Drag the tiles to the correct boxes to complete the pairs.
Match each financial concept with its correct situation.
time value of money
store of value
personal disposable income
consumer credit
Angela chooses between having $1,000 now,
and investing it in a savings account so that
she can have $1,050 a year from now.
>
Jane has $2,500 monthly to spend after she
pays taxes
>
David saves his money for the future so he
can live comfortably in retirement
Lester uses a credit card to purchase a new
iPad, as he cannot pay the entire amount now.
Reset
Next
Answers
Angela = time value of money / Jane = personal disposable income / David = store of value / Lester = consumer credit
In economics, different concepts explain money and its use. Some of these concepts include:
Time value of money: This concept proposes money is more valuable today than in the future. This is shown by Angela because she decides to have $1000 rather than to invest this money.Personal disposable income: This refers to the amount of money one can spend after paying taxes. This concept is exemplified by Jane because $2500 is the amount of money she can spend after paying her taxes.Store of value: This concept implies money can be saved because it will have the same value in the future. This concept is exemplified by David because he expects the money he saves today is equally worth in some years.Consumer credit: This refers to loans to pay for products or services. This is what Lester is doing because he is using credit or a loan to pay for a new device.Learn more about economy in: https://brainly.com/question/951950
Answer:
Explanation:
If you want the answer faster, here it is.
Related Questions
A good interpreter will be :_________.
A. bilingual, familiar with both business cultures, and employed by one of the businesses.
B. bicultural, bilingual, and familiar with both business cultures.
C. bicultural and an employee of the visiting business.
D. bicultural, bilingual, and employed by the host business.
Answers
Answer:
i would say A. sry if it's wrong :(
Explanation:
COMO CREES QUE SE PODRIA SOLUCIONAR LA POBREZA ?? POR FAVOR DOY CORONA , Y CORAZON ( E QUE NO SEPA NO ESCRIBA ) :(
Answers
Answer:
tenga pa que se entretenga
5. If an office makes equipment available in all offices and to all departments, then the firm is
practicing centralization of office equipment.
True
False
Answers
True.......
plz mark me as brain list
While in the restroom, you overhear your boss telling a colleague that Bob is going to be laid off at the end of the quarter in about two weeks time. Bob is a good friend of yours. Do you tell him? its about leadership
Answers
Answer:
While in the restroom, you overhear your boss telling a colleague that Bob is going to be laid off at the end of the quarter in about two weeks’ time. Bob is a good friend of yours.Do you tell him? Why or why not?a.Response/Approach: UTILITARIANISMi.As a good friend you are, you could HIGHLY encourage Bob look for a newjob and infer that you heard that there are budget cuts going to be happening and “anyone” could be “laid off.”7.One of the newest salespeople in your division is a real goof-off, never showing up for work on time, distracting other people with his antics and so on. You complain about him to your boss, who tells you the kid is the son of the company president. Your boss instructs you not only to leave the new guy alone but also to make his sales numbers look good by throwing him some no-brainer accounts. What do you do?a.Response/Approach: INDIVIDUAL RESPONSIBILITESi. As an employee of this company, you have the responsibility to report thisto a someone of higher status than just your boss. If your boss isn’t takingthe situation seriously, you need to stand up and tell higher authorities.ii.There is surely more people that are aware of this and if everyone aware backs you up, you can’t be fired or punished because then things would “become personal” and that can become a bigger issue that the presidentof the company is probably willing to deal with.
Explanation:
Utilitarianism is a moral philosophy, As a close buddy, you may strongly advise Bob to look for a new job infer that you heard budget cuts.
What exactly is utilitarianism?Utilitarianism is a moral philosophy that favors activities that promote happiness or pleasure while opposing actions that cause misery or harm. A utilitarian ideology would seek the good of society as a whole when used to make social, economic, or political decisions.
As a close buddy, you may strongly advise Bob to look for a new job and infer that you heard budget cuts are coming and "anyone" could be laid off.
Therefore the above explanation aptly describes the solution to the scenario.
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6. Give a reason why economic interdependence can benefit economies.
Answers
Answer: Why Does Interdependence Bring Economic Growth? With economic interdependence comes economic growth. This affiliation allows specialist industries to thrive. And, the success can lead to job and wage/salary increases and an overall improvement to wealth and lifestyle.
