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Brilliant_brown [7]
1 year ago
14

Andrew wants to purchase a new computer and go to the caribbean for spring break. the computer is priced at 1299, and the vacati

on is priced at $800.
Business
1 answer:
Mamont248 [21]1 year ago
3 0

Andrew writes a check for $1,299 which is the  medium of exchange.

What is the way of transaction ?

  • A sale is a completed agreement between a buyer and a dealer to change goods, services, or fiscal means in return for plutocrats.
  • The term is also generally used in commercial accounts. As a business secretary, this plain description can get tricky.
  • A sale may be recorded by a company before or later depending on whether it uses an addendum account or cash account.

Here,

Andrew can easily determine that the price of the computer is more than the price of the vacation = Unit of Account

Andrew has $1,574 in his checking account

= Store of value

Andrew writes a check for $1,299

= Medium of exchange

Learn more about Way of transaction here:

https://brainly.in/question/2253597

#SPJ4

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Answer:

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Cr Warranty Liabiltiy $640

Explanation:

Preparation of the journal entry to record this transaction on January 2, 2020, and on December 31, 2020.

January 2, 2020

Dr Cash $52,000

Cr Sales Revenue $52,000

December 31, 2020

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Cr Cash $890

December 31, 2020

Dr Warranty expense$640

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Explanation:

The journal entries are shown below:

a. Retained earning A/c Dr $3,047,320

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