1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
andre [41]
3 years ago
11

Z-Mart uses the perpetual inventory system and allows customers to use the Z-Mart store credit card in charging purchases. Z-Mar

t assesses a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $1,000 (that had cost $650) and accepted the customer’s Z-Mart store credit card. May 31 Z-Mart recorded $4 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above selected credit card transactions of Z-Mart.
Business
1 answer:
Nataly_w [17]3 years ago
7 0

Answer:

Following are the journal entries

Explanation:

Z-mart uses perpetual inventory system. To enter the selected credit card transactions, the journal entries are;

No Date General Journal       Debit                    Credit

1 Apr 30 Accounts receivable 1000  

                  Sales                                        1000

   

2 Apr 30     Cost of goods sold    650  

              Merchandise inventory                 650

   

3 May 31       Accounts receivable 4  

                Interest revenue                           4

You might be interested in
Lent Corporation converts to S corporation status in 2018. Lent had been using the LIFO inventory method and held a LIFO invento
Licemer1 [7]

Answer:

The tax that must be added to the C corporation tax liability for the year before the S election = $49000*1/4=$12250

The rest of the three instalments of $12250 each will be paid with Lent Corporation's next three tax returns

Explanation:

FIFO Value/basis =$650000

LIFO value/basis =$510000

Difference =$140000

35% Tax =$140000*35% = $49000

The tax that must be added to the C corporation tax liability for the year before the S election = $49000*1/4=$12250

The rest of the three instalments of $12250 each will be paid with Lent Corporation's next three tax returns

7 0
3 years ago
What are the reasons for having internal controls that facilitate ethical behavior?
givi [52]

Answer:

Mostly Preventive Controls  and feedback Controls

Explanation:

For this case is important to conduct preventive and feedback controls.

The definition of preventive control is "Controls that are used to keep a loss or an error from occurring". And is improtant to do these controls continuosly in order to ensure that the ethical behavior is accomplished by all the people analyzed.

The definition of feed back controls is "a process that owners and manager uses to evaluate if their teams meet the stated goals at the end of a production process"

And for this case these two controls are so important when we want to facilitate check ethical behavior since the conduct is something that needs to be measured in all the time in order to ensure the condition for any employee.

5 0
3 years ago
Suppose a State of California bond will pay $1,000 eight years from now. If the going interest rate on these 8-year bonds is 5.5
aksik [14]

Answer:

The bond is worth $651.59 today

Explanation:

FV = $1000

N = 8

I/Y = 5.5%

Present Value = ?

PV = FV*(1+r)^(-n)

PV =  $1000 * (1 + 0.055)^-8

PV =  $1000 * (1.055)^-8

PV =  $1000 * 0.651599

PV = $651.59

5 0
3 years ago
Suppose the Fed decides to buy bonds and the New Hampshire Colonial Bank
Korolek [52]

Answer:

B) Make new loan totaling about $10 million.

Explanation:

5 0
3 years ago
PLEASE HELP GUYS WRITE A TOPIC WITH AT LEAST 200 TO 300 WORDS ABOUT DOGS RESEACH AND RESTATE IT IN YOU OWN WORDS PLEASE I WILL G
melomori [17]

Answer:

Did you know that dogs' noses are wet. Probably because of the fact that they drink water by licking and it may get on their nose or it's just wet. Dogs have feelings just like us humans do. They feel when something is wrong. They know when you happy and sad. Dog's are smart and listen very well if you train them. Dogs tend to lick us because that's their way of showing love. You know how us people just say I love you and show it well, since dogs can't talk they lick us and play around with us. Dogs also tend to stare at us which sometimes can be creepy but that's another way they show affection. Now if they don't know you then they will stare and bark because they need to absorb you and try to make sure you want to hurt their owner. Lastly, dogs can get jealous because they might see you with another do and think you're replacing them or they might see you with a baby and get jealous because they might feel not loved or cared for anymore so they expect all the love from you because they are attached and spoiled. Overall, dogs are loving and caring for little pets.

8 0
3 years ago
Read 2 more answers
Other questions:
  • You heard somebody say, Marketing is just sales and advertising" Discuss the accuracy of this statement
    11·1 answer
  • PLEASE HELP
    8·2 answers
  • Tropetech Inc.’s FCFs are expected to grow at a constant rate of 4.62% per year in the future. The market value of Tropetech Inc
    11·1 answer
  • Bob, CPA, has a client with a strong belief that he is correct about an aggressive but creative tax position. Bob thinks otherwi
    15·1 answer
  • Which of the following represents an aggressive approach to demand management in the service sector when demand and capacity are
    12·1 answer
  • Mary purchased a home in year 1 for $200,000. She made a 20-percent down payment and financed the rest with a 15 year loan at si
    13·1 answer
  • Suppose that TapDance, Inc.’s, capital structure features 75 percent equity, 25 percent debt, and that its before-tax cost of de
    6·1 answer
  • You send out 20,000 emails. Of those, 6% are opened. Of those, 9% click on a link to register for something. Of those who clicke
    8·1 answer
  • Which of the following are objects that can fulfill needs or wants?
    6·1 answer
  • Noncash investing and financing activities may be disclosed in: Multiple Choice A note in the financial statements or a schedule
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!