4. This individual is the first person you will see as you walk in to an organization.
A) The administrative assistant
B) Th receptionist
C) The word processor
D) The accounts clerk
Answers
how will you try overcoming the lower price offer by a competitor?
Answers
Answer:
Argue that you are better in every way you can.
Explanation:
hope this helps!
Which of the following is an item of capital expenditure?
A. repairs to a machine
B. purchase of a machine
C. cost of goods sold
D. wages cost
Answers
Answer:
B. purchase of a machine
Explanation:
(STATEMENT OF STOCKHOLDERS’ EQUITY) In its most recent financial statements, Nessler Inc. reported $75 million of net income and $825 million of retained earnings. The previous retained earnings were $784 million. How much in dividends were paid to shareholders during the year? Assume that all dividends declared were actually paid.
Answers
Answer:
95 mill
Explanation:
1. A pharmacy has determined that a healthy person should receive 70 units of proteins, 100 units of carbohydrates and 20 units of fat daily. If the store carries the six types of health food with their ingredients as shown in the table below, what blend of foods satisfies the requirements at minimum cost to the pharmacy? Make a mathematical model for the given problem.
Answers
Answer: 50
Explanation: test
The demand curve shows that the quantity consumed of a good or service
Question 6 options:
decreases as price decreases
is not affected by price
increases as price increases
increases as price decreases
Answers
Answer:
increase by price
Explanation:
because, of quantity let me m know if I am correct I am pretty sure I am
What leadership styles would you use to describe Carlos Slim Helu?
Answers
Answer: autocratic
Explanation:
Carlos Slim's leadership style is autocratic since he centralizes the high level decisions, pedantically oversees his investments, and assumes responsibilities for his actions. . His style mechanics differentiate from most CEO's due the number of companies he runs and the variety of industries
Answer:
the leadership style is autocratic
Explanation:
since he incorporates high-level decisions, meticulously supervises his businesses, and accepts responsibility for his actions.
is the amount of money you need to deposit now to attain a desired amount of money in the future.
1_Automatic value
2_Present value
3_Time value of money
4_Future value
Answers
Answer:
C
Explanation :
D
A company purchased $4,400 worth of merchandise. Transportation
costs were an additional $385. The company returned $305 worth of
merchandise and then paid the invoice within the 2% cash discount
period. The total cost of this merchandise is:
Answers
Answer:
If I did get it right it should be 4,569.6
Jerry Allison starts the month with a balance on his credit card of $1,070. On the 10th day of the month, he purchases $390 in clothes with his credit card. On the 15th day of the month, he makes a payment on his credit card of $550. Jerry's interest rate is one and a half percent for the month. Jerry's bank calculates the finance charge on their credit card by using the previous balance method. What would Jerry's finance charges be for the month?
a. $11.17
b. $7.80
c. $13.18
d. $21.90
e. $16.05
Answers
Answer:
b. $7.80
Explanation:
hope it help you
Give an example of a skills training and explain
Answers
Answer:
Skills training is designed to provide employees with the targeted training they need to gain the knowledge and abilities necessary to fulfill the specific requirements of their job positions. some examples of skills training are:-
Adaptability. ...
Teamwork. ...
Creative Problem-Solving. ...
Time Management. ...
Conflict Management. ...
Positivity.
Discuss 6 reason why banks fail in Ghana and proffer solution to reduce banking sector from these 6 cancerous roots in your opinion
Answers
Various reasons have been found as the source of bank failure in Ghana; 6 reasons among these several reasons include Lack of corporate governance and Bad loans.
Other reasons why banks fail in Ghana include the following:
Inefficient regulatory practicesFake licenses processLow capital basePoor credit risk.The solution to restoring the banking sector from these six cancerous roots are following:
The Central Bank of Ghana should ensure all the banks in Ghana have a specific amount of capital to run their banking services to avoid undercapitalization.All the banks should ensure they carry out a necessary credit risk analysis before discharging credit to customers.The Central Bank of Ghana should make the licensing process open and fair while putting heavy sanctions on banks with fake licenses.The Central Bank of Ghana should also check the bank operations report periodically to know if they are working under established standards.All the Banks in Ghana should be encouraged and mandated to operate based on established corporate standards.Banks in Ghana should always access the loan or lending operations to manage their capital very well.Hence, in this case, the Bank's failure in Ghana can be redeemed if the proper strategies are in place.
