Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $5,000 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $220 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $750. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $9,300 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $9,300 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Answer:

Explanation:

The main objective of cost accounting are ascertainment of cost, fixation of selling price, proper recording and presentation of cost data to management for measuring efficiency and for cost control and cost reduction, ascertaining the profit of each activity, assisting management in decision making process.

plz mark as brainliest

Answer:

$35,861

Explanation:

Calculation for the Cash and Cash Equivalents on December 31 using this formula

Cash and Cash Equivalents = Money Market Fund Balance + Cash in Bank account + Cash in Petty Cash Fund + U.S. Treasury Bill

Let plug in the formula

Cash and Cash Equivalents = $2,810 + $22,631 + $220 + 10,200

Cash and Cash Equivalents = $35,861

Therefore the Cash and Cash Equivalents on December 31 will be $35,861

Question Completion:

Chavez Corporation reported the following data for the month of July: What is the cost of goods manufactured for July?

Inventories:             Beginning    Ending

Raw materials          $29,000    $31,000

Work in process         17,000      19,000

Finished goods         33,000      48,000

Additional information:

Raw materials purchases                                 $67,000

Direct labor cost                                               $92,000

Manufacturing overhead cost incurred          $60,000

Indirect materials included in manufacturing

overhead cost incurred                                     $8,400

Manufacturing overhead cost

applied to Work in Process                             $59,000

Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.

The cost of goods manufactured for July is:

A) $205,600

B) $218,600

C) $207,600

D) $219,600

Answer:

Chavez Corporation

Cost of Goods Manufactured for July is:

A) $205,600

Explanation:

T-accounts as workings:

Raw materials

Account Titles               Debit      Credit

Beginning balance    $29,000

Purchases                    67,000

Work in Process                        $56,600

Manufacturing overhead              8,400

Ending balance                          $31,000

Totals                       $96,000  $96,000

Work in Process

Account Titles               Debit      Credit

Beginning balance     $17,000

Raw materials             56,600

Direct labor cost         92,000

Overhead applied      59,000

Finished Goods                      $205,600

Ending balance                          $19,000

Totals                    $224,600 $224,600

Finished Goods

Account Titles               Debit      Credit

Beginning balance    $33,000

Work in Process       205,600

Cost of Goods Sold                   $190,600

Ending balance                           $48,000

Totals                     $238,600  $238,600

Manufacturing Overhead

Account Titles               Debit      Credit

Cash                          $51,600

Raw materials               8,400

WIP: overhead applied                  $59,000

Cost of Goods Sold                            1,000

Totals                       $60,000       $60,000

Cost of Goods Sold

Account Titles                       Debit      Credit

Finished Goods             $190,600

Manufacturing overhead    1,000

Income Statement                          $191,600

Total                               $191,600   $191,600

Answer:

Conservatism

b.  Disclosure Principle

c. consistency principle

d.  Materiality Concept

Explanation:

The materiality principle states that accounting principles can be violated only if the amount been considered is small enough that the financial statements will not be misleading

Conservatism states that when uncertainty exists and there is doubt between reasonable alternatives for recording an item,  pick the least less favourable outcome.

The disclosure principle states that a company should provide all the necessary information so that users of financial information can make informed decisions regarding the company.

The consistency principle states a firm should use the same accounting principles from period to period.

Answer: $32,000

Explanation:

Based on the information given in the question, the revenue that Master Bakery will recognize during the month of September 2013 will be:

= $34,000 + $14,000 - $16,000

= $48,000 - $16,000

= $32,000

Answer:

External benefits are large. Since,

external benefits of education incorporate both

private, public and social benefits.

Explanation:

.........(◕ᴗ◕✿)...........

Answer:

In any industry, ethical behavior is the responsibility of each employee

Answer:

each employee

Hope this helps