On January 3rd, Gates Gems returned merchandise they purchased on account from Jewelry Wholesalers in the amount of $1,450. What is the transaction to reflect this return?

Answers

Answer 1

Final answer:

To record the merchandise return by Gates Gems, an accounting entry debiting Accounts Payable and crediting Merchandise Inventory by $1,450 is required. This reflects a decrease in both the liability to Jewelry Wholesalers and the inventory levels.

Explanation:

When Gates Gems returned merchandise purchased on account from Jewelry Wholesalers, the accounting transaction necessary to reflect this return would essentially reverse the initial purchase entry. The transaction would involve debiting the Accounts Payable to reduce the liability because the obligation to pay Jewelry Wholesalers decreases by the amount of the return, which in this case is $1,450.

Simultaneously, the merchandise inventory account needs to be credited, because the inventory level is being reduced by the items that were returned. The entry in a double-entry bookkeeping system would look like this:

Debit Accounts Payable $1,450

Credit Merchandise Inventory $1,450

This transaction will affect the balance sheet by decreasing both the inventory assets and the accounts payable liabilities.


Related Questions

Out of all the business types you learned about,is the most complex in order to form.

Answers

Ranging from a sole proprietorship to a business corporation, a business corporation in the most complex type of business to form. Corporations are for-profit operations formed under the laws of a particular state and regulated by that state, as well as other agencies depending on what the business does.

Answer:

The correct answer would be 'Corporations Businesses'.

Explanation:

There are many forms of businesses. These forms include Sole proprietorship, Partnership, Corporations, Limited Liability, Private Limited, etc. Out of all these, Corporations are considered the most complex form of business. This is because of the fact that there are many people involved in it as Directors and shareholders. There are a lot of legal formalities involved in forming the corporations. Decisions cannot be made by one person solely rather it must need the consent of directors' majority. The stocks of the corporations are available for the general public who enjoy dividends on their share almost every year.

what do consumers do after making a purchase

Answers

Just because a purchase has been made, the process has not ended. In fact, revenues and customer loyalty can be easily lost. After a purchase is made, it’s inevitable that the customer must decide whether they are satisfied with the decision that was made or not. They evaluate.

Answer:

The correct answer is that consumers evaluate the product and compare it with the other options that they had in mind and see if their expectations were or were not satisfied.  

Explanation:

To begin with, in the field of marketing there is a concept known as the buyer decision process whose term refers to the process that the consumer does when purchasing a product or service, involving several steps. Moreover, the final step of this process is not the actual purchase of the good but the post-purchase behavior.

Secondly, that concept called ''post-purchase behavior'' establishes that the customer after buying a good does not end his journey along side with the company but there is one more step to finish and that is to evaluate the product and compare if the expectations that the customer had where satisfied by the product and therefore exceed or if the actual results of the purchase were unsatisfied. In this final step is where the person becomes loyal to the company due to his satisfaction or decides to never buy from them again and therefore it represents the most important of the

Marketing firms strive to ensure that people are aware of their products because people assume that if they have heard about certain products, the products will work well. Which of the following biases are the marketing firms trying to take advantage of?

Answers

Final answer:

Marketing firms aim to exploit biases like the mere exposure and bandwagon effects through advertising to build brand awareness and convince consumers of product quality. Successful advertising can impact a firm’s perceived demand curve, potentially increasing sales and pricing power. Grassroots and peer-to-peer promotion are other strategic tools used for marketing.

Explanation:

Marketing firms strive to take advantage of certain cognitive biases that consumers may have when it comes to product recognition and perceived quality. These biases include the mere exposure effect, where people develop a preference for things merely because they are familiar with them, and the bandwagon effect, where the popularity of a product suggests its value, leading more people to 'jump on the bandwagon'. Additionally, consumers might also assume that if a product is heavily advertised, the company behind it must be confident in its quality, as heavy advertising signals a firm’s confidence in their product and an expectation of repeat purchases.

Brand awareness is a critical component of marketing strategy. Firms invest significantly in it, as it can lead to brand loyalty and market power. Notably, successful advertising can make a company's demand curve more inelastic or shift the perceived demand curve to the right, both of which can be advantageous for a firm in terms of quantity sold and price setting.

Persuasion professionals may also use peer-to-peer influence as a marketing strategy, planting seeds at the grassroots level to stimulate word-of-mouth promotion, which can be highly effective.

what is a budget deficit?​

Answers

Opposite of a budget surflus

A budget deficit occurs when an individual, business or government budgets more spending than there is revenue available to pay for the spending, over a specific period of time. Debt is the aggregate value of deficits accumulated over time.

