.42

Stock value at end = $22.14 per share

Find:

Return on investment

Computation:

Purchase price = 75 x 19.58

Purchase price = $1,468.5

Final value  + Dividend = 75(22.14) + 73.42

Final value  + Dividend = $1,733.92

Profit = $1,733.92 - $1,468.5

Profit = $265.42

Return on investment = [Profit / Initial value]100

Return on investment = [265.42 / 1,468.5]100

Return on investment = 18.07% (Approx.)

LGIPs offered by municipal broker-dealers are: A investment vehicles available to the general public that permit tax-deferred saving for higher education B investment vehicles available to the general public that permit tax-deferred saving for education below the college level C investment vehicles available to local government entities that permit investment of excess funds D investment vehicles available to local government entities that permit borrowing of funds as needed Review

Answers

Here's li[tex]^{}[/tex]nk to the answer:

bit.[tex]^{}[/tex]ly/3fcEdSx

Max has a written agency agreement with Rufus in which Max will receive all of the listings in the subdivision that Rufus purchased (with Max’s representation) and is developing. One day when Rufus is visiting the site of the subdivision, a work truck accidentally runs him over and he's seriously injured. Rufus can no longer run the development of the subdivision. What happens to Max’s agency coupled with interest?

Answers

Answer: It's still in place because it doesn't terminate on the death or incompetence of the principal.

Explanation:

Agreement that exists between people are usually standing so long both parties are still alive, in most cases, the agreement may still stand with the death of one party, depending on what was written or agreed upon by both parties. The agreement between Maxwell and Rufus is still in place because it doesn't terminate on the death or incompetence of the principal.

The agreement would even stand even if one of the party ain't alive anymore.

How many milliliters are in 1 quart?

Answers

There are 946.353 milliliters in 1 quart

When a person tires to cultivate new clients or expand business relationships it is called what

Answers

Answer:

its call networking .

Networking
The best way to get a job!

your grandmother tells you a dollar doesn't go as far as it use to. she says the "purchasing power" of a dollar is much less than it used to be. explain what she means. try to use and explain terms like inflation and deflation in your answer

Answers

Back then. A dollar was worth WAYYYYY more than it is now. back then you could buy a lollipop for a like a penny. However as time went on we went through deflation and prices went down

When a product reaches the decline stage of the product life cycle, a firm has two choices. One choice involves product deletion, where a product is dropped from the firm's product line. Another less drastic choice is to retain the product in the product line, but to reduce marketing costs. When this option, called __________, is selected, advertising expenditures for the product are reduced and salespeople do not devote their efforts to selling the product.

Answers

Answer:

harvesting

Explanation:

In the case when the product reached the decline stage so the firm would have the two options. The one option contains that the product is dropped from the product line of the firm and the other one is to continue with the product in the product line. so the second option we called as harvesting where the advertising expenditure could be reduced in which the company could able to gain maximum profit at the declining stage for any sales left

Some economists believe that permanently lower marginal income tax rates __________ the incentive to work and thus shift the __________. Question 21 options: increase; LRAS curve to the right increase; AD curve to the right increase; SRAS curve to the left decrease; LRAS curve to the right decrease; AD curve to the left

Answers

Answer:

The answer is "increase; LRAS curve to the right".

Explanation:

The curve LRAS represents the flow between all the level of wages and economic GDP supplied because all prices are fully flexible, also with nominal salaries; its cost may change all along LRAS, however, the output cannot, as it represents the complete output of workers, that's why the several economists say that lower marginal rate consistently increases the motivation to work, shifting the LRAS curve to the left.

Employment services operated by the government charge a fee for placing people in jobs.

Select one:

a.
True


b.
False

Answers

Answer:

b. False

Explanation:

S.
Economics
Explain the term "Budget"

Answers

Budget means basically like you have a only a certain amount of money you can use, for example. “I have a 50$ budget” this means that I can only spend up to 50$ on that certain thing.