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High costs are associated with high
unemployment. What economic
phenomena is associated with high
unemployment?
A. Economic Growth
B. Economic Stability
C. Economic Depression
Answers
Answer:
C. Economic Depression
Explanation:
Economic Depression is when an economy goes into financial turmoil/ struggles.
Rothbart Manufacturing agrees to manufacture bumper cars for 12 Banners Amusement Parks. Under the terms of the contract, 12 Banners will pay Rothbart a total of $63,000, and 12 Banners can cancel the contract if it so chooses but must pay Rothbart for work completed. Rothbart believes that, if 12 Banners cancelled the contract, Rothbart could sell the bumper cars to another amusement park and still make a profit. The manufacturing contract is expected to last six months, and as of December 31, 2021, the job is 80% complete. How much revenue should Rothbart recognize in 2021 for this contract
Answers
The revenue that Rothbart Manufacturing should recognize in 2021 for the contract is $50,400.
Data and Calculations:
Contract value = $63,000
Contract period = 6 months
Percentage of contract on December 31, 2021 = 80%
Revenue to be recognized for 2021 = $50,400 ($63,000 x 80%)Thus, based on the contract terms that 12 Banners could cancel the manufacturing contract, and pay based on the percentage of work completed, the revenue that Rothbart Manufacturing should recognize for 2021 is $50,400.
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Last year, Byron received a mediocre evaluation. Receiving the feedback made Byron feel very threatened and put him on the defensive. However, Byron likes his job and wants to keep it, so he is focused on making improvements. What might Byron do to decrease the threat and anxiety he feels when receiving feedback?
a. Byron could focus on distinguishing facts from opinions.
b. Byron could ask for feedback explicitly and more often.
c. Byron could practice compassion toward his supervisor.
d. Byron could take deep breaths and be more aware in the moment.
Answers
To reduce the threat and anxiety he feels when receiving feedback, it would be ideal for him to ask for feedback explicitly and more often, as it was a past and mediocre assessment that made him feel threatened and defensive.
Feedback is an essential resource in an organization, through it employees provide feedback on a job and drive improvements and changes that increase the quality of work.
Failure to correctly interpret feedback can lead to the opposite effect, such as anxiety, resistance and concern on the part of the receiver. That is why it is essential that the feedback:
Be clear and precise.Provide guidance.Get planned.Expose the positive and negative facts of a job.Create an action plan.Therefore, feedback must be fully provided to the employee in order to avoid the opposite effect, when provided correctly, it produces employee skill development, motivation and increased productivity.
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Earlier this week, Trump called off a secret meeting at Camp David with Taliban and
Afghan government leaders and declared the peace talks "dead." As the September
11 anniversary began in Afghanistan, a rocket exploded at the U.S. Embassy just
after midnight. No injuries were reported.
They both describe the events that occurred on September 11, 2001, and who
was responsible for them.
They both describe the extra security measures that were taken at airports after
September 11, 2001.
They both highlight some of the problems that survivors and victims of the 9/11
attacks still face today.
They both highlight the continued conflict between the U.S. and Afghanistan
since the 9/11 attacks
Answers
Answer:
NEW YORK (AP) — People who were too young on 9/11 to even remember their lost loved ones, and others for whom the grief is still raw, paid tribute with wreath-layings and the solemn roll call of the dead Wednesday as America marked the 18th anniversary of the worst terror attack on U.S. soil.
“Eighteen years. We will not forget. We cannot forget,” Bud Salter, who lost his sister, Catherine, said at ground zero.
President Donald Trump laid a wreath at the Pentagon, telling victims’ relatives: “This is your anniversary of personal and permanent loss.”
“It’s the day that has replayed in your memory a thousand times over. The last kiss. The last phone call. The last time hearing those precious words, ‘I love you,’” the president said.
Later, former President George W. Bush, who was in office on 9/11, and then-Defense Secretary Donald Rumsfeld attended another wreath-laying at the Pentagon.
Near Shanksville, Pennsylvania, the third site where planes crashed on Sept. 11, 2001, Vice President Mike Pence credited the crew and passengers who fought back against the hijackers with protecting him and others in the U.S. Capitol that day.
