Answer:
consequential damages cover only reasonable foreseeable losses.
Explanation:
The contract limits the resulting loss to lost profits from the use of the goods. The limit is not necessarily unconscious because lost profits are not necessarily significant and can be considered as direct or indirect losses. the contract may apply to both the lease and the sale and excluding some from the contract simply because it is a commercial loss makes no sense.so limit is not necessarily unconscionable because consequential damages cover only reasonable foreseeable losses.
The contract limits are not necessarily consequential as they cover only damages that are reasonably foreseeable losses in nature.
The foreseeable losses are either directly or indirectly are under the control of the contracting parties. Thus, the contract must be designed by properly estimating the losses of profits that could be excluded or included to cover the damage claims.
Hence, some of the contract terms give the benefit of limiting the liability through the incorporation of limited liability clauses.
Learn more about the contracts here:
https://brainly.com/question/20377797
Brief Exercise 18-5 a1-a2 Crane Corp. has collected the following data concerning its maintenance costs for the past 6 months. Units Produced Total Cost July 19,960 $46,020 August 35,488 53,232 September 39,924 60,995 October 24,398 48,965 November 44,360 82,620 December 42,142 68,758 (a1) Compute the variable cost per unit using the high-low method. (Round answer to 2 decimal places, e.g. 2.25.) Variable cost per unit
Answer:
A.$1.50 per units
B. $16,080
Explanation:
Computation for the variable cost per unit using the high-low method.
Using this formula
Variable cost per unit= High activity cost -Low Activity cost /High activity cost -Low Activity cost
Let plug in the formula
Variable cost per unit=(82,620-$46,020)/(44,360-19,960)
Variable cost per unit=$36,600/$24,400
Variable cost per unit= $1.5 per units
Therefore the variable cost per unit using the high-low method is $1.50 per units
B. Computation for the fixed cost element unit using the high-low method.
Fixed cost element=82,620-(1.50*44,360)
Fixed cost element=82,620-66,540
Fixed cost element=$16,080
Therefore the fixed cost element unit using the high-low method is $16,080
Assume that interest rate parity (IRP) exists. You expect that the one-year nominal interest rate in the U.S. is 7%, while the one-year nominal interest rate in Australia is 11%. The spot rate of the Australian dollar is $0.60. You will need 10 million Australian dollars in one year. Today, you purchase a one-year forward contract in Australian dollars. How many U.S. dollars will you need in one year to fulfill your forward contract
Answer:
US $5,784,000
Explanation:
As per interest rate parity, forward rate = Spot rate*(1+Interest rate U.S.)/(1+interest rate Australia)
= 0.60*(1.07)/(1.11)
= 0.5784 /A$
Australian Dollars required in one year = 10,000,000
U.S. Dollars required = 10,000,000 * 0.5784 /A$
U.S. Dollars required = $5,784,000
So, the number of U.S. dollars you will need in one year to fulfill the forward contract is 5,784,000.
Preventive maintenance of a system involves ________. Select one: a. making enhancements to improve processing performance or interface usability b. making changes to an information system to repair flaws in the design c. making changes to a system to reduce the chance of future system failure d. making changes to an information system to accommodate changing business needs e. adding desired, but not necessarily required, system features
Answer:
c
Explanation:
Unearned revenue: the company collected 24,000 rent in advanced on September 1, debiting cash and crediting unearned rent revenue. The tenant was paying 12 months rent in advance and occupancy began september 1.
Answer:true
Explanation:
true
mixed economy is characterized by a co existence of?
Answer:
See explanation below
Explanation:
A mixed economy is a mixture of capitalism (private enterprise) and socialism (public enterprise).
g Suppose a bond is priced at $1035, has 12 years remaining until maturity, and has a 12% coupon, paid monthly. What is the amount of the next interest payment (in $ dollars)
Answer:
$10
Explanation:
As the bond is priced at $1035, the par value is $1000.
Calculation of the amount of the next interest payment
= Par value * Coupon rate/12
= $1000 * 12%/12
= $1000 * 1%
= $10
So, the amount of the next interest payment is $10.
In a perfectly competitive market, all producers sellidentical goods or services. Additionally, there aremany buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are pricemakers . True or False: The market for public utilities, such as gas and electricity, exhibits the two primary characteristics that define perfectly competitive markets. True False
Answer:
1. True
2. False
Explanation:
1. Indeed, we can assert that for a market to be termed as perfectly competitive it must have not just one seller or buyer but many sellers and buyers. Hence, as for buyers, they are able to bargain the price they are willing to buy, while sellers are also set the price for their goods/products.
