TRUE: Major sporting events are well known for commercials that advertise beer. these commercials typically rely on the peripheral route to persuasion.
Major sporting events are indeed well-known for commercials that advertise beer.
These commercials often feature catchy slogans, attractive people, and fun activities that suggest that drinking beer is a social and enjoyable experience.
These commercials typically rely on the peripheral route to persuasion, which means that they focus on emotions, habits, and social norms rather than on logical arguments or facts.
They use humor, music, and other creative techniques to grab the audience's attention and create positive associations with the product.
While this approach may not always lead to rational or informed decision-making, it can be effective in shaping people's attitudes and behaviors toward certain brands or products.
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Samantha deposits $1,500 into the Park Street Bank. The account pays 1.12% annual interest, compounded daily. To the nearest cent, how much is in the account at the end of three non-leap years?
Answer:
=$1,551.255
Explanation:
The amount can be calculates using the formula
A = p x ( 1 + r) ^n
Where A = Amount
P= principal: $1500
r=1.12% or 0.0112 per year. Dairy interest rate = 0.0112/365
n = 365 days x 3 = 1095
A= 1500 x( 1 + 0.0112/365)^1095
A =$1500 x ( 1.00003068493)^1095
A =$1500 x 1.034170
A =$1,551.255
Which nation has a communist command economy?NorwayNorth KoreaSouth Koreathe United States
If an economic crisis were to occur that caused a significant decline in the projected tax revenue for the biennium, the state legislature would likely deal with the shortfall by taking which steps
If a country is going through financial difficulty, there are several steps they can take including:
Reducing spending Delaying interest payments Using cash reservesIf a country sees that its taxes will not be enough to cover its obligations, it can reduce the amount it spends on goods and services so as to reduce its obligations.
Country can also increase the time taken to pay off debts so that they can divert cash to needed areas whilst waiting for things to be better.
Country can use cash reserves that it accumulated in one form or the other to weather the storm of reduced taxes.
In conclusion, the government can deal with tax shortage in several ways.
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If the price of peanut butter for peanut butter and jelly sandwiches
increases, the supply for PB&J sandwiches will ?
I know the answer is decrease but can someone explain to me why it’s decrease instead of increase ?
Answer: decrease
Explanation:
It will decrease because when the price goes up it will make people not want to buy it because they used to be able to buy it for cheaper. For example if a soda was $1.99 and they then raised the price to $3.00 would you want to buy it as much? No, probably not unless you were truly thirsty but even still if someone raised the price and there was a cheaper option you would go with the cheaper option because it's the same thing but differently priced. People tend to buy things when they are cheaper or on sale rather than at their original price and that's why some stores use pricing to trick you. They say something is on sale but in reality it costs just the same as the original price or sometimes more than that. They do this to compete and to get money out of you.
Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest income this year.
What amount of the benefits must Grady include in his gross income under the following five independent situations? (Leave no answer blank. Enter zero if applicable.)
e. Grady files married separate and reports salary of $22,330 and interest income of $630.
Given that Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest income this year.
We need to determine the amount of the benefits must Grady include in his gross income under the following five independent situations:e. Grady files married separate and reports salary of $22,330 and interest income of $630.Social Security Benefits are not taxable in all situations. The portion of Social Security Benefits that are taxable depends on the taxpayer's filing status and their Modified Adjusted Gross Income (MAGI).MAGI is your Adjusted Gross Income (AGI) plus any tax-exempt interest income you may have (usually from municipal bonds) and 50% of your Social Security benefits.
Following is the calculation of taxable Social Security Benefits for Grady's situation under married filing separately:Filing Status: Married Filing SeparatelyMAGI: (AGI + Tax-exempt Interest + ½ of Social Security Benefits)AGI: $22,330Interest Income: $630Social Security Benefits: $8,320½ of Social Security Benefits: $4,160MAGI: $22,330 + $630 + $4,160 = $27,120For this filing status, the Base Amount is $0 because they are married filing separately. Hence, up to 85% of Social Security Benefits are taxable.So, the taxable portion of Grady's Social Security Benefits= 85% x (Total Social Security Benefits - Exempt Amount)Exempt Amount = $0
because he is married filing separately= 85% x ($8,320 - $0)= $7,072Therefore, Grady must include $7,072 of his Social Security Benefits in his gross income.
