At the preston company, purchases are recorded at net amounts. on august 5, $40,000 worth of merchandise was purchased on account for terms of 2/10, n/30 and recorded for $40,000. $3,000 of this merchandise was returned, and the account was credited for $3,000. to reflect the net amount, accounts payable should be adjusted by
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “At the preston company, purchases are recorded at net amounts. on august 5, $40,000 worth of merchandise was purchased on account for terms ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
You manage a portfolio worth $13.8 million, currently all invested in equities, and believe that the market is on the verge of a big but short-lived downturn.
Answers (1)
Sonny had a contract to paint the rides at an amusement park and needed a paint that would protect against extensive wear, potentially harsh weather, and rust.
Answers (1)
Cobalt Sodas has seen its market share erode in recent years, as consumers increasingly turn toward healthier beverage choices such as unsweetened sparkling water.
Answers (1)
Why would a business want to develop a marketing strategy? A. Because you can't start a business without one. B. Because it wants to increase sales. C. Because its easy to develop. D. Because the law requires it.
Answers (1)
What are the five marketing management functions used to manage the marketing process? a. analysis, planning, implementation, organization, and control b. segmenting, targeting, positioning, differentiation, and control c.
Answers (1)
New Questions in Business
You have just won a lottery! You will receive $50,000 a year beginning one year from now for 20 years. If your required rate of return is 10%, what is the present value of your winning lottery ticket
Answers (1)
You want to invest in a project in Canada. The project has an initial cost of C$828,000 and is expected to produce cash inflows of C$355,000 a year for three years. The project will be worthless after the first three years.
Answers (1)
When comparing the three broad types of economic systems, it can be said that for a pure market economy to function efficiently, product supply must be restricted.
Answers (1)
Agency problems are most associated with: Multiple Choice 1. limited liability companies. 2. limited partnerships. 3. corporations. 4. sole proprietorships. 5. general partnerships.
Answers (1)
Timothy works for a company that pays employees in his position $12 per hour to work but also pays for medical and dental coverage, a 401K retirement plan, and a week of paid vacation.
Answers (1)