2. Since in most economies the price of public utilities, such as gas and electricity, are determined by the government not the average seller/buyer, it would be false to say that they exhibited characteristics that define perfectly competitive markets.
A brewery produced regular beer and a low carb "light beer". Steady Customers of the brewery buy 10 units of regular beer and 15 units of light beer monthly. While setting up the brewery to produce extra beer, beyond that needed to satisfy customers. The cost per unit of regular is $32,000 and the cost per unit if light beer is $50,000. Every unit of regular beer brings in $120,000 in revenue, while every unit of light beer brings in $300,000 in revenue. The brewery wants at least $9,000,000 in revenue. At least 20 additional units of beer can be sold (a) How much of each type of beer should be made so as ti minimize total production cost (b) Suppose the minimum revenue is increased to $9,500,000.Calcualte the total production cost
Answer:
Regular Low Carb Total
a) Units to be produced 20 22 42
(to minimize total production cost)
b) Total production costs $704,000 $1,150,000 $1,854,000
Explanation:
a) Data and Calculations:
Regular Low Carb
Monthly customers demand 10 15
Ratio of customers demand 40% 60%
Cost per unit $32,000 $50,000
Revenue per unit 120,000 300,000
Contribution per unit $88,000 $250,000
Total required revenue = $9,000,000
With 20 additional units of beer, total units produced = 45 (25 + 20)
To minimize production costs and generate a total revenue of $9,000,000, more of the units that cost less should be produced. Units should be produced according to the following ratio:
Regular Low Carb Total
New Production and Sales units 20 22 42
Total production cost = $640,000 $1,100,000 $1,740,000
($32,000 * 20) ($50,000 * 22)
Total revenue = $2,400,000 $6,600,000 $9,000,000
($120,000 * 20) ($300,000 * 22)
To achieve a minimum revenue of $9,500,000,
New production units 22 23 45
Total production cost = $704,000 $1,150,000 $1,854,000
Total revenue = 2,640,000 6,900,000 9,540,000
Slinky established a petty cash fund for $400. Slinky purchased 50 units of inventory from a supplier on credit. The goods cost $40 each and the credit terms were 5/10, n/30. The shipping costs, paid in cash by Slinky, were $100 under the terms FOB Shipping. Slinky received the inventory on July 3rd. Slinky returned 5 units of inventory from the July 3rd transaction to the supplier. Slinky sold 15 of the units purchased on July 3rd for $55 each to customers for cash. Slinky accepted a return of one unit of inventory from a July 6th customer for a cash refund. Slinky paid the supplier for one-half of the inventory purchased on July 3rd. Be sure to account for any returns and/or purchase discounts. Slinky used $40 out of petty cash to pay for coffee meeting (coffee expense). Slinky purchased 10 units of inventory from a supplier on credit. The goods cost $25 each and no credit terms were granted. The shipping costs were $50 under the terms FOB destination and Slinky received the inventory on November 2nd Slinky paid the remaining balance owed to the supplier from the July 3rd transaction. Slinky replenished petty cash.
Required:
Prepare Journal Entries for July
Answer:the answer is
Explanation:
i have 400 and the 50 units
The delivery of the underlying asset is seldom made in forward contracts while the delivery is usually made in futures contracts.
a. True
b. False
Answer:
a. True
Explanation:
In the case when there is a delivery of an asset so it would be very rare that it should be made in the forward contract as the delivery of an assets should be made in the future contract. As the forward contract settles at the time when the agreement is closed while the future contract deals with the terms and conditions related to the trading
So the given statement is true
Central Park Inc. is a company that sells women's clothing. It recently shut down its physical store and is operating as an app-based store now. The app allows users to access the store's products anytime and anywhere using their cell phones, and it also has features that allow users to compare the prices of similar products across different online stores. This scenario exemplifies _______.
