The answer for this statement is TRUE
Answer:
B.
Explanation:
Credit card is one of the most common way of making payment while a customer purchases anything in the market. The credit card company charge an amount that is payable by the seller.Thus, it is an expense for the one selling the product.
Given:
Credit card fee: 2%
Sales = $2,700
Credit card charges can be calculated as:
Credit card charges = Sales*Credit card fee
Credit card charges = $2,700*2%
Credit card charges = $54
Now, credit card charge is an expense so it will be debited. The amount is yet to be received so accounts receivable will also be debited. The revenue has been earned so it will be credited.
Thus, the journal entry for the given transaction has been attached below:
Question Completion:
Each year, Tom and Cindy Bates (married filing jointly) report itemized deductions of $20,000 (which includes an annual $4,000 pledge payment to their church). Upon the advice of a friend, they do the following: In early January 2019, they pay their 2018 pledge; during 2019, they pay the 2019 pledge; and in late December 2019, they prepay their 2020 pledge. a. What are the Bateses trying to accomplish? To have their itemized deductions exceed the standard deduction . b. What would the Bates' total itemized deductions be if all three church pledge payments were made in 2019?
Answer:
The Bates' total itemized deductions would be $20,000 if all three church pledge payments were made in 2019 (including $12,000 for the three years in church pledges and another $8,000 for other deductions).
Explanation:
It is assumed that the Bates' Adjusted Gross Income for 2019 is within the range of $100,000 to $200,000, which enables them to make charitable contributions up to $4,155 per annum. Since taxation uses the cash basis, it is possible for the Bates to claim the $12,000 cash in pledges for the current year when payment is made in the year.
Answer: E
Explanation: managers to be well grounded in basic researcj so that they’ll be to do research for themselves ,make competent decisions on whether to make or 'buy' research from researchers outside the firm, be ble to define their own needs and form researchable questions for the specialist and Judge the logic of a research approach.
