On september 12, ryan company sold merchandise in the amount of $8,200 to johnson company, with credit terms of 3/10, n/30. the cost of the items sold is $5,200. ryan uses the periodic inventory system and the net method of accounting for sales. on september 14, johnson returns some of the merchandise. the selling price of the merchandise is $740 and the cost of the merchandise returned is $470. johnson pays the invoice on september 18, and takes the appropriate discount. the journal entry that ryan makes on september 18 is:

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Which of the following is one of the main causes of inflation? a. wages drop so workers have to spend a higher percentage of income on necessities. b. demand drops and forces producers to charge more to meet their costs. c. rising unemployment cuts into national income. d. consumers demand goods faster than they can be supplied.

When a market is in equilibrium, the buyers are those with the willingness to pay and the sellers are those with the costs.