Answer:
M-commerce
Explanation:
Since in the given situation it is mentioned that Central Park Inc sells the women clothing and currently they shut down the physical store and they are operated now through app based. With this feature, anyone could access anywhere via using the mobile phones also at the same time the customer compared the prices
So this situation represent the mobile commerce or M -commerce as the people can access this from anywhere at any time, it is easy to use also it save the cost and time
The objectives of competition policy
Answer:
rticle 1] This Act, by prohibiting private monopolization, unreasonable restraint of trade and unfair trade practices, by preventing excessive concentration of economic power and by eliminating unreasonable restraint on production, sale, price, technology and the like, and all other unjust restriction of business
If a person owes several people money, that person can give each of the creditors part of the total owed. If this arrangement is agreed to by all creditors, it is called
Answer:
a composition of creditors
Explanation:
A loan can be defined as an amount of money that is being borrowed from a lender and it is expected to be paid back at an agreed date with interest.
Generally, the financial institution such as a bank lending out the sum of money usually requires that borrower provides a collateral which would be taken over in the event that the borrower defaults (fails) in the repayment of the loan.
A credit score can be defined as a numerical expression between 300 - 850 that represents an individual's financial history and credit worthiness. Therefore, a credit score determines the ability of a borrower to obtain a loan from a lender.
This ultimately implies that, the higher your credit score, the higher and better it is to obtain a loan from a potential lender. A credit score ranging from 670 to 739 is considered to be a good credit score while a credit score of 740 to 799 is better and a credit score of 800 to 850 is considered to be excellent.
Hence, lenders look at the credit score of a loan applicant so as to ensure that he or she is financially responsible and would be able to repay the loan at the agreed upon date.
A composition of creditors can be defined as a type of arrangement in which an individual owing (debtor) several people money gives each of the creditors part of the total amount of money being owed. Also, for this arrangement to be valid, it must be agreed to by all creditors.
Assuming that the term structure of interest rates is determined as posited by the pure expectations theory, which of the following statements is CORRECT? a. Inflation is expected to be zero. b. Consumer prices as measured by an index of inflation are expected to rise at a constant rate. c. The maturity risk premium is assumed to be zero. d. In equilibrium, long-term rates must be equal to short-term rates. e. An upward-sloping yield curve implies that future short-term rates are expected to decline.
Answer:
c. The maturity risk premium is assumed to be zero.
Explanation:
In the case when the term structure of the rate of interest would be measured via the pure expectations theory so here the maturity risk premium would be zero as under this theory it is assumed that the risk premium i.e. of the long term would be equivalent to the zero
Therefore the option c is correct
And, the rest of the options seems wrong
Four thousand bonds with a face value of $1,000 each, are sold at 104. The entry to record the issuance is:____.
A. Cash 4,080,000
Bonds Payable 4,080,000
B. Cash 4,080,000
Premium on Bonds Payable 80,000
C. Bonds Payable 4,000,000
Cash 4,080,000
D. Discount on Bonds Payable 80,000
Bonds Payable 4,000,000
E. Cash 4,000,000
Premium on Bonds Payable 80,000
Bonds Payable 4,080,000
Answer and Explanation:
The journal entry to record the issuance is given below:
Cash (4000 × 1000 × 104%) Dr. $4,160,000
To Premium on Bonds Payable $160,000
To Bonds Payable (4000 × 1000) $4,000,000
(being the issuance of the bond is recorded)
Here the cash is debited as it increased the assets, and the rest of the two accounts are credited as it increased the liabilities
Cheryl is single, has one child (age six), and files as head of household during 2020. Her salary for the year is $19,500. She qualifies for an earned income credit of the following amount. a.$3,584. b.$3,557. c.$3,530. d.$0.
Answer: $3,557
Explanation:
Maximum amount of credit for 2020 is $3,584.
The income credit is calculated by:
= Maximum amount - (Earnings for the year - Minimum phase out range for single person with one child) * phase out percentage.
= 3,584 - (19,500 - 19,330) * 15.98%
= $3,557
Su Industries has international subsidiaries in Asia. These subsidiaries enter into transactions in both the US dollar and local currencies. During the year, Su Industries reported a remeasurement loss of $55,000 and a translation gain of $36,000. As a result of these conversions, how much would Su Industries report in accumulated other comprehensive income (AOCI) at year end
Answer: Increase / Gain of $36,000
Explanation:
Remeasurement loss, which arises from conversions of the various currencies used by the company to a functional currency, goes to the Income statement and is subtracted from the Net income.
Translation gains on the other hand, are added to the Other Comprehensive income.
The other comprehensive income will therefore increase by the translation gain of $36,000.
