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maks197457 [2]
3 years ago
9

A sales associate is preparing a seller's net statement. She estimates a closing date of June 26. Taxes are estimated at $4,360

and interest for June is $3,540. If she rounds to the nearest $100, which entries should she make on the statement?
Business
1 answer:
ad-work [718]3 years ago
4 0

Debit the profit and loss account by  $7600 and credit taxes by $4,360 and also credit Interest account by $3,540

Explanation:

Here, a sales associate prepares sellers net statement .,even it is a estimated statement .,but the date on June 26  it is a current statement

                              Accounting statement on June 26

Profit and loss account                $7600 (debit)

            To Taxes                                                 $4,360  (credit)

            To Interest                                               $3,540  (credit)

(being the amount allotted for Taxes and Interest)

Note:

Hence .,the total of taxes and interest itself appears as a rounded one .,so we need not make the amount to the nearest $100.

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