Answer and Explanation:
The journal entry is shown below:
Interest Expenses $ 40,570
To Discount on bonds payable {($882,000 - $829,100) ÷ 10 years} $5,290
To Cash $35,280
(Being the interest expense is recorded)
For recording this we debited the interest expense as it increased the expenses and credited the discount on note payable and cash as it decreased the assets so cash is credited
The process of holes was cut to the skulls of live individuals in an attempt to release the demons inside the possessed victim is called trepanning. The word has its origins from Medieval Latin and Old French as this process is used by prehistoric people millions of years ago.
Answer:
Charging Sales tax
Explanation:
Merchandising business is the kind of business, that buys or purchases the finished products and then resells them to the customers.
So, the merchandising business could act as a collection agency for the government through charging the sales tax. There is need to remit the government after collecting the tax and when it is done, the business will decrease the cash and the sales tax liability.
And it is the lability to the government until it is remitted by the business.
Answer:
Journal entries for ABC Store's
inventory 38,000
account payable 38,000
to record purchase of 2,000 books
account payable 1,900
inventory 1,900
to record return of 100 damaged books
Explanation:
Requirement 1 journalize ABC Store's
We need to journalize base on ABC store. Assuming perpetual inventory.
ABC purchased 2,000 books at $19 each total 38,000
we increase our inventory for the amount purchased and also declare the liability, as those book were not paid right away
later it return 100 books the cost is $19 each total 1,900
this decrease the ammount due to Rainforest and also decrease the inventory
Joint venture is when two companies ask to do part or full of their job.