“I will always believe that I and many others in our nation’s capital were able to go home that day and hug our families because of the courage and selflessness of your families,” said Pence, who was an Indiana congressman at the time. Officials concluded the attackers had been aiming the plane toward Washington.
Nearly 3,000 people were killed when terrorist-piloted planes slammed into the World Trade Center, the Pentagon and the field in Pennsylvania.
After reading part of the long list of names, Parboti Parbhu choked up as she spoke from the ground zero podium about her slain sister, Hardai. Even after nearly two decades, “there’s no easy way to say goodbye,” she said.
By now, the heritage of grief has been handed down to a new generation, including children and young adults who knew their lost relatives barely or not at all.
Jacob Campbell was 10 months old when his mother, Jill Maurer-Campbell, died on 9/11.
“It’s interesting growing up in a generation that doesn’t really remember it. I feel a connection that no one I go to school with can really understand,” Campbell, a University of Michigan sophomore, said as he attended the ceremony.
Like the families, the nation is still grappling with the aftermath of Sept. 11. The effects are visible from airport security checkpoints to Afghanistan, where the post-9/11 U.S. invasion has become America’s longest war. The aim was to dislodge Afghanistan’s then-ruling Taliban for harboring al-Qaida leader and Sept. 11 mastermind Osama bin Laden.
Earlier this week, Trump called off a secret meeting at Camp David with Taliban and Afghan government leaders and declared the peace talks “dead.” As the Sept. 11 anniversary began in Afghanistan, a rocket exploded at the U.S. Embassy just after midnight, with no injuries reported.
Al-Qaida’s current leader used the anniversary to call for more attacks on the U.S. and other targets.
In New York, Nicholas Haros Jr., who lost his mother, Frances, reminded the audience of the al-Qaida attackers and tore into Democratic Rep. Ilhan Omar of Minnesota over her recent “Some people did something” reference to 9/11.
“Our constitutional freedoms were attacked, and our nation’s founding on Judeo-Christian values was attacked. That’s what ‘some people’ did. Got that now?” he said to applause.
Omar, one of the first Muslim women elected to Congress, has said she didn’t intend to minimize what happened on Sept. 11, and accused critics of taking her words out of context. She tweeted Wednesday that “September 11th was an attack on all of us.”
The dead included Muslims, as Zaheda Rahman underscored after reading names at ground zero. She called her uncle, Abul Chowdhury, a “proud Muslim-American man who lived his life with a carefree nature, a zeal for adventure and a tenacity which I emulate every single day.”
Others made a point of spotlighting the suffering of firefighters, police and others who died or fell ill after being exposed to the smoke and dust at ground zero.
A compensation fund for people with potentially Sept. 11-related health problems has paid out more than $5.5 billion so far. More than 51,000 people have applied. Over the summer, Congress made sure the fund won’t run dry . The sick also gained new recognition this year at the World Trade Center site, where a memorial glade was dedicated this spring.
___
If you are an HR Manager , which among these rating sources do you believe in the most crucial?
Answers
Answer:
behaviour
Explanation:
his\her behaviour to collegues matters more for good environment in business
As a business owner, explain the importance of scanning the internal and external environment of a business.
Answers
Answer:
1. Identification of strength
2.identificationof weakness
3. Identification of opportunity
4. Identification of threat
5. Optimum of use of resources
the emergent strategies are those strategies adopted in light of a thorough analysis of both external and internal environment only . true or false ?
Answers
The statement "The emergent strategies are those strategies adopted in light of a thorough analysis of both external and internal environment only" is: True
Emergent strategies are those measures which are taken to ensure that a company grows and is successful even when there is no particular set aims or goals.
However, the statement that an emergent strategy can only exist in only an internal and external environment is true.
This is because these internal and external factors are why the strategies are in place to make sure that there is a realized goal in the company and that continuity is ensured.
Please note that an internal environment is one that has a direct impact on the company,while external environment does not directly impact the company
Therefore, the correct answer is true
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what are your political beliefs?
Answers
Answer:
political belief or activity means your beliefs and actions, as long as they are lawful. ... That means it is against the law to discriminate against you because you support a certain political party or because you don't support a certain political party.