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In which market would a producer sell bicycles to consumers?
In the markets for goods and services, a producer would sell his bike for purchase by customers.
What is the market for goods and services?Consumers buy consumables on the products and services market, and firms sell their commodities there. The market encompasses physical stores, the Internet, and any other location where consumers can exchange products and services.
The trading of finished goods takes place here. Businesses receive payment from customers in exchange for goods. The consumer gives money to the business in a flow. In contrast to this, enterprises can buy the materials they need on the factor market to make an item.
The rule of supply and demand governs how much is produced and at what price in the market for products and services.
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10 pts
Question 2
Shannon's best friend has been excluding her lately. They were supposed to go shopping
together, but her friend called and canceled. Shannon is upset about it. This is an
example of which type of problem?
administering the state’s tax system, and acting as its treasurer is the job of the texas
The job of administering the state's tax system and acting as its treasurer in Texas falls under the responsibilities of the Texas Comptroller of Public Accounts.
This important role ensures that the state's financial operations are managed efficiently and accurately, while maintaining transparency for the public.
As the chief tax collector, the Comptroller is responsible for administering tax laws and collecting taxes on behalf of the state. This includes property taxes, sales taxes, franchise taxes, and other state taxes. By managing the tax system, the Comptroller ensures that funds are appropriately collected and allocated for various state programs and services.
In the capacity of the state's treasurer, the Comptroller manages Texas' financial resources, oversees state investments, and safeguards the financial assets of the state. This includes managing cash flow, investing state funds, and monitoring the performance of investments to maximize returns for the state.
The Comptroller also plays a crucial role in the development and implementation of the state budget, working closely with the Governor and the state legislature. This process involves estimating state revenue, allocating resources, and monitoring expenditures to ensure the state's financial stability.
In summary, the Texas Comptroller of Public Accounts has the vital job of administering the state's tax system and acting as its treasurer, ensuring the efficient management of Texas' financial resources and safeguarding its assets for the benefit of its citizens.
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any law passed to limit free trade between nations is called a trade ____
Any law passed to limit free trade between nations is called a trade Barrier.
Any law or policy, including tariffs, quotas, licenses, and other restrictions on international commerce, is referred to as a trade barrier. Trade limitations are imposed by the government on global trade. The idea of comparative advantage claims that trade restrictions harm the global economy and reduce overall economic efficiency.
Most trade barriers work in a similar manner: they place some sort of penalty on trade that raises the price or supply of the products being exchanged. A trade war occurs when two or more nations regularly erect trade obstacles against one another. Two examples of hurdles are tariffs and non-tariff trade restrictions.
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Did the entrepreneur(s) get a deal from at least one Shark?
Answer:
One entrepreneur struck an agreement on-air with a shark that never materialized, and another struck a bargain that the shark later backed out of.
Explanation:
a pharmaceutical company is using sales call reports from previous years in order to develop personal selling ideas for its current team. the company is using
The type of data used by the pharmaceutical company to develop new personal selling ideas is called internal secondary data.
The information compiled or gathered which is used in other generate new pattern or insight aimed at solving a problem is called data. Since, these data was obtained form within the firms database, then it is called an internal data. Since the data was gathered from previous year's data, then it is called internal secondary data.Therefore, since the data was not just generated within the firm but from previously used internal data, the it is called internal secondary data.
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What animal did traders use to travel across the Sahara desert?
Traders who traveled across the Sahara desert used camels as their mode of transportation.
Camels are well-suited for desert travel due to their ability to go for long periods without water and their ability to carry heavy loads. The camels were also used as a source of food and milk for the traders. These animals were crucial to the survival of traders who braved the harsh conditions of the Sahara in order to trade goods such as salt, gold, and ivory.
The use of camels revolutionized trade in the Sahara and enabled traders to travel greater distances and carry heavier loads than ever before. Even today, camels remain an important part of the economy and culture of the Sahara region.
