Answer:
The correct answer is 14%
Explanation
Year 1: $600,000
Year 2: $684,000
Year 2 ($684,000) - Year 1 (600,000) = $84.000
Method "Rule of three" or Cross multiplication
$600,000------100%
$84,000-------- ?
$84,000 x 100= 8,400,000 then you divide the answer into $600,000
8,400,000/600,000= 14%
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Answer:
The Journal entries with their narration is shown below:-
Explanation:
The Journal entry is shown below:-
1. Account receivable Dr, $29,400
To Sales revenue $29,400
(Being Sales revenue is recorded)
2. Sales return and allowance Dr, $2,200
To Account receivable $2,200
(Being Sales return is recorded)
3. Cash Dr, $26,928
($29,400 - $2,200) × 99%
Sales discount Dr, $272
To Account receivable $27,200
($29,400 - $2,200)
(Being cash is recorded)