Explanation:
Boyer Inc. is considering the introduction of a new product. This product can be manufactured in one of several ways: Using the present system at a variable cost of $55 per unit and a one time cost of $15,500. They can upgrade the present system, which will have a variable cost of $48.00 per unit, and an initial cost of $27,200. That last option consists of adding a new system with a per unit variable cost of $25.00, and an initial cost of $45,000. The organization is worried however, about the impact of competition. If no competition occurs, they expect manufacture 4,500, 6,800, and 8,800 units respectively. With competition, they expect to manufacture: 3,750, 5,500, and 6,700 units respectively. At the moment their best estimate is that there is a 57% chance of competition. They decided to make their decision based on manufacturing cost for each alternative. Based on evaluating cost, determine the following: a. What is the EMV for using the present system
Answers
The EMV (Expected Monetary Value) of using the present system with a variable cost of $55 per unit and a fixed cost of $15,500 is $239,515.
Data and Calculations:
Present New System 1 New System 2
Variable cost per unit $55 $48 $25
Fixed cost $15,500 $27,200 $45,000
Production units:
Without competition 4,500 6,800 8,800
With competition 3,750 5,500 6,700
Probability of competition 57% 57% 57%
Probability: no competition 43% 43% 43% (100 -57)
Expected production units:
Present System = 4,073 units (3,750 x 57%) + (4,500 x 43%)
Expected monetary value of present system:
Variable cost = $224,015 (4,073 x $55)
Fixed costs = $15,500
Total EMV = $239,515
Cost per unit = $58.81 ($239,515/4,073)Expected production units:
New System 1 = 6,059 units (5,500 x 57%) + (6,800 x 43%)
Expected monetary value of present system:
Variable cost = $290,832 (6,059 x $48)
Fixed costs = $27,200
Total EMV = $318,032
Cost per unit = $52.49 ($318,032/6,059)Expected production units:
New System 2 = 7,603 units (6,700 x 57%) + (8,800 x 43%)
Expected monetary value of present system:
Variable cost = $190,075 (7,603 x $25)
Fixed costs = $45,000
Total EMV = $235,075
Cost per unit = $30.92 ($235,075/7,603)
Thus, the EMV for using the present system is $239,515.
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In which of the following situations is it ok to NOT wash your hands
Answers
Empire Airlines reports the following cost data for the year. The company flew 100 private flights during the year. A group has offered Empire $11,100 for a private flight to Chicago for its members. Revenue$ 20,100per flight Wages, salaries, and benefits$ 7,100per flight Fuel and oil$ 4,600per flight Food and beverages$ 520per flight Depreciation$ 305,000per year Rent$ 255,000per year (a) What is the contribution margin from accepting the offer
Answers
If Empire Airlines accepts the offer, their contribution margin from that trip would be -$1,120
Contribution margin is calculated as:
= Revenue - Variable costs
The revenue the group is offering is $11,100.
The Variable costs are;
= Wages + Fuel + Food
= 7,100 + 4,600 + 520
= $12,220
The Contribution margin is:
= 11,100 - 12,220
= -$1,120
In conclusion, the contribution margin is -$1,120
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Most corporations pay quarterly dividends on their common stock rather than annual dividends. Barring any unusual circumstances during the year, the board raises, lowers, or maintains the current dividend once a year and then pays this dividend out in equal quarterly installments to its shareholders. a. Suppose a company currently pays an annual dividend of $2.80 on its common stock in a single annual installment, and management plans on raising this dividend by 6 percent per year indefinitely. If the required return on this stock is 12 percent, what is the current share price
Answers
Suppose a company currently pays an annual dividend of $2.80 on its common stock in a single annual installment, and management plans on raising this dividend by 6 percent per year indefinitely. If the required return on this stock is 12 percent, what the current share price will be is : $49.47
Using this formula
P0 = [D0 × (1 + g)] / [r - g]
Where:
P0 = Current share price
D0=Annual dividend
g=growth
r=Required return
Let plug in the formula
P0= [$2.80 × (1 + 0.06)] / [0.12 - 0.06]
P0= [$2.80 × (1.06)] / [0.06]
P0= $2.968 / 0.06
P0= $49.47
Inconclusion suppose a company currently pays an annual dividend of $2.80 on its common stock in a single annual installment, and management plans on raising this dividend by 6 percent per year indefinitely. If the required return on this stock is 12 percent, what the current share price will be is : $49.47
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The following were selected from among the transactions completed by Essex Company during July of the current year:
July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice.