^ these are not my own words, credit to google for this definition

what are basic features of Usenet groups?

Answers

They are created and run by individuals and are intended for discussion among members on a range of subjects.

Usenet groups are decentralized, categorized into newsgroups, and allow users to post and respond to messages. They emerged in the late 1970s and 1980s, paving the way for modern online collaboration.

Usenet groups are an essential part of early internet history and provide a system for discussions and information exchange. The basic features of Usenet groups include a decentralized structure with no central authority, making it an anarchic network as pointed out in 'What is Usenet?'. It operates as a distributed discussion system where users can post messages and responses organized into newsgroups. These newsgroups are categorized into various hierarchies based on topics, such as technology, science, hobbies, and more. Users can follow particular newsgroups of interest and participate in the discussions. Moreover, Usenet paved the way for modern forms of online collaboration beyond mere socializing, as described in its formation during the late 1970s and early 1980s.

Calista is researching a career in nursing. Which career resource would most likely help improve her chances of getting a job in this career? BSA CareerOneStop CTSO Department of Education

A.)BSA

B.)CareerOneStop

C.)CTSO

D.)Department of Education

Answers

B.)CareerOneStop

CareerOneStop is an online database of job information, career path guides, training, tools, and other resources.

Answer:

The answer is B

Explanation:

Calisa wants to get a job in the nursing area and the best option to increase its possibilities is CareerOneStop, as it is a multidisciplinary platform that frames a vast online database of employment information with all possible options and can guide the search only in the area of Calisa, also has career guides, training areas, toolkits, and other resources.

Have a nice day!

What factors are important to consider in order to write clearly and effectively

Answers

Know the purpose/goal of your piece Know your audience and adjust your tone accordingly Use correct vocabulary, grammar, spelling, and punctuation Clearly communicate the main ideas

Answer:

Use correct vocabulary, grammar, spelling, and punctuation

Explanation:

The use of vocabulary is necessary to make your reader know that you have good ideas on the topic. So also good use of grammar i.e how tho place the words correctly in their right order. Spelling too is important because when the words are not correctly spelt, there is the tendency that the message will not be passed properly and lastly, punctuation marks which is the most important for the message to be complete.

Respecting team members means agreeing with everything they think. True False

Answers

false: it means you dont have to agree with them but you have to respect their opinion

False, you can disagreeing and pointing out flaws respectfully can further the  path to the goal

Explain the following statement. A stock held as part of a portfolio is generally less risky than the same stock held in isolation.

Please answer immediately!!!!!

Answers

A stock held as part of a portfolio is generally less risky than one held in isolation because a portfolio would be diversified. A personal portfolio may include 20 different stocks. Since all of your money is not invested in one company, if a single stock drops there is still the remaining 19 stocks to increase in value.

When you have one stock held in isolation it is more risky because your stock value is based on one stock. If that stock goes up you make money, but if it goes down you lose. This is unlike a portfolio because you have a variety of stocks to balance out the gains and losses.

A stock held as part of a portfolio is generally less risky than the same stock held in isolation. This statement was the true. Thus, option (a) is correct.

What is stock?

The term stock refers to the product are the ready to the sale for the bulk in the production. The stock are always in the bulk in items. The stock are the measure according to the quantity. The stock was ready to deliver to the wholesaler.

A portfolio is diversified, a stock kept as part of a strategy is often less hazardous than one held alone. A personal portfolio could contain up to 20 distinct equities. Because all of the money is not put in one company, if one stock goes down in value, the rest 20 stocks will rise in value. Unlike a portfolio, you have a diverse set of stocks to smooth out the gains and losses.

As a result, the statement was the true. Therefore, option (a) is correct.

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Your question is incomplete, but most probably the full question was.

TrueFalse

Wade thinks it would be really cool to become a radiologist. Which two skills are important for him to have in order to excel in this career?
leadership skills to help oversee the members of the staff within the hospital
physical strength to lift heavy equipment and machinery
interpersonal skills to talk to patients and help them feel comfortable
technical skills to know how to use the machinery and equipment needed for the job
public speaking skills to announce research findings in conferences

Answers

1. Interpersonal skills to talk to patients and help them feel comfortable

2. Technical skills to know how to use the machinery and equipment needed for the job

While leadership and public speaking skills could be important later in his career depending on the path he takes, interpersonal and technical skills will be vital to any radiology.