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One reason we have seen continued growth in home-based businesses is:________
a) it is less risky to start a home-based business than other types of entrepreneurial ventures.
b) affordable technology makes it easier to compete.
c) the location offers a more secure operational environment.
d) people need something to do while they wait to return to work for a large corporation.
Answer:
a
Explanation:
Total Quality Management (TQM) is a management approach to long-term success through customer satisfaction. Quality management is a discipline for ensuring that outputs, benefits, and the processes by which they are delivered, meet stakeholder requirements and are fit for purpose. a) Identify the disadvantages of TQM on employees related to the training duration, the negative effect of cost and the current system. (5 marks) (CLO5:PLO8:C2) b) Identify the main different between Quality Control and Quality Assurances in Quality Management. Give TWO (2) examples each of Quality Control activities and Quality Assurances activities. (5 marks)
a) There are several disadvantages of TQM on employees, like training duration, negative effect on cost, etc. b)Quality Control (QC) and Quality Assurance (QA) are both important aspects of Quality Management, but they are different in several ways.
1. Training Duration: Implementing TQM requires a significant amount of training for employees, which can be time-consuming and disruptive to their regular work schedules.
2. Negative Effect on Cost: While TQM can ultimately lead to cost savings in the long run, the initial implementation and training can be expensive and may negatively affect the company's bottom line in the short term.
3. Current System: TQM requires a significant shift in the way that a company operates, and this can be difficult for employees who are used to the current system. This can lead to resistance and a lack of buy-in from employees, which can hinder the success of TQM.
b) Quality Control (QC) and Quality Assurance (QA) are both important aspects of Quality Management, but they are different in several ways.
Quality Control is focused on identifying and correcting defects in products or services before they are delivered to customers. QC activities include inspecting products, testing samples, and monitoring production processes.
Quality Assurance, on the other hand, is focused on ensuring that the processes used to create products or services are consistent and meet quality standards. QA activities include auditing processes, reviewing documentation, and conducting training.
Examples of Quality Control activities include:
- Inspecting products for defects before they are shipped to customers
- Testing samples of products to ensure they meet quality standards
Examples of Quality Assurance activities include:
- Conducting audits of production processes to ensure they are consistent and meet quality standards
- Reviewing documentation to ensure it is accurate and complete
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Which of the following is an example of an ultimate consumer:
a. A teenager buying her/his first car
b. A farmer buying seed for crops that will be sold at market
C. A manager buying office supplies
d. A restaurant owner buying a new oven for the restaurant's kitchen
The example of an ultimate consumer is that when the person purchases his or her first car.
The following information related to the ultimate consumer is as follows:
It is the person or the group where the product is actually used or consumed. It is not similar to the purchaser. In this, the selling activity does not take place.Therefore, all other options are incorrect.
Hence, we can conclude that the example of an ultimate consumer is that when the person purchases his or her first car.
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irtual merchants face potentially large costs for all of the following except:
A) building and maintaining a website.
B) building and maintaining physical stores.
C) building an order fulfillment infrastructure.
D) developing a brand name.
D) Virtual merchants have to incur costs to build and maintain a website, develop a brand name, and establish an order fulfillment infrastructure to sell their products or services online.
Virtual merchants, also known as e-commerce businesses, do not have physical stores, which can save them a significant amount of money. However, they still need to build and maintain a website that is user-friendly, visually appealing, and secure for online transactions.
Additionally, they need to develop a brand name to differentiate themselves from their competitors and establish an order fulfillment infrastructure to ensure that their customers receive their products or services promptly and in good condition. The cost of building and maintaining a website, developing a brand name, and establishing an order fulfillment infrastructure can be significant for virtual merchants.
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Use the graph to answer the question that follows.
Which statement describes the shift from D1 to D2?
Demand for the product increased.
Less of the product is being produced.
Demand for the product decreased.
More of the product is being produced.
The statement that describes the shift from D1 to D2 is the demand for the product increased.
What does the shift from D1 to D2 signify?The graph represented in the image is that of a demand curve. A demand curve is a curve that shows the relationship between price and quantity demanded.
The demand curve is negatively sloped because the higher the price, the lower the quantity demanded. This is in line with the law of demand.
