Answer:
The question is incomplete. The multiple choice options are missing. In any case, the answer for the adjusting entry is as follows:
Debit Accounts Receivable $600
Credit Sales Revenue $600
Explanation:
Financial transactions must be reported in the period they occur, this is encapsulated by the matching principle in accounting. It is done so as to reflect accurate information in the year end financial statements. The sales occurred during the current financial period and should be recorded as such by crediting the sales revenue account. This adjustment to the financial records is allowed to reflect accurate information regarding the transactions that occurred IN the period these transactions occurred. The accounts receivable/debtors' account is debited as the customer who received the catering services is a debtor to I.M. Greasy. The bill should be sent to the debtor to notify them of their payment obligation to I.M. Greasy at year end. Since the amount has not been received at year end from the customer, it cannot be recorded as a cash asset, rather, it is acknowledged as a debt asset.
Answer:
The net cost equivalent for the discount 25/10 is 0.675.
Explanation:
- Net cost equivalent is the total amount in percentage that should be paid by customer after deducting the discount amount from the list price.
- TDS is the short form fro tax deducted source. The process for calculation of TDS is:
- Here the discount is given as: 25/10 so,
- Calculate (1-0.25) is equals to 0.75.
- And (1-0.10) is equals to 0.90.
- Using the formula as TDS : (1-0.25) × (1-0.10)
- We get TDS as 0.675.
They will fall too. Hope this helps
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