On July 15, 2021, the Nixon Car Company purchased 2,100 tires from the Harwell Company for $40 each. The terms of the sale were 3/10, n/30. Nixon uses a perpetual inventory system and the gross method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2021. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2021.
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Business, 22.06.2019 11:40, sabrinabowers4308
Vendors provide restaurants with what? o a. cooked items ob. raw materials oc. furniture od. menu recipes
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Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false
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Business, 22.06.2019 23:10, erykaa
Mbo works by objectives moving through the organization; that is, top managers set general organizational objectives, which are translated into divisional objectives, which are translated into departmental objectives. the hierarchy ends in individual objectives set by each employee. this is an example of mbo working as objectives through the organization.
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On July 15, 2021, the Nixon Car Company purchased 2,100 tires from the Harwell Company for $40 each....
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