Answer:
b. Exclusive right to sell
Explanation:
-Net listing is when the agent is able to keep the difference when a property is sold for more than the asking price.
-Exclusive right to sell is when the seller gives the agent the right to market the property and accepts to pay the comission to the agent if the property is sold during the period of the listing.
-Open listing is when a property has different agents and the one that gets the buyer receives the comission.
-Exclusive agency is when the seller gives an agent the right to market a property but the seller is able to sell the property to a buyer that was not found by the agent and in that case, the seller doesn't have to pay the comission to the agent.
According to this, the answer is that the type of agreement that assures that a broker will receive compensation regardless of who procures the buyer is exclusive right to sell because the agent is granted the right to sell the property and the seller agrees to pay the comission if the property is sold during the time of the listing last and it doesn't matter who finds the buyer.
Tax progressivity refer to a system in which individuals earn more pay higher taxes.
United States taxation system is considered tax progressive, individuals who earned up to $ 8,375 fell to the 10% tax bracket, meanwhile those who earn more than $ 373,650 fall to the 35 % tax bracket
Answer:
The correct journal entry to record the payment on July 12 is:
Debit Accounts Payable $1,700
Credit Merchandise $34
Credit Cash $1,666
Explanation:
Credit terms of 2/10, n/30 means that 2% discount for the payment within 10 days and the full amount to be paid within 30 days.
On July 5:
Debit Merchandise $2,000
Credit Accounts payable $2,000
On July 7:
Debit Accounts payable $300
Credit Merchandise $300
On July 12, the company pays and takes the appropriate discount:
2% x ($2,000 - $300) = $34
The company uses a perpetual inventory system, and records purchases using the gross method.
The journal entry to record the payment:
Debit Accounts Payable $1,700
Credit Merchandise $34
Credit Cash $1,666