Answer:3 and 4

Explanation:

When considering time management techniques, it is important to remember that a. The more techniques used, the better off you will be b. You have to try strategies that don't make sense for your type of work C. Not all techniques work well for all people in all situations d. Each strategy can work for everyone

Answers

The correct answer is Choice C.

All people and situations are different, which is what choice c is indicating. The correct answer is that not all techniques work well for all people in all situations.

The correct answer is C. Not all techniques work well for all people in all situations

Explanation:

Time management techniques allow you to use and organize time effectively; by using them you can finish work and task son time, have free time and avoid wasting time or procrastinating. There are multiple techniques you can use this includes creating a plan with task and time, writing notes, creating reminders, establishing goals, prioritize work, track your time, among others.

Additionally, not all techniques will work for you or everybody but you should the techniques that adapt to your situation, personality, and needs. For example, if you notice you waste time because you get distracted easily and forget about tasks you can use reminders and plan your day or week but this might not work in all cases. Thus, in time management techniques it is important to remember "not all techniques work well for all people in all situations".

How would a person in the following human services career fields work with someone who holds differing beliefs from them

Answers

hehehehehehehehehehehe

The purpose of writing a resume is to get a job. True or false.

Answers

Answer: False

Explanation: the answer is actually false cause i chose true and got it wrong.  can i please get a brainliest ?

It is false that the purpose of writing a resume is to get a job.

What is a resume?

This refers to the summary of a person's information which includes work experience and skills.

The resume provides exact qualifications and skills that one posses for particular position.

Hence, It is false that the purpose of writing a resume is to get a job.

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Which of the following should you do during an interview?
Demand specific benefits.
Explain why your previous job was wrong for firing you.
Tell stories of how you worked with others to complete a project or solve problems.
Tell them you do not plan on learning any new technology skills.

Answers

C because it makes you seem the most likeable

Answer:

A

Explanation:

Why are publicly traded corporations required to release financial reports on a regular basis?
A. because shareholders are entitled to transparency
B. so the government can determine the corporate taxes owed
C. so owners know when it is time to hire a new board of directors
D. because it would be impossible to raise financial capital otherwise

Answers

The correct answer is A.

In a corporation the shareholders are the owners. They are required to release the financial reports because they are entitled to transparency and need them in order to base their investment decisions on their contents.

Answer:

a

Explanation:

You work with a large database at your company. You would like to view just two of the fields. What should you do?

Answers

If you would like to view a smaller section of a database when you work with a large one, you should filter the database so that it meets the needs of the information you are searching for. You can select the two fields you want to view and from there, filter it down to view just the information you want.

Answer:

You should filter to view only the fields you need

Explanation:

When working with a large database, if you only need to view some fields you can use the filter option which will allow you to pick the fields you need and the rest of them will be hidden. This option allows you to focus on specific information in a large set of data and the advantage is that the information you don't want to see is not removed and at any point you can adjust the conditions to change the fields that you want to see.

The difference between simple and compound interest in a savings account is that ______________. Question 16 options: You will always earn less than 10% interest with a simple interest savings account You will always earn more than 10% interest with a compound savings account. You will earn more interest with a compound interest savings account You will earn more interest with a simple interest in a savings account

Answers

Answer:

The difference between simple and compound interest in a savings account is that You will earn more interest with a compound interest savings account

Explanation:

The interest in a compound interest savings account is greater than the interest in a simple interest savings account because compound account takes the account balance plus previous paid interest (Balance+previous interest) in order to calculate the interest that the bank is going to pay for the funds that are in the account.

However, simple interest saving account only calculate the interest based on the current balance of the account.

What is one of the biggest advantages of e-commerce for the producer? E-commerce has helped producers to expand their _________ and reap benefits of increased sale.

Answers

E-commerce has helped producers to expand their reach. They can reach more customers this way.

___ data is generally stored in different file formats

Answers

What is the options

What type of mortgage has the interest rate adjusted at certain times to match the current market interest rate?


A. Varying-rate mortgage
B. Adjustable-rate mortgage C. Fixed-rate mortgage
D. Index-rate mortgage

Answers

Answer:adjustable-rate mortgage

Explanation:

Apex confirmed

The interest rate on an adjustable-rate mortgage (ARM) is modified at regular intervals to match the current market rate. So, option (B): " Adjustable-rate mortgage" is the correct answer.

