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artcher [175]
3 years ago
9

Name the accounts debited and credited for each of the following transactions.

Business
1 answer:
kumpel [21]3 years ago
6 0

Answer:

Explanation:

In this the golden rules of accounting applies, debit the receiver, and credit the giver, debit all expenses and credit all incomes and gains.

1. The journal entry is

Accounts Receivable A/c Dr

   To Revenue

(Being work performed is recorded)

2. The journal entry is

Cash A/c Dr

   To Accounts Receivable

(Being cash received from customer is recorded)

3.The journal entry is

Office supplies A/c Dr

   To accounts payable

(Being office supplies purchased on credit )

4.The journal entry is

Gasoline A/c Dr

   To Cash

(Being  purchase of gasoline is recorded)

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Julli [10]

Answer:

D). Customers find it more comfortable to shop and easier to return unwanted items.

Explanation:

Electronic retailing or e-tailing offers the sale and purchase of goods and services online/internet while traditional mortar retailing proposed the goods and services to the customers through a street-side market and face-to-face medium. There are numerous advantages of the upheaval of online retailing like it offers convenient, and quick access to the stores at any time from any place of the world having internet. It saves the traveling time of the consumers and also reduces the infrastructural costs and develops competitiveness. Thus, as per the question, the option that does not display an advantage of e-tailing is option D as a return in brick-and-mortar was more convenient than e-tailing.

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3 years ago
El Toro Corporation declared a common stock distribution to all shareholders of record on June 30, 20X3. Shareholders will recei
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Answer:

This distribution is not taxable since Raoul is not earning any money at all (dividend income = $0), but the tax basis on the stocks that he holds will vary.

Before the distribution, Raoul had 310 shares, each share with a $60 tax basis. After the distribution, Raoul will have 465 shares, each share with a $40 tax basis.

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3 years ago
A company purchased inventory for $ 2 comma 000 from a vendor on​ account, FOB shipping​ point, with terms of 2​/10, ​n/30. The
Flauer [41]

Answer:

Inventory would be 1, 768

Explanation:

2,000  goods

 +200  freight-in (A)

  -400  returned goods

 <u>   -32 </u> discount (B)

1, 768 net amount for inventory

<u>Notes:</u>

(A) The freight-in will be included in the inventory, as is a cost needed to have the inventory in the company's possession and be ready to use or sell.

(B) goods x discount rate

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discount for payment within 10 days 2%

Discount on purchase: 1,600 x 2% = 32

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Art, Inc., has 2,500 shares of 5%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock out
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Answer:

The amount of dividend received by common stockholders in 2017 = $7500

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The preference shares are cumulative which means the 2015 dividend on cumulative preference shares will be paid in the next year when dividend is declatred.

The total dividend on preference shjares is = 2500 * 100 * 0.05 = $12500

In 2016 dividend of 22500 is declared and paid.

Out of this 22500, 12500 relates to prefernece dividend for 2015.

The remaining 10000 relates to 2016 preference dividend. Thus, 2500 of 2016 preference dividned is outstanding and will be paid in 2017.

In 2017 out of 22500, 15000 (12500 + 2500) dividendd is paid to preference share holders.

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