On January 1, 2010, Gemstone Company obtained a $280,000, 10-year, 11% installment note from Guarantee Bank. The note requires annual payments of $47,544, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $30,800 and principal repayment of $16,744. The journal entry to record the issuance of the installment notes for cash on January 1,
2010 would include:
A) a debit to Interest Expense of $30,800
B) a credit to Interest Payable of $195,440
C) a credit to Notes Payable of $280,000
D) a debit to Notes Payable of $475,440
C
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Cash and all other assets expected to be converted into cash or consumed within one year or the normal operating cycle of the business, whichever is longer, are called ____________________
Fill in the blank(s) with correct word
Explain the concept of a value network
What will be an ideal response?
On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
A.
| Cash | 5,194 | |
| Accounts receivable | 5,194 |
B.
| Cash | 5,800 | |
| Accounts receivable | 5,800 |
C.
| Cash | 5,194 | |
| Sales discounts | 106 | |
| Accounts receivable | 5,300 |
D.
| Cash | 5,684 | |
| Sales discounts | 116 | |
| Accounts receivable | 5,800 |
E.
| Cash | 5,684 | |
| Accounts receivable | 5,684 |
After defining and selecting a target market, retailers must develop the six Ps of the retailing mix to successfully meet the needs of the chosen target market. What are the six Ps of the retailing mix?
What will be an ideal response?