Explain where each of the following items would appear on a multiple-step income statement.
a. Gain on disposal of plant assets
b. Cost of goods sold
c. Depreciation expense
d. Sales returns and allowances
Answer:
a. Gain on disposal of plant assets will appear under Other Revenues and Gains.
b. Cost of goods sold will still appear under Cost of Goods Sold.
c. Depreciation expense will appear under Operating Expense.
d. Sales returns and allowances will appear under Sales Revenue.
Explanation:
A multiple-step income statement is an income statement in which the net income reported on the bottom line is calculated using multiple subtractions.
Each of the following items would appear on a multiple-step income statement as explained below.
a. Gain on disposal of plant assets
This will appear under Other Revenues and Gains.
Other Revenues and Gains are revenues from auxiliary operations and gains unrelated to the company's operations, which are reported in the non-operating activities section of the income statement. The following are some of them: Interest from receivable, marketable securities, Gains on Disposal of Plant Assets, etc.
b. Cost of goods sold
This will still appear under Cost of Goods Sold.
Cost of Goods Sold are the direct costs of manufacturing the commodities that a business sells. This figure covers the direct cost of the materials and labor that went into making the good. It does not include indirect costs like distribution and sales force expenditures.
c. Depreciation expense
This will appear under Operating Expense.
Operating Expense is a cost that a company incurs as part of its routine operations. Examples of this include rent, marketing, payroll, insurance, monies allocated for research and development, depreciation expense, and among others.
d. Sales returns and allowances
These will appear under Sales Revenue.
This is the amount of money a corporation makes through selling things or providing services minus sales returns allowances and sales discounts.
When suppliers collaborate with the firm overall performance has been known to improve up to _________
Hi, you've asked an incomplete question. Answered from a general business perspective.
Explanation:
Note, a firm may measure its overall performance using some of the metrics below:
amount of sales in dollarsthe total cost of production,production capacity, etc.Only when the firm's suppliers are reliable, affordable, and efficient, would the firm be able to meet their product demand.
What do you think happens to the price of an object as it goes through a large number of intermediaries?
Mentionlytics provides listening tools to help clients discover and react to different sentiments about anything connected to their business. Mentionlytics uses powerful social analytics and mention analytics insights to gather information about what customers are saying about the companies that they use for goods and services. This is an example of _______. a. social media monitoring b. advertising campaign c. crowdsourcing d. sales promotion
Answer:
a. social media monitoring
Explanation:
Social media monitoring is the way in which information can be obtained about the response of the general public to a product by using social media measurement and analytics to extract insights from online media such as blogs, news sites, and so on.
In the given scenario Mentionlytics are using social media monitoring when they use powerful social analytics and mention analytics insights to gather information about what customers are saying about the companies that they use for goods and services.
Consumers know that some fraction x of all new cars produced and sold in the market are defective. The defective ones cannot be identified except by those who own them. Cars do not depreciate with use. Consumers are risk-neutral and value nondefective cars at $10,000 each. New cars sell for $8,000 and used ones for $2,000. (Note that since buyers are risk-neutral, the price of a new car reflects the expected value of purchasing a car that may or may not be defective.)What is the fraction x?Instructions: Enter x as a number rounded to two decimal places. For example, if x = 1/3 enter 0.33.
Answer:
0.25
Explanation:
Given :
The [tex]$\text{consumers value}$[/tex] the non defective cars = [tex]$\$ 10,000$[/tex]
We will consider all the defective [tex]$\text{ cars are used cars}$[/tex] only. This is only because the value of the used car is $ 2000 and it is lower than the price of a good car that is $10,000. Thus only defective cars are being sold as the old cars.
For a risk neutral customer, the price that he is ready to give for the new car is the reservation price of a non defective car. It means that (the amount of $ 8000 is the value of the good car x chances of getting a good car) +( the value of the bad car x chances of getting a bad car).
