Fashion jewelers uses the perpetual inventory system. on april 2, fashion sold goods with a cost of $5,500 for $14,000 with terms of 4/15, n/30. on april 4, the customer reported damaged goods and fashion granted a $2,000 sales allowance. on april 10, fashion received the payment for the sale. give the journal entry that will be recorded on april 10 by fashion.

Explanation:

The journal entry is shown below:

Cash A/c Dr                 $11,520

Sales discount A/c Dr $480

   To Account Receivable                $12,000

(Being the cash received is recorded with discount)

Since in the cost of goods sold is $14,000 in which the $2,000 reflect returned goods, so the remaining balance is $12,000

And, the payment is made within 30 days, so the customer can avail 4% of the goods received

So, the discount would be = $12,000 × 4% = $480

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi