FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On March 15th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers in the amount of $2,500. The merchandise was not what they

On March 15th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers in the amount of $2,500. The merchandise was not what they ordered, but they agreed to keep it for a reduction in price. Jewelry Wholesalers offered them a 10% reduction. What is the journal entry to record this transaction

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cornerstones of Managerial Accounting

Cornerstones of Managerial Accounting

Authors: Mowen, Hansen, Heitger

3rd Edition

324660138, 978-0324660135

More Books

Students also viewed these Accounting questions

Question

Scenario: Dave owns stock in Big Game Corp that cost $22,000. He sells the stock to his son, Gary for $15,000. Two years later Gary sells the stock for $24,000. What is Dave's realized and recognized...

Answered: 1 week ago

Question

★★★★★
Journal Entries NEW Jan 1 Simon invested $60,000 cash into the business by purchasing capital stock at $10.00 par value. Jan 2 The Company borrowed $100,000 on a short-term 90 day, 12.0% note...

Answered: 1 week ago

Question

★★★★★
We will be working with a company called Global Bike Inc., (GBI). Information regarding GBI follows. Company History Global Bike Inc. has a pragmatic design philosophy that comes from its deep roots...

Answered: 1 week ago

Question

★★★★★
The bookkeeper of Cinnamon Ltd. who is usually responsible for the bank reconciliation is on holiday. Before she left she asked you to do this task for her. On March 31, you are given the bank...

Answered: 1 week ago

Question

★★★★★
Chaffee Company issued $1,000,000, 10-year bonds and agreed to make annual sinking fund deposits of $75,000. The deposits are made at the end of each year into an account paying 6% annual interest....

Answered: 1 week ago

Question

★★★★★
Do single-family homes or compact developments have a smaller impact on runoff? Explain your reason.

Answered: 1 week ago

Question

★★★★★
Describe Lightner Witmers key contributions to the field of clinical psychology.

Answered: 1 week ago

Question

★★★★★
The total U. S. supply curve for frozen orange juice is the sum of the supply curve from Florida and the imported supply curve from Brazil. In a diagram, show the relationship between these three...

Answered: 1 week ago

Question

★★★★★
Rebecca owes Lewis $2,500 due on November 1. On August 15, Lewis assigns this right for value received to Julia, who gives notice on September 10 of the assignment to Rebecca. On August 25, Lewis...

Answered: 1 week ago

Question

★★★★★
Case Study Questions: 1. Based only on the information provided in the case study, use Michael Porters competitive forces model ( see figure 3.8 in Page 6 ) to analyze Bed Bath & Beyonds (BB&Bs)...

Answered: 1 week ago

Question

★★★★★
A company has begun to make its content more mobile friendly. As this company develops its strategy, which of the following reasons should it consider in understanding how mobile technology usage diff

Answered: 1 week ago

Question

★★★★★
Qu. 1 Differentiate between Treasury bonds and Treasury indexed bonds. Qu. 2 Who issues semis and what is the purpose of the funds raised? Qu. 3 Define yield to maturity. Why is it important? Qu. 4...

Answered: 1 week ago

Question

★★★★★
Hiroole Products operates a small plant in New Mexico that produces dog food in batches of 1.500 pounds. The product sells for $6 per pound. Standard costs for 2021 are: Standard direct labor cost =...

Answered: 1 week ago

Question

★★★★★
Scenario (Part 1) You are working at a busy nightclub and have been monitoring a patron for the last hour. The patron has not ordered a single drink, but you have noticed significant changes in their...

Answered: 1 week ago

Question

★★★★★
describe a healthcare quality improvement that occurred within an organization. In this discussion, you will Examine the quality improvement that occurred, including the background and the process...

Answered: 1 week ago

Question

★★★★★
You're starting a small photography business. You need an inexpensive but powerful photo editing program to touch up your Images. Compare two photo editing programs in the $75-$200 range. Evaluate...

Answered: 1 week ago

Question

★★★★★
Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet (LO8-2, LO8-4, LO8-9, LO8-10] [The following information applies to the questions...

Answered: 1 week ago

Question

★★★★★
What are the typical record-at-a-time operations for accessing a file? Which of these depend on the current file record?

Answered: 1 week ago

Question

★★★★★
What cognitive style variables are related to stereotype application? What kind of effect does each have?

Answered: 1 week ago

Question

★★★★★
Describe how individual differences in levels of prejudice affect each stage of the process and explain why prejudice has the effect it does at that stage.

Answered: 1 week ago

Question

★★★★★
What does the term individuating information mean? What role does it play in stereotyping? Why can stereotypes still have an influence in the face of individuating information?

Answered: 1 week ago

Previous Question Next Question