Answer:
Explanation:
May 3
Dr merchandise inventory 27,000
Cr Cash 27,000
May 5
Dr Accounts receivable 19,500
Cr Sales 19,500
May 5
Dr COGS 13,500
Cr Merchandise inventory 13,500
May 7
Dr Sales returns and allowances 1,950
Cr Accounts receivable 1950
Dr Merchandise inventory 1350
Cr COGS 1350
May 8
Dr Sales returns and allowances 750
Cr Accounts receivable 750
May 15
Dr Cash 16464
Dr Sales discount 336
Cr Account receivable 16800
19500-1950-750 = 16800
16800*2% = 336
Answer: Debit Supplies
Credit Cash
Credit Accounts payable.
Explanation:
The journal entry is an act of making records of the transactions in an organization which shows the debit and credit balances of the company.
Based on the information given, since General Electric bought supplies in the amount of $1,500, the journal entry will be:
Debit Supply $1500
Credit Cash / Accounts Payable $1500
Answer:
time = 4 year
Explanation:
given data
pay each month = $80
Credit card balance = $2,818
annual finance rate = 15.9%
solution
we get here time period that is express by as
Monthly payment = 
............1
put here value and we get
80 = 
solve it we get time t
t = 48 month
time = 4 year
Answer:
a. Accumulated Depreciation is used to reveal the value of the related asset on the date of the balance sheet.
Explanation:
"Accumulated depreciation is the total amount an asset has been depreciated up until a single point. Each period, the depreciation expense recorded in that period is added to the beginning accumulated depreciation balance. An asset's carrying value on the balance sheet is the difference between its historical cost and accumulated depreciation. At the end of an asset's useful life, its carrying value on the balance sheet will match its salvage value."
Reference: Tuovila, Alicia. “Accumulated Depreciation Definition.” Investopedia, Investopedia, 18 Oct. 2019
Answer:
Brett's outside tax basis in his LLC interest = $48,000
Explanation:
As per the data given in the question,
Cash = $6,000
Adjusted basis of building = $32,000
Debt of building = -$37,000
50% profit sharing ratio × $52,000 = $26,000
Now recourse mortgage - adjusted basis = ($37,000-$32,000)
= $5,000
Remaining mortgage on building = 50% × $32,000
= $16,000
Brett's outside tax basis in his LLC interest = $48,000
