Business, 02.04.2021 04:40 cxxcee

Record the following transactions of Fronke’s Fashions in a general journal: DATE TRANSACTIONS 2019 April 1 Purchased merchandise for cash, $2,310. 2 Returned merchandise for cash purchased on April 1; received a cash refund of $218. 4 Purchased merchandise on credit from Breit Distributors, Invoice 125, $871, terms n/30; freight of $46 prepaid by Breit Distributors and added to the invoice. 7 Returned damaged merchandise purchased on April 4 from Breit Distributors; received Credit Memorandum 202 for $58. 30 Paid the amount due to Breit Distributors for the purchase of April 4, less the return on April 7, Check 1458.

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Answer from: shayle24

Fronke's Fashions

General Journal

Date Transactions Debit Credit

April 1: Inventory $2,310

Cash $2,310

To record the purchase of inventory for cash.

April 2: Cash $218

Inventory $218

To record the return of inventory with a cash refund.

April 4: Inventory $871

Accounts payable (Breit Distributors) $871

To record the purchase of goods on account, terms n/30.

April 7: Accounts payable

(Breit Distributors) $58

Inventory $58

To record the return of goods on account.

April 30: Accounts payable

(Breit Distributors) $813

Cash $813

To record the payment on account.

Explanation:

a) Data and Analysis:

April 1: Inventory $2,310 Cash $2,310

April 2: Cash $218 Inventory $218

April 4: Inventory $871 Accounts payable (Breit Distributors) $871, terms n/30

April 7: Accounts payable (Breit Distributors) $58 Inventory $58

April 30: Accounts payable (Breit Distributors) $813 Cash $813

Answer from: Quest

Hourly workers producing products

Answer from: Quest

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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Record the following transactions of Fronke’s Fashions in a general journal: DATE TRANSACTIONS 2019...

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