Answer:
The journal entries are as follows:
(a) On July 16,
Account receivable A/c Dr. $1,200
To sales revenue $1,200
(To record Sales)
Cost of goods sold A/c Dr. $720
To Inventory $720
(To record cost of goods sold)
(b) On July 19,
Sales return and allowance a/c Dr. $200
To Account receivable $200
(To record sales return)
Inventory A/c Dr. $120
To Cost of goods sold $120
(To record cost of goods return)
(c) On July 22,
Cash (1,000 × 98%) A/c Dr. $980
Sales discount A/c Dr. $20
To Account receivable $1,000
(To record amount received)
<h2>Law providing incomplete answer</h2>
Explanation:
1. Lack of competition
: This is not the right answer because no business culture will be set up in such a manner to decrease the level of competition. Because employees needs to be competitive for bringing success to the organization.
2. Law providing incomplete answers
: This is the right answer.
3. Stagnant or decreasing profit: Business always focuses on profit. So this
4. Lack of strong leadership
: Any business culture will only uplift the leadership to both promote individual and the organization.option stands invalid.
Answer:
$27,720
Explanation:
The computation of the interest expense
= Principal amount × rate of interest × number of months ÷ (total number of months in a year)
= $198,000 × 14% × (12 months ÷ 12 months)
= $27,720
Basically we applied the simple interest formula to determine the interest expense and the borrowed amount is taken on January 1, 2018 and the interest expense should be reported on December 31, 2018 that comprises of 12 months
Answer: $2100
Explanation:
From the question, we are informed that Oakley Company does not ring up sales taxes separately on the cash register and that the total receipts for February amounted to $32,100 and the sales tax rate is 7%.
The amount that must be remitted to the state for February's sales taxes will be:
= $32,100/(1+7%) × 7%
= $32100/(1 + 0.07) × 0.07
= $32100/1.07 × 0.07
= $2100