When the demand curve shifts to the right, it indicates an increase in demand. When the demand curve shifts to the left, it indicates a decrease in demand.
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Answer:
Demand for the product increased!
Explanation:
option A
When an entrepreneur takes some of his profits and replaces old machinery, he is investing in
A. Natural Resources
B. Human Capital
C. Land
D. Capital Goods
Answer:
D. Capital Goods
Explanation:
Capital goods are physical assets that a business uses to generate revenues. Usually, capital goods have a useful life beyond one year. It implies that they are not meant for sale in the current financial year.
Capital goods include machinery, plants, and equipment, and other long term tangible assets. Some capital goods require a considerable sum of funds to acquire. Costs incurred in acquiring capital goods are spread over the number of their useful life.
Answer:
ok
Explanation:
ok
conclusions about the great serpent mound are based primarily on
The conclusions about the Great Serpent Mound are primarily based on archaeological research and analysis, as well as historical and cultural context.
These investigations provide insights into the mound's purpose, construction, and significance. The serpent mound, located in Ohio, is a 1,348-foot-long earthen structure shaped like a serpent, and it holds great cultural and historical significance for the Native American tribes of the region.
Archaeological research plays a crucial role in understanding the Great Serpent Mound. Excavations have revealed artifacts, charcoal remnants, and other materials that help determine the age of the mound and the activities associated with it. Radiocarbon dating has placed the construction of the mound between 800 BCE and 1070 CE.
Additionally, studies have shown that the mound aligns with astronomical events, such as the solstices, suggesting a connection to celestial observations and beliefs. These findings contribute to the understanding that the serpent mound was likely a ceremonial and astronomical site for the Native American communities of the time.
Historical and cultural context further support the conclusions about the Great Serpent Mound. Native American tribes in the region, such as the Adena and Fort Ancient cultures, have left behind evidence of their settlements and religious practices. The mound's location within their territories and its resemblance to other serpent-themed artifacts found in the area indicate a shared cultural significance. Oral traditions and historical accounts of these tribes also contribute to the understanding of the mound's purpose, often associating it with creation stories or the spiritual beliefs of the time. By considering these various sources of evidence and information, researchers have formed conclusions about the Great Serpent Mound, shedding light on its historical, archaeological, and cultural significance.
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How important is money
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
PLEASE HELP I'LL GIVE THE BRAINLIEST
Select the correct answer. Which of the following correctly matches the banking term with the appropriate definition?
A. A deposit is the total amount of money you have in the bank.
B. A withdrawal is an amount of money you take out of the bank.
C. Your balance is the money you put into the bank.
D. All of the above
Answer:
its answer is B a withdrawal is an amount of money you take out of the bank
During the aep, on october 30, marissa enrolls in the devoted health hmo medicare advantage plan for an effective date of 1/1/2023. On november 15, marissa meets with janice of abc insurance agency and enrolls in a stand-alone prescription drug plan (pdp) also for an effective date of 1/1/2023. If marissa does not make any further changes to her medicare enrollment choices, on january 1, 2023 she will be on…
In 2018, Devoted Health launched a next-generation Medicare Advantage plan with the intention of enhancing the accessibility, compassion, and care of healthcare.
Simply enrol in the Medicare Advantage Plan of your choice during one of the enrollment periods if you want to change to a new one. When the coverage under your new plan starts, your previous plan will be immediately disenrolled.
Along with its insurance business, Devoted also intends to make money by running its own medical group in order to get there. One slide stated, "By providing clinical services, Devoted decreases the overall cost of care for Devoted's Medicare Advantage plan and also earns income and margin for Devoted's Medical Group.
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who looks over the land and determines the best location for the structure.
Answer:
what does this mean
Explanation:
When applying for a job most require you to submit two items. What are those two items?
Answer:
and email and an application...?
Explanation:
it might not be correct, my best guest.
What types of planning can be done to improve a nation’s economy?
A nation can undergo ____ planning or ___ planning in order to improve its economy.