Since we know that x is the fraction of all the cars sold in the market are defective, it means that the fraction of the good cars is 1 - x. Thus putting the values,
[tex]$x\times 2000+(1-x)\times 10000=8000$[/tex]
[tex]$10000-8000x=80000$[/tex]
[tex]$8000x=2000$[/tex]
[tex]$x=\frac{2}{8}$[/tex]
= 0.25
Thus the value of :
[tex]$x=\frac{2}{8} = 0.25$[/tex]
65 employees have earned two weeks of vacation time to be taken the following year. If the average weekly salary for these employees is $900, what is the required journal entry to accrue compensated absences
Answer: Debit Salaries and Wages Expense $117000
Credit Salaries and Wages Payable $117000
Explanation:
Based on the information given in the question, the required journal entry to accrue compensated absences will be as follows:
First, we need to know the amount of the compensated absence which will be:
= 65 employees × $900 × 2 Weeks vacation
= $117000
Therefore, the journal entry is:
Debit Salaries and Wages Expense $117000
Credit Salaries and Wages Payable $117000
A large scale pharmaceutical manufacturing company estimates, based on a shipping fee of $1000 per order, that they can optimally balance inventory holding costs and shipping costs for one of their frequently used chemicals if they receive shipments of this chemical at an average rate of 4.5 times per year. The annual demand is 6500 tons. Suppose that they wish to instead receive shipments every month in order to reduce the working capital requirements of holding inventory.
(a) What shipping fee should they negotiate with the supplier?
(b) Based on this new shipping fee, what would be the reduction in annual holding cost as compared to their prior situation? Assume that they operate optimally.
Answer:
a. The shipping fee that they should negotiate with the supplier is:
= $375 per shipment
b. Based on this new shipping fee, the reduction in annual holding cost will be 37.5%
Explanation:
a) Data and Calculations:
Shipping fee per order = $1,000
Average shipments received per year = 4.5 times
Total shipping fee per year = $4,500 (4.5 * $1,000)
Annual demand = 6,500 tons
If shipment is changed to 12 times per year, the shipping fee that they should negotiate with the supplier = $4,500/12 = $375 per shipment
Holding cost will reduce by 37.5% (4.5/12 * 100)
Charging a license fee for access to a fishery will ... a) result in no change in total harvest levels. b) result in harvest levels equal to the maximum sustained yield. c) reduce harvest levels towards the economic optimum. d) result in harvest levels at the open-access equilibrium. e) result in increased entry into the fishery.
Answer:
c) reduce harvest levels towards the economic optimum.
Explanation:
An individual transfer rights (ITR) system can be defined as a system in which the government of a particular country gives each fishing vessel or owner a specific percentage of the total fish allowable to be caught each year.
Licensing can be defined as a strategic business approach, which involves a company giving permission (license) to another company so it has the right to produce or manufacture its products, usually for a specific amount of money.
When a license fee is charged by a licensor for access to a fishery, it will significantly reduce harvest levels towards the economic optimum, where neither a smaller nor a larger factor would yield any form of advantage.
This ultimately implies that, a license fee would serve as a limiting factor that prevents or limits the number of people going into fish farming and as a result of this, the total amount of fish that would be harvested would be smaller.
Sun Co. was constructing fixed assets that qualified for interest capitalization. Sun had the following outstanding debt issuances during the entire year of construction: $6,000,000 face value, 8% interest $8,000,000 face value, 9% interest None of the borrowings were specified for the construction of the qualified fixed asset. Average expenditures for the year were $1,000,000. What interest rate should Sun use to calculate capitalized interest on the construction
Answer:
the interest rate that should be determined the capitalized interest is 8.57%
Explanation:
The computation of the interest rate that should be determined the capitalized interest is shown below;
= $6,000,000 ÷ ($6,000,000 + $8,000,000) × 0.08 + $8,000,000 ÷ ($6,000,000 + $8,000,000) × 0.09
= 0.0857
= 8.57%
Hence, the interest rate that should be determined the capitalized interest is 8.57%
The same would be considered
A new accountant, Costa Goodsold, put together a preliminary version of Medina Co.'s financial statements. Medina's Net Income was $500, its Depreciation Expense was $100, and its Cash Flow from Operations was $70. The CEO found an error that Costa made in computing straight-line Depreciation Expense, which should have been $50. What is Medina's Cash Flow from Operations after fixing this mistake
Answer:
the cash flow from operation after fixing the mistake is $20
Explanation:
The computation of the cash flow from operation after fixing the mistake is as follows;
Cash flow from operations $70
Less; Depreciation expense -$100
Add: Depreciation expense $50
Net Cash flow from operations $20
Hence, the cash flow from operation after fixing the mistake is $20
The same is to be considered and relevant
Palmer Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $179,850. The equipment will have an initial cost of $545,000 and have a 7 year life. If the salvage value of the equipment is estimated to be $34,000, what is the accounting rate of return
Answer:
So, accounting rate of return = 33 %
Explanation:
given data
net income after tax = $179,850
initial cost = $545,000
time = 7 year
salvage value = $34,000
we will get here the accounting rate of return
solution
as we know that accounting rate of return is express as
accounting rate of return = Net income ÷ initial investment .................1
put here value and we get
accounting rate of return = [tex]\frac{179850}{545000}[/tex]
So, accounting rate of return = 33 %
Ten years ago, Lucas Inc. earned $0.50 per share. Its earnings this year were $2.20. What was the growth rate in earnings per share (EPS) over the 10-year period?