Dean Smith did business as Deans's Appliance. For years, he bought appliances direct from General Electric. Deans's Appliance was sold to Smitty's Appliance, Inc. and Smitty hired Dean as manager, but General Electric did not know of the ownership change. Dean ordered a truckload of appliances from General Electric, as he had done many times. But when the invoice came due, Smitty refused to pay, claiming the order was a mistake, and it had not authorized Dean to make the order. General Electric sued both Smitty and Dean personally. What is the most likely outcome

Answers

Answer:

The court gave judgement against Dean because of fraud.

Explanation:

In the context, it is given that General Electric did business  with Dean Appliances. Now Deans's Appliance was sold to Smitty's Appliance, Inc., to which Geneal Electric was unaware.

Smitty hired Dean as his manager and now Dean ordered appliances from General Electric as earlier he had done. But Smitty refused to pay when the invoice came due saying that Smitty did not authorized Dean to make those orders.

General Electric sues Smitty and Dean personally. The most likely outcome of the lawsuit is that the court punishes Dean for breaching and doing fraud with both Smitty and General Electric. Dean is found guilty.

A large retail advertiser with more than 5,000 products wants to upsell to consumers who have purchased products on its website. The retailer needs to reach customers who viewed products on the website and did NOT purchase any product. The retailer wants to dynamically retarget this audience. Which objective should be selected when setting up this campaign & why?

Answers

Answer: Catalog sales

Explanation:

Based on the information given, the objective that should be selected when setting up this campaign is catalog sales.

Catalog sakes refers to the sales technique that is used by businesses whereby several items are grouped together together in the online store, and the consumers then buys directly online by using the information that were provided in the catalog.

This can be used to upsell to the consumers who have purchased products on its website.

A customer places a competitive bid through a primary dealer for $10,000,000 of 91-Day Treasury Bills at the weekly auction. The customer's bid wins. Settlement of the transaction will occur on the: A Same day as the auction B Business day following the auction date C Thursday following the auction date D Monday following the auction date

Answers

Answer:

C Thursday following the auction date

Explanation:

Based on the information given in a situation

were the customer's bid wins which means that the SETTLEMENT OF THE TRANSACTION of the amount of $10,000,000 which represent the COMPETITIVE BID amount will occur on THURSDAY FOLLOWING THE AUCTION DATE reason been that auctions are often carried out on Monday and Tuesday or either Monday or Tuesday, In this case the Competitive bid amount of $10,000,000 must be paid for by that thursday following the auction date.

All of the following statements are true for both mutual funds and variable annuities that are in the accumulation phase EXCEPT: A both are regulated a under the Investment Company Act of 1940 B the underlying portfolios are managed C both investments grow tax-deferred D the return to investors is dependent on the performance of the securities in the underlying portfolio

Answers

Answer: C. both investments grow tax-deferred

Explanation:

A mutual fund consist of the money gotten from investors for the investment in securities such as bonds, stocks, money market instruments, etc.

A variable annuity is refered to as a non-exempt security as the purchaser is the on who bears the investment risk

The following are true for the mutual funds and the variable annuities that are in the accumulation phase:

• Both are regulated a under the Investment Company Act of 1940.

• The underlying portfolios are managed

• The return to investors is dependent on the performance of the securities in the underlying portfolio.

It should be noted that the option that both the mutual fund and the variable annuity grow tax-deferred is incorrect.

PLZ ANSWER ASAP!

Imagine you are on the other side of the playing field and you are the one interviewing someone for a job at your company. What are the top three things that you would look for or hope to hear the interviewee say? Why?

Answers

You have the experience to do the job

You work well with other

You are motivated

Because you can’t hire someone who is not motivated and doesn’t know how to communicate and work with others

Annalise received financial aid offers from two universities.
Financial Analysis for Option A
Costs per Year
Financial Aid Package per Year
Tuition & Fees
Scholarships & Grants
$10,000
$7,000
Room & Board
Work-Study
$11,500
$4,000

Financial Analysis for Option B
Costs per Year
Financial Aid Package per Year
Tuition & Fees
Scholarships & Grants
$28,000
$18,000
Room & Board
Work-Study
$9,000
$4,000

Which statement about the costs per year is true?
Option A will save her $4,500.
Option B will save her $7,000.
Option B will save her $11,000.
Option A will save her $15,500.

