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zmey [24]
3 years ago
15

MacKenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% servic

e charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be
Business
1 answer:
aksik [14]3 years ago
8 0

Answer:

DR Cash................................................ $172.8 0

DR Credit card expense.......................$7.2 0

CR Sales.................................................................... $180

Explanation:

The bank will deduct a service charge of 4% before remitting the money so;

Cash = 180 * ( 1 - 0.04)

= $172.80

Credit Card expense

= 180 - 172.80

= $7.20

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You have a small business that makes $50,000 accounting and economic profit for you. As a disabled person, you must work at home
kifflom [539]

Answer: This means: "d. Your economic profit has gone down and your accounting profit has stayed the same."

Explanation: The difference between the accounting and economic benefit is associated with the type of cost that each includes:

The accounting benefit is nothing more than the difference between income and cost.  In this case it is still $50000.

The economic benefit includes not only explicit costs. The economic benefit is the difference between income and total costs (explicit and implicit). Therefore, this benefit is less than the accounting benefit. Because in this case the cost of working at home is considered.

5 0
3 years ago
10. Barbara Inc. is working on its cash budget for June. The budgeted beginning cash balance is $16,000. Budgeted cash receipts
katrin [286]

Answer: $17,000

Explanation:

Given that,

Budgeted beginning cash balance = $16,000

Budgeted cash receipts total = $188,000

Budgeted cash disbursements total = $187,000

Desired ending cash balance = $40,000

The excess (deficiency) of cash available over disbursements for June will be:

= Beginning cash balance + Cash receipts - Cash disbursements

= $16,000 + $188,000 - $187,000

= $17,000

5 0
2 years ago
Difference between bookkeeping and accounting in table​
Sladkaya [172]

Answer:

Bookkeeping is related to the recording measuring, and finding the financial data of a company and Accounting is the process where in the company's financial data is summarized, and a report is prepared for the same.

Explanation:

hope this will help you

3 0
2 years ago
A study examining the performance of numerous assets from the United States and around the world confirms that a. U.S. equities
antoniya [11.8K]

Answer:

d. beta did a better job of explaining the returns than standard deviation

Explanation:

Beta measures the systemic risk associated with the particular investment, it do not compute the total risk associated, which is more  logical.

Standard deviation computes the total risk associated.

Some risk is natural, like the risk of floods, natural calamities, earthquake, etc:

That risk shall not counted as for comparison as that is associated universally. Further, the risk associated with particular factors like bankruptcy of a company, or some legal case issue of a company are precisely described by beta coefficient.

Thus, beta provides better details about explaining the returns.

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2 years ago
Jon enjoys fishing (which costs $20) and golf (which costs $30). last month, jon fished four times and golfed twice. the last fi
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He did maximize the utility <span>according to the utility maximization rule</span>.

6 0
3 years ago
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