5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30.
6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000.
7. Returned $6,850 of merchandise purchased on July 5 from Kester Co.
13. Paid Hamling Co. on account for purchase of July 3.
15. Paid Kester Co. on account for purchase of July 5, less return of July 7.
21. Received cash on account from sale of July 6 to Parsley Co.
21. Sold merchandise on MasterCard, $108,000. The cost of the merchandise sold was $64,800.
22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000.
23. Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000.
28. Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned merchandise was $4,250.
31. Paid MasterCard service fee of $1,650.
Required:
Journalize the entries to record the transactions of Essex Company for July using the periodic inventory system.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Answers
Journal Entries for the transactions during the month of July by Essex Company are as follows:
July 3. Debit Purchases $61,200
Debit Freight-in Expenses $1,450
Credit Accounts Payable (Hamling Co.) $62,650
To record purchase of goods with a list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice.July 5. Debit Purchases $33,450
Credit Accounts Payable (Kester Co.) $33,450
To record purchase of goods on terms FOB destination, 2/10, n/30.July 6. Debit Accounts Receivable (Parsley Co.) $36,000
Credit Sales Revenue $36,000
To record sale of goods on terms n/15.
July 7. Debit Accounts Payable (Kester Co.) $6,850
Credit Purchases Returns $6,850
To record purchases returns.
July 13. Debit Accounts Payable (Hamling Co.) $62,650
Credit Cash $61,426
Credit Cash Discounts $1,224 ($61,200 x 2%)
To record payment on account and discounts.July 15. Debit Accounts Payable (Kester Co.) $26,600
Credit Cash $26,068
Credit Cash Discounts $532 ($26,600 x 2%)
To record payment in full plus discounts.July 21. Debit Cash $36,000
Credit Accounts Receivable (Parsley Co.) $36,000
To record cash sales.July 21. Debit Cash (MasterCard) $108,000
Credit Sales Revenue $108,000
To record sales on MasterCard.
July 22. Debit Accounts Receivable (Tabor Co.) $16,650
Credit Sales Revenue $16,650
To record sales on terms 2/10, n/30. The cost of the merchandise sold was $10,000.July 23. Debit Cash $91,200
Credit Sales Revenue $91,200
To record cash sales.
July 28. Debit Sales Allowances $7,150
Credit Cash (Parsley Co.) $7,150
To record the sales refund.July 31. Debit MasterCard service fee $1,650
Credit Cash $1,650
To record service fee payment.Data Analysis:
July 3. Purchases $61,200 Freight-in Expenses $1,450 Accounts Payable (Hamling Co.) $62,650
List price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice.
July 5. Purchases $33,450 Accounts Payable (Kester Co.) $33,450
terms FOB destination, 2/10, n/30.
July 6. Accounts Receivable (Parsley Co.) $36,000 Sales Revenue $36,000
terms n/15.
The cost of the merchandise sold was $25,000.
July 7. Accounts Payable (Kester Co.) $6,850 Purchases Returns $6,850
July 13. Accounts Payable (Hamling Co.) $62,650 Cash $61,426 Cash Discounts $1,224 ($61,200 x 2%)
July 15. Accounts Payable (Kester Co.) $26,600 Cash $26,068 Cash Discounts $532 ($26,600 x 2%)
July 21. Cash $36,000 Accounts Receivable (Parsley Co.) $36,000
July 21. Cash (MasterCard) $108,000 Sales Revenue $108,000
The cost of the merchandise sold was $64,800.
July 22. Accounts Receivable (Tabor Co.) $16,650 Sales Revenue $16,650
terms 2/10, n/30. The cost of the merchandise sold was $10,000.
July 23. Cash $91,200 Sales Revenue $91,200
The cost of the merchandise sold was $55,000.
July 28. Sales Allowances $7,150
Cash (Parsley Co.) $7,150
The cost of the returned merchandise was $4,250.
July 31. MasterCard service fee $1,650 Cash $1,650
Thus, the journal entries have been recorded for July transactions for the Essex Company based on the periodic inventory system.
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