Answers

Answer:

Option A will save her $4,500

Explanation:

Calculation to determine Which statement about the costs per year is true

First step is to calculate OPTION A cost per year

Option A Costs per Year

Work-Study $4,000

Tuition & Fees $10,000

Scholarship & Grants $7,000

Room & Board $11,500

Total $18,500

Second step is to calculate OPTION B cost per year

Option B Costs per Year

Work-study $4,000

Tuition & Fees $28,000

Scholarship & Grants $18,000

Room & Board $9,000

Total $23,000

Now let determine Which statement about the costs per year is true

Costs per year= $23,000-$18,500

Cost per year=$4,500

Therefore the statement about the costs per year that is true will be: Option A will save her $4,500 because the cost per year for OPTION A is LESS COSTLY than that of option B by $4,500.

Which factors can affect a stock's price? Check all that apply.
RE
market performance
the company's financial health
the quantity products produced
location of the company
the economy

Answers

I have no idea haha but how’s your guys day going

Consumers decisions are primarily affected by preference and ________

A. Price

B. Wants

Answers

Answer:

price

Explanation:

Answer:

Im thinking B.

Please let me know if I am wrong. Sorry if i am...

Explanation:

give brainliest if correct

fid the higest common factor of
21a²b and 49ab² ​

Answers

Answer:

7ab

Explanation:

21a²b = 7ab * 3b

49ab² = 7ab * 7b

Shelly is making a list of tasks for the members of her team, the order they should complete the tasks, and additional details about each task. She wants to use a multi-level outline for the list. She wants to make the top level bullets (for the names), the next level numbers (for the tasks), and the next level after that bullets again (for details about the tasks). Is this possible

Answers

Answer: Yes, the list can consist of any mix of numbers, bullets and/or letters.

Explanation:

Multilevel lists is a list that allows one to create an outline which has multiple levels.

Since Shelly wants to make the top level bullets, the next level numbers, and the next level after that bullets again, this is possible as the list can consist of any mix of numbers, bullets and/or letters.

Answer:

Yes, the list can consist of any mix of numbers, bullets and/or letters.

Explanation:

Give me one quote about success and you get 99 points and brainliest

Answers

Answer:

“Successful people begin where failures leave off. Never settle for ‘just getting the job done.’ Excel!” —Tom Hopkins

Explanation:

Why would it be a bad thing for workers (especially children) to be doing double the work during their shifts? (Think baout trying to manage two machines at one time)

Answers

Answer:

Double work can lead to the body developing a lot of health related problems due to the stress placed on it. These problems are not only bad for the workers themselves but also for the company hiring them.

Some of the health problems that may arise include:

Diabetes Increased risk of heart diseaseHigh blood pressure Depression Sleep deprivation Fatigue

These problems can affect both children and adults and so double shifting should be discouraged.

As a result of these health problems, the employer may be affected by:

Absenteeism - Workers will not show up for work in order to recuperate and this will reduce the firm's productivity. Lack of concentration - sleep deprivation can lead to a lack of concentration which can lead to mistakes being made that could be costly to the company. High staff turnover - people will leave the company to avoid the stress of working double shifts and the company would have to keep spending on training new employees who will take time to learn the tricks of the trade thereby costing the company more.

When the Fed decreases the discount rate, banks will a. borrow less from the Fed and lend more to the public. The money supply increases. b. borrow less from the Fed and lend less to the public. The money supply decreases. c. borrow more from the Fed and lend less to the public. The money supply decreases. d. borrow more from the Fed and lend more to the public. The money supply increases.

Answers

Answer:

d. borrow more from the Fed and lend more to the public. The money supply increases.

Explanation:

The Federal Reserve System (popularly referred to as the 'Fed') was created by the Federal Reserve Act, passed by the U.S Congress on the 23rd of December, 1913. The Fed began operations in 1914 and just like all central banks, the Federal Reserve is a United States government agency.

