A trade discount is offered to encourage prompt payment by customers
Indicate whether the statement is true or false
false
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During June 2019, Andy Company had the following transactions:
1. Sales of $185,000 ($142,000 on account, $43,000 for cash). 2. Collections on account, $128,000 3. Write-offs of uncollectible receivables, $1,900 4. Recovery of receivable previously written off, $600. Additional information: Ignore Cost of Goods Sold Andy uses the allowance method for uncollectibles. Andy estimates that 4.50% of its accounts receivable will be uncollectible. On June 1, 2019, the Accounts Receivable balance was $25,000 and the Allowance for Bad Debts had a normal account balance of $1,125. Requirements: a. Prepare the journal entries for the June 2019 transactions. Because the transactions represent a summary of events, use June 30 for all dates. Omit explanations. b. Prepare the June 30, 2019 adjusting journal entry. Omit explanation. c. What is the net realizable value of Accounts Receivable on June 30, 2019 (after the adjusting journal entry has been posted)? Show computations and label your work.
With which of the following strategies would a company give only a limited number of dealers the right to distribute its products in their territories?
A) exclusive distribution B) extensive distribution C) moderate distribution D) primary distribution E) intensive distribution
A change in retail productivity can have a large impact on consumers and the economy
Indicate whether the statement is true or false
Which of the following statements is false regarding the process of preparing a sales forecast?
A) It usually starts with last year's level of sales. B) General economic trends are often considered. C) Since it involves estimates of future events, accuracy is of little importance. D) The larger the size and complexity of an organization, the more complex their sales forecasting system will be.