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1 year ago

A $23 credit to sales was posted as a $230 credit. By what amount is the sales account in error?

Business

1 answer:

Anni [7]1 year ago

6 0

Rs 253 must be debited to his account .

Rs ( 23+230)= 253

A $23 credit to sales was posted as a $230 credit.In this case, the transaction was recorded on the wrong side with wrong amount. Thus Rs 253 must be debited to his account .

Rs ( 23+230)= 253.

Credit sales refer to a sale in which the amount owed will be paid at a later date. In other words, credit sales are purchases made by customers who do not render payment in full, in cash, at the time of purchase.
It is common for credit sales to include credit terms. Credit terms are terms that indicate when payment is due for sales that are made on credit, possible discounts, and any applicable interest or late payment fees.

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2 years ago

1. If money is deposited in a bank that pay's simple interest of 4.5 %, bow much will have to be deposited to earn $90 of intere

TiliK225 [7]

The amount of 3000 will have to be deposited to earn $90 of interest for 8 months, if money is deposited in a bank that pay's simple interest of 4.5%.

Explanation:

The given is,

Simple interest of 4.5 %

Earn $90 of interest for 8 months

Step:1

Formula to calculate the simple interest method,

$F=P(1+iN)$ ...................................(1)

Where,

F - Future amount

P - Initial investment

i - Rate of interest

N - Number of years

From given,

i - 4.5%

Let, X - Initial investment, P = X

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From the X value.

F = P + 90

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F = $ 3090

Result:

The amount of 3000 will have to be deposited to earn $90 of interest for 8 months, if money is deposited in a bank that pay's simple interest of 4.5%.

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