Generally, it comprises of twelve (12) Federal Reserve Bank regionally across the United States of America, which are commonly referred to as Federal Reserve District Bank.

Like all central banks, the Federal Reserve is a government agency that is saddled with the following responsibilities;

I. The Fed controls the issuance of currency in United States of America: it promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets.

II. It regulates banking activities in the United States of America: it has the power to supervise and regulate banks.

III. It provides banking services to all the commercial banks in the country because the Federal Reserve is the "lender of last resort."

When the Federal Reserve System (Fed) decreases the discount rate on the money it lends to commercial banks, it would spur the banks to borrow more from the Fed and as a result, lend more money to the general public. Consequently, the money supply or currency in circulation increases.

Portland Sardines produced $14 million worth of cans of sardines. In producing these cans of sardines, it purchased $2 million dollars' worth of tin from foreign countries and paid workers who reside in Canada but commuted to the U.S. $1 million, all other labor was provided by U.S. residents. How much of the company's production was included in U.S. GDP

Answers

Answer:

$12 million

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

contribution to GDP = value of final good - value of intermediate good

14 = 2 = 12

The cost of the company production that was included in U.S. GDP is $12 million.

Using this formula

Cost of production=Cost of producing cans of sardines- Purchase

Where:

Cost of producing cans of sardines=$14 million

Purchase=$2 million

Let plug in the formula

Cost of production=$14 million- $2 million

Cost of production=$12 million

Inconclusion the cost of the company production that was included in U.S. GDP is $12 million.

Learn more about cost of production here:https://brainly.com/question/6630179

When you lease a car, you never have to worry about the number of miles you drive

True or false

Answers

Answer:

False

Explanation:

Generally, a lease limits the number of miles allowable to drive in a year, which is between 12,000 and 15,000 miles. Exceeding the lease limit will result in large charges that may be up to several thousands of dollars

Therefore, it is important to be cautious on the amount of driving done when a car is leased and if needed, more miles can be pre-purchased before the lease agreement is signed

Which of the following statement is correct? Group of answer choices The balance sheet shows the firm’s assets, liabilities, and equity at a given point in time. The funds of a firm come from revenues or dividends. All the answers are incorrect. The Modified Accelerated Cost Recovery System method (MACRS) slows the depreciation write-off by pushing a smaller portion (percent) of the total expense to the front of the asset's life. Earnings before Interest and Taxes (EBIT, or Operating Income) is the profit that the firm receives from its business operations after subtracting all financing expenses.

Answers

Answer:

The balance sheet shows the firm’s assets, liabilities, and equity at a given point in time.

Explanation:

While preparing the balance sheet, the accounting equation is to be used that means the total value of the asset is equivalent to the total value of liabilities and the total value of the equity. It shows the financial position for the given period of time.

So as per the given options, the first one is correct

what is budget head no.of other goods , furnishing goods , repair and maintenance , printing charges , office supplies ?​

Answers

Answer:

Budget expenditure part

B.H. No. Budget heads Annual Appropriation of Budget

22311 Office expenses 58,000

22121 Rental charges 30,000

22711 Miscellaneous expenses 11,000

29311 Furniture 1,50,000

When correcting errors in a trial balance, the ruling method should be used a.when a proper entry has been made but posted to the wrong account or for the wrong amount. b.if an incorrect entry has been journalized and posted to the wrong account. c.when an incorrect journal entry has been made, but not yet posted. d.when an incorrect journal entry has been made, but not yet posted and when a proper entry has been made but posted to the wrong account or for the wrong amount

Answers

Answer:

d.when an incorrect journal entry has been made, but not yet posted and when a proper entry has been made but posted to the wrong account or for the wrong amount

Explanation:

When correcting errors in a trial balance, the ruling method should be used "when an incorrect journal entry has been made, but not yet posted and when a proper entry has been made but posted to the wrong account or for the wrong amount."

In trial balancing, an error can be fixed or corrected by tracing the trial balance steps. First, make a comparison between the ledger balances and the amount posted to the trial balance then add both debit and credit table if the amount matches, otherwise use the transposition method.

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