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vlada-n [284]
3 years ago
8

Knowledge Check 02 On February 28, the Jewelry store remits $975 of sales tax collected from its customers to the government. Pr

epare the February 28 journal entry for the Jewelry store by selecting the account names and dollar amounts from the drop-down menus.
Business
1 answer:
kodGreya [7K]3 years ago
7 0

Answer:

Please refer to the below

Explanation:

Journal entry as seen below

Feb 28 Sales tax payable Dr $975

Cash Cr $975

Since Jewelry store collected the sales tax from its customers, sales tax account will be debited because it reduces the balance in the account while cash account will be credited because the balance therein increases due to the sales tax collected.

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Answer:

a) Product G should be produced and sold

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<em>A company should process further a product if the additional revenue from the split-off point is greater than than the further processing cost.  </em>

<em>Also note that all cost incurred up to the split-off point are irrelevant to the decision to process further .  </em>

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Revenue after split-off point  

($9×  40 litres)                                                                 360

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Additional income from further processing                  200

Further processing cost ($3× 40)                                  <u>(120)</u>

Incremental income from further processing                <u> 80</u>

Incremental income from further processing = $80

a) The product F should be processed further and sold as product G. Doing so would increase the net income by $80.

b) Net advantage                                               $80

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