What is an Adjustable-rate mortgage?

A home loan with a variable rate of interest is known as an adjustable-rate mortgage (ARM). The initial interest rate on an ARM is fixed for a set length of time.

This means that your monthly payments may increase or decrease. The initial interest rate is typically cheaper than a comparable fixed-rate mortgage.

Interest rates are typically adjusted every six (6) to twelve (12) months by most lenders.

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The most common method used by burglars to gain forceful entry into safes is

Peeling
Punching
Pulling
Blasting

Answers

Answer: the answer of the question is peeling.

Explanation: The most common method used by burglar to gain forcefully entry into safe is called residential burglaries. Burglaries that are focused on apartment and House in higher income areas of town commerce burglaries

Burglaries that are focused on warehouses, stores, traverns, and restaurants, and in which the employees of these places are implicated, amateur and professional groups criminals committed by them are usually considered amateur burglar

property crimes for under which category of crime? property crime Burglaries are generally considered as what type of criminal offense?

The most common method used by burglars to forcibly enter safes is blasting. Burglary rates can be affected by various factors including the season and the time of day. The legal definition of burglary involves elements like breaking, entering, or unlawfully remaining on a property, and may vary by jurisdiction.

Burglary is a crime that typically involves unlawful breaking and entering into a structure with the intent to commit a crime inside. The question pertains to the methods used by burglars to gain forceful entry into safes. While methods such as peeling, pulling, and punching are used, the most common and destructive method is blasting. Blasting involves the use of explosives to break open the safe, which can be very effective but is also very loud and dangerous, attracting attention and increasing the risk of getting caught.

Various factors, such as the time of year, time of day, and even weather conditions, can influence burglary rates. For example, burglaries are more common in the warmer months and during times when homes are less likely to be occupied. In response to such crimes, prevention programs and security measures are often put in place to deter burglars, such as reinforcing doors and windows or installing alarm systems. Despite these efforts, burglaries remain a pertinent issue in both residential and commercial settings.

The criminal act element required for burglary varies by jurisdiction, but generally includes elements such as breaking, entering, or remaining unlawfully on a property. Some jurisdictions require a breaking to be present, which could be anything from pushing open a door to using explosives, while others simply require the perpetrator to have made an entry, authorized or not.

when the seller is paid, the customer's payment is credited or debited?

Answers

depends on what type of card you use.

is it a debit or credit card?

Credited.

When a customer purchase any product or service, he pays to the seller of that product or service. He is giving money to the seller in exchange of that product or service. So while making financial statements, whenever money flows out of the account, the account is credited with that amount. Similarly whenever money flows in to the account, the account is debited with that amount.

However in real bank transactions, it is done exactly opposite of what is being read in financial books. When money flows in, account is credited and when money flows out, account is debited.

what type of relationship exist between money supply and prices?

Answers

Supply and price are both linked to the demand of a product. The higher the demand the higher the consumer(s) are willing to pay a price for a specific good and or service.

Money supply is the total amount of currency in a financial products to make an economy, which makes a relationship with prices.


Which situation is a drawback of e-commerce?








A.

losing private and confidential customer data to hackers

B.

the need to offer heavy discounts

C.

no sales staff

D.

theft of credit cards

Answers

Answer

Hi,

The correct answer option is (A).

Explanation

E-commerce is the process of selling goods and services online. The core disadvantages of an e-commerce business are losing the direct touch with physical customers, delaying of goods or services delivery and limiting nature of some goods that cannot be sold online. When hacker access customer information, they can use it to blackmail clients and cause loss of goods and money.

Best wishes!

The situation D is a drawback of E-Commerce, i-e, Theft of credit card.

E commerce is simply conducting business electronically. When business is conducted electronically over internet through a site which is depicting a store or an outlet, there are many disadvantages associated with it along with numerous advantages. These disadvantages may include the lack of personal touch, delay in providing the goods or services, etc. But the biggest and the main disadvantage of E commerce is Security. People purchase products over internet through their credit cards. They give their personal information to that site. This is very sensitive information, and there are many sites now a days that are totally scams, fake and are indulged in the fraudulent activities. They may take the customers' information and can use their details somewhere else. So this is the biggest theft for conducting business electronically.  

