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Aloiza [94]
3 years ago
7

MacKenzie Company sold $300 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.5% serv

ice charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be: Multiple Choice Debit Cash $295.50; debit Credit Card Expense $4.50 and credit Sales $300. Debit Accounts Receivable $300 and credit Sales $300. Debit Cash of $300 and credit Sales $300. Debit Cash $295.50 and credit Sales $295.50.
Business
1 answer:
Arlecino [84]3 years ago
3 0

Answer:

The journal entry to record the sale transaction would be to "debit cash $295.50; debit credit card expense $4.50 and credit sales $300"

Explanation:

The credit card expense of $4.5 ( i.e, Sales of Merchandise <em>$300</em> multiplied by Bank service charge deduction <em>1.5%</em>) is a loss.

Therefore, It should be debited.

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After a business meeting with a prospective client holly took the client to dinner and the theatre. holly paid $290 for the meal
Mumz [18]

In this instance, Holly would be able to deduct all of these expenses if she is not reimbursed from her employer.

5 0
3 years ago
Percentage analysis, ratios, turnovers, and other measures of financial position and operating results are a. a substitute for s
Kazeer [188]

Answer:

b. useful analytical measures.

Explanation:

All of the financial measures described in the question are all useful analytical measures used in many big companies. The more tools a company can use for their analytics the better and more accurate the results will be. Better and more accurate results then lead to better decisions on what direction to take the company.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

8 0
3 years ago
Mission Company is thinking of discontinuing product line F because it is reporting an operating loss. All fixed costs are unavo
Ierofanga [76]

Answer:

Operating income will decrease.

Explanation:

The company's operating income is dependent on the production lines and in the short run the company might be cutting its expenses and losses by shutting down the production line but cutting a part of the company which can produce revenue is never a solution rather the company checks how they can cut down their expenses as they have unavoidable fixed expenses by this action it will seem that they will cut $21000 rental expense only and how much revenue will they will actually loose? a lot.

The company can even adjust on the space they rent or move t a cheaper cost and also work on the expenses that are unavoidable to decrease them and maximize on getting more revenue.

4 0
3 years ago
Interest may be capitalized: Multiple Choice On self-constructed assets from the date an entity formally adopts a plan to build
Mandarinka [93]

Answer:

On self-constructed assets from the date an entity formally adopts a plan to build a discrete project.

Explanation:

Capitalized interest is an accounting practice required under the accrual basis of accounting. Capitalized interest is an interest that is added to the total cost of a long-term asset or loan balance. This makes it so the interest is not recognized in the current period as an interest expense.

Capitalization is the addition of unpaid interest to the principal balance of your loan. The principal balance of a loan increases when payments are postponed during periods of deferment or forbearance and unpaid interest is capitalized.

7 0
3 years ago
Suppose that when the Fed decreases the money​ supply, households and firms initially hold less money than they want​ to, relati
solmaris [256]

Answer:

The correct answer is A

Explanation:

When Fed decreases the money supply in the market, then there prevails the shortage of the money at the prevailing rate of interest. So, the interest rate need to be increased in order to dissuade people from holding the money. Therefore, the households and the firms will sell the treasury bills and other kind of financial assets by decreasing the prices and which lead to increase in the interest rate.

3 0
3 years ago
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