Big Industries purchased merchandise from Small Company paying $5,000 in cash and promising to pay the remaining

Fantastic news! We've Found the answer you've been seeking!

Question:

Big Industries purchased merchandise from Small Company paying $5,000 in cash and promising to pay the remaining $5,000 in 30 days. Assuming the use of special journals. Big industries would record this entry in the

A. Sales.

B. Cash receipts journal

C. Cash payments journal

D. General journal.

Related Book For answer-question

Statistics for Economics Accounting and Business Studies

ISBN: ?978-0273683087

4th edition

Authors: Michael Barrow

See More Books

Posted Date: Aug 13, 2020 11:00 PM

See More Questions

(a) A government bond is issued, promising to pay the bearer 1000 in five years time. The prevailing market rate of interest is 7%. What price would you expect to pay now for the bond? What would its...
The sales and cash receipts journals of Reynolds Office Products include the following entries: Identify the missing information in the cash receipts journal for those transactions listed. There are...
The revenue and cash receipts journals for Mirage Productions Inc. follow. The accounts receivable control account has a August 1, 2016, balance of $4,230 consisting of an amount due from Celestial...
Mike is a salesperson in a retail carpet store. He is paid $500 base salary per month plus 5% commission on sales over $10,000. His sales this month were $23,750. His total deductions were $152.75....
What is the overall function of a processor's control unit?
Washington Air Company is considering the purchase of a helicopter for connecting services between the company's base airport and the new inter-county airport being built about 30 miles away. It is...
Explain the significance of components in the context of object-oriented development.
John R. lane (SSN 111-44-6666) lives at 1010 Ispen street, Yorba Linda, California 90102. John, a single taxpayer, age 66 provided 100% of his cousin's support. the cousin lives in Arizona. he wants...
10. Complete the table below (10pts) Trial Acceleration of gravity "g" m/s 1 9.74054 2 9.98976 3 9.70740. 4 9.70398 5 9.67059 CO 6 9.67177 7 9.70358 8 9.64002 9 9.67337 10 9.57659 11. Take the...
Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income...
"Wilson Machine Tools is considering a high - tech computer - controlled milling machine at a cost of $ 8 2 , 0 0 0 . The cost of installing the machine, preparing the site, wiring, and rearranging...
calculate present and calculate two profitability ratios for starbucks 2019 and 2020 Fiscal Year Ended Net revenues Company-operated stores Licensed stores Other Total net revenues Product and...
Identify and research a large service business in your pathway. It must be a large, US, publicly traded company on the Fortune 500 list. Don't use a company that someone has already used. Access...
What documentation may be used to record fault diagnostics? Explain.
Each random donor unit of platelets transfused should increase the recipient's platelet count by how much?
What is the exemption amount for British Columbia Employer Health Tax for regular employers?
Gabrielle saved $200 at the end of every month for 6 years in her bank account that earned 4.40% compounded monthly. a. What is the accumulated value of her savings at the end of the period?
Willingness to pay as a measure of a person's value for a particular good measures the maximum a person would be willing to pay requires that payment actually be made depends on the satisfaction that...
Given the two hypotheses H 0 : = 400 H 1 : = 415 and 2 = 1000 (for both hypotheses): (a) Draw the distribution of e under both hypotheses. (b) If the decision rule is chosen to be: reject H 0 if e...
(a) Translate the following odds to probabilities: 13/8, 2/1 on, 100/30. (b) In the 2.45 race at Plumpton on 18/10/94 the odds for the five runners were: Philips Woody...
The following data give duration of unemployment by age, in July 1986. The economically active column gives the total of employed (not shown) plus unemployed in each age category. (a) In what sense...
Are there actually situations in which the use of one or more of the older sales technologies might be superior to something new? When and why would older approaches perhaps be a better choice in...
Consider any three of the newer types of sales technology presented in the chapter. For each, provide as many specific applications as you can think of that could enhance the buyerseller relationship...
Why would a salesperson be reluctant to adopt CRM? What can management do to help gain salesperson adoption and usage?

Big Industries purchased merchandise from Small Company paying $5,000 in cash and promising to pay the remaining

Question:

Expert Answer:

the Option is D ... View the full answer

Statistics for Economics Accounting and Business Studies

Students also viewed these finance questions