The answer is distribution
Answer:
C) credit Sales Tax Payable for $21
Explanation:
Based on the information given In the same transaction, they must also CREDIT SALES TAX PAYABLE FOR $21 Calculated as:
First step is to calculate the sales tax element
Sales tax element = $371*6/106
Sales tax element= $21
Now let calculate what the Price exclusive of sales tax would be
Price exclusive of sales tax=$371-$21
Price exclusive of sales tax= $350
The correct journal entry should be:
Dr Cash $371
Cr Sales revenue $350
($371-$21)
Cr Sales tax payable $21
Answer:
The correct answer is: may have equal or increasing amounts applied to the principal from each loan payment.
Explanation:
Amortization can be defined as the process of spreading out the loan in monthly payments. An amortized loan has scheduled periodic payments for both interests as well as principal. If the payments for each period are equal it is called a fully amortized loan.
In amortized loans the interest is paid off first then the amount excess of interest reduces the principal. A common example of amortized loans is auto loans, home loans.
The payments for amortized loans can be equal or unequal for each period.
Answer:
$540,000
Explanation:
Calculation for The company's differential revenue from the acceptance of the offer
Using this formula
Differential revenue = Number of units of export order * Offer price per unit
Let plug in the formula
Differential revenue=9,000*$60
Differential revenue= $540,000
Therefore the company's differential revenue from the acceptance of the offer is $540,000
Jeff Company issues a promissory note to David Company to get extended time on an account payable. David records this transaction by debiting <span>Accounts Payable and crediting Notes Payable.
Hope this helps!!</span>
