Answer:
Dr Cash account 990
Dr Sales Discounts account 10
Cr Accounts Receivable account 1,000
Explanation:
The total sales discount is 1% x $1,000 = $10
Sales discount is a contra revenue account and since it increases, it should be debited
Cash is an asset account and since it increases, it should be debited.
Accounts receivable is an asset account and since it decreases, it should be credited.
Answer:
It will certainly need to record a credit for 700
That could be an asset accounts (1)
or revenue accounts (2)
Explanation:
There are many ways to do it:
(1)
it could credit another asset.
Invenotry 1200
Account payable 500
Cash 700
the company purchase inventory(asset) It pay 700 right away and the rest later
(2)
It could credit a revenue account
cash 1,200
unarned revenue 500
sales revenue 700
The company receive cash for a customer, but only a partial amount of the job is done, so one part is earned (revenue) adn another one is not (unearned revenue)
Answer:
0 gain ; 72,000 basis
Explanation:
Given that
Outside basis at the end of the year = $112,000
Received a proportionate operating distribution in cash for $40,000
So by considering the above information, the amount of gain or loss is zero as she does not recognized in the distribution and her basis in her partnership interest is the remaining amount i.e
= $112,000 - $40,000
= $72,000
If the owner produce another t-shirt, t<span>he average total costs of production will decrease. This is so, since the cost will be shared by the additional shirt.</span>