Answer:
A nation can undergo long-term planning or constructive planning in order to improve its economy. Long-term planning involves setting goals and implementing policies that will have an impact over a period of several years. This type of planning may involve investments in education, infrastructure, and research and development, among other areas. Constructive planning involves implementing policies that encourage economic growth and development, such as reducing barriers to trade, promoting entrepreneurship and innovation, and investing in key industries. These types of planning can help a nation to create jobs, increase productivity, and improve living standards for its citizens. THANK YOUMs. Marsh filed her 20X0 individual income tax return on February 15, 20X1. All her tax was paid during the year through withholding. The return was due on April 15, 20X1. During January 20X2, she discovered that she had not taken a properly substantiated charitable contribution that would have reduced her total tax by $250 on her 20X0 tax return. By what date must she file her amended return to claim a refund of the tax paid?
Answer:
April 15, 20x4
Explanation:
Ms. Marshall can file for a refund until the later of the following 3 dates:
3 years from her original tax filing (February 15, 20x4)3 years from the due date of her original tax filing (April 15, 20x4)2 years since paying her taxes (December 31, 20x2)In this case, the later date would be April 15, 20x4
refers to the ability of an operating system to have more than one program open at one time.
The term that refers to the ability of an operating system to have more than one program open at one time is known as multitasking ability. This ability allows users to run multiple programs simultaneously without having to close or exit out of one program in order to open another.
The multitasking ability is an important feature of modern operating systems, as it allows users to be more productive and efficient with their computer usage. The term you're looking for is "multitasking." It refers to the ability of an operating system to manage multiple programs concurrently, allowing more than one program to be open and run at the same time.
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The kind of vehicle coverage that pays for damages to others or their vehicle is __________________.
The kind of vehicle coverage that pays for damages to others or their vehicle is liability coverage. Liability coverage pays for damages caused to others or their vehicle in the event of an accident or collision.
How does liability coverage protect a driver?Liability coverage is a type of auto insurance that provides financial protection to the policyholder in case they cause damage to someone else's vehicle or property while driving. It typically includes two types of coverage: bodily injury liability and property damage liability.
Bodily injury liability coverage pays for medical expenses, lost wages, and other damages if you cause an accident that results in injuries to someone else. Property damage liability coverage, on the other hand, pays for repairs or replacement of the other driver's vehicle or any other property that may have been damaged in the accident.
In most states, liability coverage is a mandatory requirement to legally operate a vehicle on public roads. The minimum amount of liability coverage required varies by state, so it's essential to check your local regulations to ensure you have adequate coverage.
To obtain coverage for own vehicle and injuries, policyholders can opt for additional types of coverage, such as collision coverage, comprehensive coverage, or personal injury protection (PIP) coverage.
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Which step directly follows "loss of jobs” in the stagflation cycle?
Answer:
fewer items produced
Explanation:
Answer:
D
Explanation:
1. The following statements regarding merchandise inventory are true except:
Multiple Choice
A. Merchandise inventory is reported on the balance sheet as a current asset.
B. Merchandise inventory refers to products a company owns and intends to sell.
C. Merchandise inventory may include the costs of freight in and making them ready for sale.
D. Merchandise inventory appears on the balance sheet of a service company.
E. Purchasing merchandise inventory is part of the operating cycle for a business.
2. Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The amount of the cash paid on August 16 equals:
Multiple Choice
A. $8,167.50.
B. $9,652.50.
C. $9,750.00.
D. $8,250.00.
E. $8,152.50.
3. Morgan, Inc. uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $15,000 was made on credit, 2/10, n/30. The journal entry to record this purchase is:
Multiple Choice
A. Merchandise Inventory 15,000
Accounts Payable 15,000
B. Accounts Payable 15,000
Merchandise Inventory 15,000
C. Purchases 15,000
Accounts Payable 15,000
D. Purchases 14,700
Accounts Payable 14,700
E. Merchandise Inventory 14,700
Accounts Payable 14,700
4. 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. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
Multiple Choice
A. Cash 5,800
Accounts receivable 5,800
B. Cash 4,000
Accounts receivable 4,000
C. Cash 3,920
Sales discounts 80
Accounts receivabl 4,000
D. Cash 5,684
Accounts receivable 5,684
E. Cash 5,684
Sales discounts 116
Accounts receivable 5,800
5. Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 26, it paid the full amount due. The correct journal entry to record the merchandise return on August 11 is:
Multiple Choice
A. Debit Accounts Payable $1,500; credit Cash $1,500.
B. Debit Accounts Payable $1,500; credit Merchandise Inventory $1,500.
C. Debit Merchandise Inventory $1,500; credit Sales Returns $1,500.
D. Debit Merchandise Inventory $1,500; credit Cash $1,500.
E. Debit Accounts Payable $1,500; credit Purchase Returns $1,500.
6. On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Jepson uses the periodic inventory system and the gross method of accounting for purchases. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:
Multiple Choice
A.Purchase. 5,684
Cash 5,684
B. Accounts payable. 5,800
Merchandise inventory 116
Cash 5,684
C. Accounts payable. 5,800
Purchases discounts 116
Cash 5,684
D. Cash 5,684
Accounts receivable 5,684
E. Cash 5,684
Purchases discounts. 116
Accounts payable 5,800
1. D. Merchandise inventory appears on the balance sheet of a service company. 2. B. $9,652.50. 3. E. Merchandise Inventory 14,700 Accounts Payable 14,700 4. E. Cash 5,684 Sales discounts 116 Accounts receivable 5,800 5. B. Debit Accounts Payable $1,500; credit Merchandise Inventory $1,500. 6. C. Accounts payable 5,800 Purchases discounts 116 Cash 5,684
1. The statement that is false is D. Merchandise inventory appears on the balance sheet of a service company. Service companies do not carry merchandise inventory as they provide services, not products.
2. The amount of cash paid on August 16 equals B. $9,652.50. To calculate this, we start with the cost of merchandise purchased, which is $9,750. We then subtract the returned merchandise, which is $1,500, leaving us with a net cost of $8,250. Since the company is using the gross method of accounting for purchases, the discount available for paying within 10 days does not apply. Therefore, the full amount due is paid on August 16, which is $8,250 + (0.10 x $8,250) = $9,075. Subtracting the discount of $422.50 (0.10 x $8,250) gives us the final amount of cash paid, which is $9,652.50.
3. The journal entry to record this purchase is E. Merchandise Inventory 14,700; Accounts Payable 14,700. The net method of recording purchases means that the company records the purchase at the net cost after any available discounts. The purchase was made on credit with terms 2/10, n/30, so the net cost is $14,700 (the purchase price of $15,000 less the discount of 2% x $15,000 = $300). The entry debits Merchandise Inventory for the cost of the purchase and credits Accounts Payable for the amount owed.
4. The journal entry that Ryan makes on September 18 is C. Cash 3,920; Sales discounts 80; Accounts receivable 4,000. Since Ryan is using the periodic inventory system, it does not update the inventory account with each sale. The cost of the items sold is $4,000. Since the customer takes advantage of the discount, it only pays $3,920 ($4,000 - 2% x $4,000). Therefore, Ryan records a credit sale of $5,800 and debits Accounts Receivable for that amount. It also credits Sales Revenue for $5,800. Since the customer takes advantage of the discount, Ryan debits Sales Discounts for $80 (the difference between the sale price and the amount paid) and credits Cash for the amount received, which is $3,920 ($4,000 - $80).
5. The correct journal entry to record the merchandise return on August 11 is B. Debit Accounts Payable $1,500; credit Merchandise Inventory $1,500. Since Juniper Company is using the gross method of accounting for purchases, the return affects both Accounts Payable and Merchandise Inventory. The entry debits Accounts Payable for the amount of the return and credits Merchandise Inventory for the cost of the merchandise returned.
6. The journal entry that Jepson makes on September 18 is C. Accounts payable. 5,800; Purchases discounts 116; Cash 5,684. Jepson is using the periodic inventory system and the gross method of accounting for purchases. The cost of the items sold is $4,000, and the discount available is 2% x $5,800 = $116. Therefore, the net amount due is $5,684 ($5,800 - $116). Jepson debits Accounts Payable for the full amount owed, credits Purchases for the cost of the merchandise purchased, and credits Purchases Discounts for the discount taken. Finally, Jepson debits Cash for the amount paid, which is the net amount due.
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