Dora’s company manufactures chocolate. They started off with manufacturing all kinds of chocolate, and now they want to expand into manufacturing soda drinks called Dora Drinks. The marketing strategy that Dora’s company wants to venture into is

Answers

Dora's company is entering into the Product Expansion of the marketing strategy.

This product expansion could be the introduction of new product in an existing market or the introduction of existing product in the new market.

So because Dora's company is going to introduce beverages in the same market, they are doing the product expansion.

They are currently selling chocolates and now they want to manufacture beverages as well. It means they are expanding their product line in the same market. This strategy is the Product Expansion strategy of marketing.

Answer:

Dora's company is entering into the Product Expansion of the marketing strategy.

Explanation:

Product expansion is when companies grow their businesses by adopting a market expansion strategy. This is when a company will attempt to reach out to other markets after capturing the interest of their target market. This matrix is designed to help with plans for growth through new or existing products and/or markets.

For example, sporting goods companies such as Nike and Adidas recently entered the Chinese market for expansion. The two firms are offering roughly the same products to a new demographic.

Hope this helped! If it did, please consider making this brainliest! :)

the _ is a financial aid program based on financial need that provides funds for student employment

Answers

Answer

Hi,

The Federal work study fund

Explanation

This is a federally funded program for students that demonstrate financial need who are offered part-time jobs to help them earn money to pay for college or career school fees. The work offered is community service oriented and payments are paid hourly depending on the number of hours a student works.

Best wishes!

Answer:

Federal Work-Study Program

Explanation:

The Federal College Work-Study Program provides jobs for students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to your course of study whenever possible.

A decline in interest rates is expected to __________.

Answers

A decline in interest rates is expected to put the economy in recession. This is because with less interest comes less money earned and less spending as a result.

Explanation:

There are two types of interest rates in the economy. The first one is the rate of interest that banks or financial institutions give to the people for keeping their money with the bank for a specified period of time. The second one is the rate of interest which people have to pay for the loan they borrowed from the banks or financial institutions. There is a huge difference in both of the interest rates. If you are asking about the interest rate which banks pay to the people, then with the decrease of that interest rate, people will less likely to put their money in banks and thus the circulation of money will increase in the economy and the inflation would in turn increase. But if you talk about the interest that people have to pay on borrowing loans, then the decline in such interest rate will encourage people to take more loans and grow their businesses or anything they want. This would increase the economic activity in the country and thus economy will grow.  

To what phase of the employment cycle does training belong?....

Answers

The answer is onboarding.

There are normally five stages of the employment cycle. They are recruiting, onboarding, developing, retaining and offboarding. Training falls into the onboarding category when you are starting with the company and receiving the training that you need in order to do the job.

Why did the business world expand in the south?






Answers

it expanded in cotton sales, if that's the time period u are speaking of...

Final answer:

The business world expanded in the South due to improved transportation networks and industrial growth in sectors such as textiles and steel. These changes provided new job opportunities and investments, shifting the economy from agriculture to a more diversified industrial base. This transition enabled the region to develop further economically.

Explanation:

Why did the business world expand in the South?

The expansion of the business world in the South can be attributed to several factors, including the development of new transportation networks and industrial growth. By the turn of the twentieth century, the South witnessed a significant rise in manufacturing industries such as textiles, tobacco, furniture, and steel, attracting investments and providing new job opportunities.

Detailed Explanation:

The development of transportation networks facilitated the movement of goods and raw materials, making the region more accessible and attractive for business operations.

Industrial growth in sectors like textiles, tobacco, furniture, and steel created vast employment opportunities, allowing people, including women and children, to shift from subsistence farming to wage work.

This diversification from agricultural dependence provided new wealth and investments, which helped in developing the region's infrastructure further, creating a positive feedback loop for continued economic expansion.

The relocation of the rural poor to these industrial jobs due to financial necessity helped in alleviating extreme poverty and provided a sense of stability even though most jobs were low-paying.

In conclusion, the business expansion in the South was primarily driven by improved transportation, growth in manufacturing industries, and the transition of the workforce from agriculture to industry, setting the foundation for a diversified economy.

Keeping your interview appointment and arriving on time are both _____. interview skills interview challenges team building skills problem-solving tasks

Answers

Keeping your interview appointment and arriving on time are both  interview skills

Answer:  The correct answer is :  interview skills

Explanation:  Punctuality is taken as an efficient organizational capacity, which shows interest, respect, seriousness, good image. Being unpunctual in the interview could expel the person from the process for generating a bad image and also distrust.

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