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makvit [3.9K]
3 years ago
13

Required information Accounts receivable are amounts due from customers for credit sales. A subsidiary ledger lists amounts owed

by each customer. Credit sales arise from at least two sources: (1) sales on credit and (2) store credit card sales. Sales on credit refers to a company's granting credit directly to customers. Store credit card sales involve customers' use of store credit cards. Messing Company has their own credit card and makes a credit sale on February 1 to one of its customers for $5,000. Prepare the February 1 journal entry for Messing Company by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns
Business
1 answer:
GarryVolchara [31]3 years ago
4 0

Answer:

Messing company Journal entries for Store Credit Card usage for a Customer

Explanation:

The Journal entries required includes

a. Recognition of the Bank credit advanced via usage of Credit Card (Liability)

b. Recognition of the Customer Account funded by this Credit line (Accounts receivable)

c. Recognition of the Sales created by this credit utilization

Kindly refer to attachment for detailed Journal entries

Download xlsx
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timofeeve [1]

Answer:

Education..

Explanation:

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4 0
3 years ago
What term defines the prescribed forms and practices of appropriate behavior?.
Anastaziya [24]

The term that defines the prescribed forms and practices of appropriate behavior is called etiquette.

<h3>What is etiquette?</h3>

Etiquette are behavior expected to be complied with people. It means acceptable standard of behavior in the society.

Hence, the term that defines the prescribed forms and practices of appropriate behavior is called etiquette.

Learn more about etiquette here : brainly.com/question/5718637

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4 0
2 years ago
Big Tree Lumber has earnings per share of $1.36. The firm's earnings have been increasing at an average rate of 2.9 percent annu
GalinKa [24]

Answer:

The firm's PEG ratio is equal to 5.93

Explanation:

A valuation metric for determining the relative trade-off between the price of a stock, the earnings generated per share (EPS), and the company's expected growth are referred to as the 'PEG ratio' (price/earnings to growth ratio).

Generally, a company with a higher growth rate would have a higher P/E ratio.

PE ratio = Stock price/EPS

             = 23.4/1.36

 PE ratio = 17.205

PEG ratio = PE ratio/ Earning growth ratio

                 = 17.205/2.9

PEG ratio    = 5.93

3 0
3 years ago
Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in most of the United States. Customers order
podryga [215]

Sonic corporation, founded as Sonic drive-In and more generally called Sonic "The force-In," is an American power-in speedy meals restaurant chain owned with the aid of inspire manufacturers, the discern employer of Arby's and Buffalo Wild Wings.

The agency, based by way of Troy N. Smith Sr. (1922–2009), opened its first location in 1953, below the name top Hat drive-In. Initially, a stroll up root beer stand out of doors a log cabin steakhouse selling soda, hamburgers, and hotdogs; Sonic, presently has three,549 locations inside the united states.

The employer's core products include the "Chili Cheese Coney", "Sonic Cheeseburger combo", "Sonic Blasts", "master Shakes", and "Wacky p.c. youngsters food." The organization also has a breakfast menu. although Sonic has operated because the early 1950s, Sonic Corp. incorporated in Delaware in 1990. It has its company headquarters in Oklahoma city; the headquarters building features a dine-in Sonic eating place in an adjacent building. prior to its acquisition by way of encourage manufacturers, its inventory traded on NASDAQ with the symbol SONC. Most eating places are owned and operated with the aid of franchisees. Total 2016 sales were around $100 million with internet profits of $18 million.

Learn more about Sonic Corporation here:-

brainly.com/question/25583824

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4 0
2 years ago
Suppose nominal GDP in 2009 was $100 billion and in 2010 it was $260 billion. The general price index in 2009 was 100 and in 201
ICE Princess25 [194]

Answer:

The real GDP increased by 44%.

Explanation:

The nominal GDP is the measure of economic growth which measures change in output at the current market price.

While, the real GDP calculates the change in output at constant prices. It is inflation adjusted method and does not include change in price level. It purely measures the change in economic output.

The consumer price index = Nominal GDP/Real GDP

In other words, Real GDP= Nominal GDP/consumer price index

Real GDP in 2009=\frac{100}{100}=$1

Real GDP in 2010=\frac{260}{180}=$1.44

So, the GDP growth rate will be, $(1.44-1)*100=44%

4 0
4 years ago
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