Decide whether each situation is a checking account deposit or debit. Drag each situation to correct category.

Response:

A.

Dec. 28, 20Y3

Dr Accounts Receivable - Beasley Co. 18,500

Cr Sales Revenue 18,500

Dec. 28, 20Y3

Dr Cost of Goods Sold 11,200

Cr Inventory 11,200

B.

Jan. 3, 20Y4

Dr Sales Returns and Allowances 4,000

Cr Accounts Receivable - Beasley Co. 4,000

Jan. 3, 20Y4

Dr Inventory 2,350

Cr Cost of Goods Sold 2,350

C. Jan. 7, 20Y4

Dr Cash 14,210

Dr Sales Discount 290

Cr Accounts Receivable - Beasley Co. 14,500

Explanation:

A. Recording the entry for the sale on December 28, 20Y3, using a perpetual inventory system’s net method.

Dec. 28, 20Y3

Dr Accounts Receivable - Beasley Co. 18,500

Cr Sales Revenue 18,500

Dec. 28, 20Y3

Dr Cost of Goods Sold 11,200

Cr Inventory 11,200

B. Journals to record the returns of merchandise

Jan. 3, 20Y4

Dr Sales Returns and Allowances 4,000

Cr Accounts Receivable - Beasley Co. 4,000

Jan. 3, 20Y4

Dr Inventory 2,350

Cr Cost of Goods Sold 2,350

C. Journal entry to document the receipt of amount owed

Jan. 7, 20Y4

Dr Cash 14,210

[(18,500-4,000)-(18,500-4,000)*2% ]

Dr Sales Discount 290

[(18,500-4,000)*2% ]

Cr Accounts Receivable - Beasley Co. 14,500

(18,500-4,000)

Response:

The answer is option "E": a grease payment.

Clarification:

Grease payments refer to types of bribes paid to lower-level officials to accelerate a business decision, delivery, or similar transaction, often involving a small amount of cash given to the representative in order to secure their assistance, typically when the act of offering this money is legally unnecessary.

Answer:

In one month, you owe $43.47.

Explanation:

Daily Interest for one month is calculated as follows: Balance × APR rate × [number of months / Total months in a year]

Daily Interest = $1800 × 28.99% × 1/12

= $1800 × 0.2899 × 0.0833

= $43.47

Answer:

The payback period is approximately;

B). 3.00

Explanation:

Step 1: Identify the total expense of the go-kart

Using the formula;

Total cost = purchase cost + annual depreciation × number of years

where;

purchase cost = $5,100

assume annual depreciation = 0

the years to recoup = n

Inserting values, we get;

Total cost = 5,100 + (0 × n) = 5,100

Step 2: Total cash inflows

Total cash inflows = (1,700 × n) = 1,700n

Step 3: Determine the payback duration

Setting total expense equal to total cash inflow

5,100 = 1,700n

n = 5,100/1,700

n = 3

The payback timeframe in years is therefore approximately 3 years

Response: Organize a meeting with the Marketing VP and others involved to clarify the issue that needs addressing.

Explanation:

Here is the complete question:

eCompeteUSA is a competitive video gaming tournament company headquartered in Palo Alto, California. Video game tournaments are organized competitions where multiplayer video games are played for cash prizes of up to $500,000. Gamers and fans are flocking to tournaments both in-person and virtually. Recently, an eSports tournament housed at the Staples Center sold out in under an hour, which surprised even industry insiders.

eSports is gaining popularity worldwide with audience sizes exceeding 134 million. The industryis currently valued at over $747 million, and many predict that the value will top $1.9 billion by 2020.The industry is currently dominated by males (85% male, 15% female) and young people (60% of viewers are under 35 years old). Currently, eCompeteUSA has a relatively small share of the market, but the company feels there are significant opportunities for growth and profitability. You have recently been hired as a research analyst reporting to the VP of Marketing,whose task is to help eCompeteUSA grow its business.

You consider the situation, roll up your sleeves, and get to work. What should be the first step you take in obtaining the information you need to help eCompeteUSA move up in the eSports industry?

a. Examine the secondary sources you have at hand (public and internal databases) to establish exactly what data you already have and what data you need to obtain.

b. Set up a meeting with the VP of marketing and other involved parties to define the problem that needs to be solved.

Solution:

The main objective in the question is to grow eCompeteUSA business. Based on this, the 1st step to take is to define the problem which needs to be solved. Hence, one has to meet with the VP of marketing and every other involved parties.

This is necessary so that every impediments that can affect the growth can be solved. Hence, the first step is to set up a meeting with the VP of marketing and other involved parties to define the problem that needs to be solved.