Answer:
A. Debit Income Summary $41,300; credit Expense accounts $41,300
Explanation:
At the end of the period, the revenue and expenses for the company are closed into the income summary account which in turn is closed into the retained earnings account.
For revenue, the entries are debit revenue and credit income summary with the revenue for the year. For expenses, credit expenses and debit income summary with the total expense for the year.
As such, given that Total revenues for the period are $58,200, total expenses are $41,300, and dividends are $10,200, the correct closing entry for the expense accounts is
Debit Income Summary $41,300
Credit Expense accounts $41,300
Be realistic
Aim for sticking to your budget most of the time, and you’re bound to reach your financial goals. Breaking your budget occasionally is OK, providing you get right back on track as soon as possible.
Answer:
(2) Select the add customer button
(7) Select payment and billing
Explanation:
we know here client ask for add a new customer in Quick Books
so we first enter the basic detail of customer like name phone number email id address etc after that we select the add customer button after that also we can edit customer more details
then we have to select customer name from list and then select the edit button that is given top right corner
and if customer is not taxable then we need to enter re seller no whatever they provided
after that we select for payment and billing icon and select payment of method is credit card
last we save it
Answer:
The amount of the tax on a bottle of wine is <u>$3</u> per bottle;
Amount of tax = Amount paid by consumers - Amount received by producers
= 5 - 2
=$3
Of this amount, the burden that falls on consumers is $1 per bottle;
Burden on consumer = Price paid by Consumer after tax - Price paid before
= 5 - 4
= $1
The burden that falls on producers is $2 per bottle;
Burden on producers = Tax - Consumer burden
= 3 - 1
= $2
The effect of the tax on the quantity sold would have been the same as if the tax has been levied on producers. FALSE
If the tax had been on producers then the price might not have increased as it did. This would leave the price at or close to the point it was at and consumers would still be able to afford more of the bottles.
