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Vaselesa [24]
3 years ago
15

Cash sales rung up by cashiers totaled $120,500. Cash in the drawer was counted and found to be $126,000. The journal entry to r

ecord the day's sales would include a:
Business
2 answers:
Mama L [17]3 years ago
6 0

Answer:

credit to Cash Overage for $5,500.

Explanation:

When sales are made and cash is received, the normal entries to be passed are a debit to cash and a corresponding credit to sales revenue to recognise the revenue earned from sales.

However when there is an overage in cash the excess funds are moved to an overage account pending resolution of the discrepancy. When the error is identified reversal entries are passed to assign finds to correct source. If however the error cannot be detected the amount is considered an income.

The overage in this case is 126,000- 120,500= $5,500

So the entry to be passed is

Credit Cash Overage $5,500

Note Cash Overage is an income account.

blagie [28]3 years ago
3 0

Answer:

Credit to Cash Overage for $5,500

Explanation:

Revenue total is $120,500 so the revenue will be recorded by this amount and the cash is $126,000 so it will also recorded by the same amount. An additional credit entry will be placed to reflect the effect of this transaction.

The journal entry to record the day's sales would include

Debit     Cash                  $126,000

Credit    Cash Overage  $5,500

Credit    Sales                 $120,500

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Vesnalui [34]

Based on the information the amount of penalty that Victoria will have to pay is $850.

<h3>Penalty amount:</h3>

Using this formula

Penalty amount=(Tax return×Tax rate)×2

Where:

Tax return=$8,500

Tax rate=5%

Let plug in the formula

Penalty amount=( $8,500 x 5%) x 2

Penalty amount=$425×2

Penalty amount=$850

Inconclusion the amount of penalty that Victoria will have to pay is $850.

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8 0
2 years ago
The cost of resources and using more efficient are two factors that affect the supply of a product
Art [367]

I DONT KNOW DUGHHH ONE TWO THREE OH IT NOT MATH ZOWWRY

6 0
3 years ago
Jordan, Inc., holds 75 percent of the outstanding stock of Paxson Corporation. Paxson currently owes Jordan $400,000 for invento
Marat540 [252]

Answer:

Because this is an inter-entity balance then the amount that should be eliminated of this debt is the letter D. all the $400,000.

Explanation:

Inter entity balance facilitates the management of allocations and transfers between entities. They provide a better control over transactions spanning multiple entities, other benefit is that the accuracy of the financial data improves and finally and this is why the anser is option D. is that it keeps each entity in balance

4 0
3 years ago
On October 1, Vista View Company rented warehouse space to a tenant for $3,600 per month. The tenant paid five months' rent in a
Damm [24]

Answer:

The adjusting entry needed on December 31 is:

Debit Unearned Rent revenue $10,800

Credit Rent Revenue $10,800

Explanation:

Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.

The tenant paid five months' rent in advance on October 1. From October 1 to December 31, Vista View Company had rented warehouse space to a tenant for 3 months.

The adjusting entry needed on December 31 is:

Debit Unearned Rent revenue $10,800  ($3,600 x 3 = $10,800)

Credit Rent Revenue $10,800

7 0
3 years ago
If the annual growth rate in Real GDP is 4 percent, then it will take 25 years for the economy to double in size.
AVprozaik [17]

Answer:

False

Explanation:

The growth of 4% for 25 years would nominally signify a 100% increase and you might think that the economy has double its size. But you must take into account that’s this is a compound growth then the economy would reach the double of its size before 25 years.  

Think that he initial size of the economy is 10 and it grows 4% then an annual growth will be 10,4 now the compound grow is adding up 0,4 to the initial size of 10. Then you recalculate a growth of 4% for the second year this means 10.816 grow.  

If you notice the extra 0.016 increase for the second year is the effect of calculating the 4% increase based on the previous size 10 plus 0.4.

5 0
3 years ago
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