On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system and the gross method of accounting for sales. Babson pays the invoice on March 17, and takes the appropriate discount. The journal entry that Klein makes on March 17 is:

Dr cash                   $7,644

Dr sales discount $156

Cr accounts receivable          $7,800

Explanation:

The cash received is less of a discount of 2% since payment in respect of the sale was received within the discount period.

Cash received=$7,800-($7800*2%)=$ 7,644.00  

Discount =$7800-$ 7,644=$156

The accounts receivable would be credited with $7,800 while cash and sales discount would be debited with $7,644 and $156 respectively

the answer is . a novel has no sub-plot, but a novella does

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know