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Question - Prepare the journal entries to record the following purchase transactions in Flint Inc.'s books. Flint uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.)
Jan. 2Flint purchased goods for $42,800 from Fundy Corp., terms 2/10, n/45, FOB destination.
5The appropriate company paid freight costs of $900.
6 Flint returned $6,500 of the goods purchased on January 2, because they were not needed.
11 Flint paid the balance owed to Fundy.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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