Answer:
they will earn 5$ eps over the 10 year period
Explanation:
hope it helps
Reineke Company's chart of accounts includes the following selected accounts.
101 Cash 201 Account payable
120 Inventory 306 Owner's drawings
130 Prepaid insurance 505 Cost of Goods sold
157 Equipment
On October 1, the accounts payable ledger of Sheridan Company showed the following balances: Uggla Company $2,500, Orr Co. $2,510, Rosenthal Co. $1,770, and Clevenger Company $3,750. The October transactions involving the payment of cash were as follows.
Oct. 1 Purchased merchandise, check no. 63, $310.
3 Purchased equipment, check no. 64, $840.
5 Paid Uggla Company balance due of $2,500, less 2% discount, check no. 65, $2,450.00.
10 Purchased merchandise, check no. 66, $2,270.
15 Paid Rosenthal Co. balance due of $1,770, check no. 67.
16 C. Sheridan, the owner, pays his personal insurance premium of $450, check no. 68.
19 Paid Orr Co. in full for invoice no. 610, $2,200 less 2% cash discount, check no. 69, $2,156.00.
29 Paid Clevenger Company in full for invoice no. 264, $2,580, check no. 70.
Required:
Journalize the transactions above.
Answer:
Reineke Company
Journal Entries:
Oct. 1 Debit 120 Inventory $310
Credit 101 Cash $310
To record the purchase of merchandise via check no. 63
Oct. 3 Debit 157 Equipment, $840
Credit 101 Cash $840
To record the purchase of equipment via check no. 64
Oct. 5 Debit 201 Accounts payable (Uggla Company) $2,500
Credit Cash $2,450
Credit Cash Discounts $50
To record payment on account, less 2% discount, check no. 65
Oct. 10 Debit 120 Inventory $2,270
Credit 101 Cash $2,270
To record the purchase of inventory via check no. 66.
Oct. 15 Debit 201 Accounts payable (Rosenthal Co.) $1,770
Credit 101 Cash $1,770
To record the payment on account by check no. 67.
Oct. 16 Debit 306 Owner's Drawings $450
Credit 101 Cash $450
To record C. Sheridan's payment for his personal insurance premium of $450, check no. 68.
Oct. 19 Debit 201 Accounts payable (Orr Co.) $2,200
Credit 101 Cash $2,156
Credit Cash Discounts $44
To record full payment for invoice no. 610, less 2% cash discount, using check no. 69.
Oct. 29 Debit 201 Accounts payable (Clevenger Company) $2,580
Credit 101 Cash $2,580
To record full payment for invoice no. 264, by check no. 70.
Explanation:
a) Data and Calculations:
Chart of Accounts:
101 Cash
120 Inventory
130 Prepaid insurance
157 Equipment
201 Account payable
306 Owner's drawings
505 Cost of Goods sold
Accounts Payable balances:
Uggla Company $2,500
Orr Co. $2,510
Rosenthal Co. $1,770
Clevenger Company $3,750
Transactions Analysis:
Oct. 1 120 Inventory $310 101 Cash $310 check no. 63
Oct. 3 157 Equipment, $840 101 Cash $840 check no. 64
Oct. 5 201 Accounts payable (Uggla Company) $2,500 101 Cash $2,450 Cash Discounts $50, less 2% discount, check no. 65
Oct. 10 120 Inventory $2,270 101 Cash $2,270 check no. 66, $2,270.
Oct. 15 201 Accounts payable (Rosenthal Co.) $1,770 101 Cash $1,770, check no. 67.
Oct. 16 306 Owner's Drawings $450 101 Cash $450 for his personal insurance premium of $450, check no. 68.
Oct. 19 201 Accounts payable (Orr Co.) $2,200 101 Cash $2,156 Cash Discounts $44 for invoice no. 610, $2,200 less 2% cash discount, check no. 69, $2,156.00.
Oct. 29 201 Accounts payable (Clevenger Company) $2,580 101 Cash $2,580 for invoice no. 264, $2,580, check no. 70.