On January 1, 2014, XY Retail Store Sold a TV

question 34

Essay

On January 1, 2014, XY retail store sold a TV set to customer AB on credit for $450; AB will make monthly payments. Because of non-payment, XY repossessed the TV set when AB still owed $250. XY estimates reliably that the repossessed set can be resold for $150 cash after spending $40 to repair it and after incurring a selling cost of $10 cash.
(a) Give the entry by XY to record the repossession (assume a perpetual inventory system).
(b) Give the entry to record the actual repair cost of $45.
(c) Give the entry to record the resale of the repossessed set at a cash price of $150 and cash payment of the selling cost of $10.

Apply correct data classification in designing surveys and analyzing survey data.

Interpret the meaning and limitations of different variable types in research contexts.

Analyze the suitability of data visualization types (bar charts, pie charts) for various data.

Understand the concept of chirality and achirality in molecules.

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Definitions:

Other Goods

Refers to products or commodities that are considered as alternatives or options aside from the primary goods under consideration.

Competitive Rate

A pricing strategy often used by businesses to match or beat the prices offered by competitors in the market.

Short Run

A period in economics where at least one factor of production is fixed and cannot be altered.