Answer:
c. Debit to Bank Credit Card Sales, debit to Credit Card Expense, and a credit to Sales
Explanation:
The journal entry is shown below:
Bank credit card sales A/c Dr XXXXX
Credit card expense A/c Dr XXXXX
To Sales A/c XXXXX
(Being the sales is recorded via bank credit cards)
As the credit card has some expense so we debited the credit card expense along with the bank credit card sales and credited the sales as it is revenue which is to be credited
<span>To first solve this problem, we have to set up ratios based on the data given. First, we know that the dishwasher use rate is 700 watts/run. Next, we know 1 hr/run. Finally, we know there are 150 runs/year. To calculate how much energy per year, we arrange the ratios to give a final answer of watts/year. Doing this we get the following: 150 runs/year * 700 watts/run = 105,000 watts/year which is also equal to 105 kw/year. The ration of 1 hour per run does not make a difference in this question and is not needed for the final answer.</span>
Answer: A. Wages or rent
Explanation: A business partnership is an association of two or more people to conduct a business. The partners pool their funds and also partake in profits or losses that might result in running the business. The contract of a partnership that states that one exist could be express or implied, written or oral.
Generally, the receipt of profits from a business is evidence of a partnership. However, when it is repayment of a debt, wages, rent, or an annuity that is received as a share of profit, such transactions do not lead to a legal inference that a partnership exists since they are considered “protected relationships”. Therefore, evidence of sharing profits is prima facie evidence of partnership existence unless the profits are wages or rent.
Answer:
$7,000,000
Explanation:
Donor imposed restrictions can be temporary or perpetual; the $5 million in shares are restricted and should only be used for a building and the rest ($2 million) must be kept and their dividends should be used for current operations.
The whole $7 million have restricted uses, therefore they should all be reported as assets with donor restrictions.
