Answer:
$1,114.86
Explanation:
$1,000 in a 3 year CD
total amount received if CD cashed on maturity = $1,000 x (1 + 4%)³ = $1,124.86
total interest = $1,124.86 - $1,000 = $124.86
penalty = interest for 3 months = 4% x 3/12 = 1% ⇒ $1,000 x 1% = $10
total money received = principal + earned interest - penalty = $1,000 + $124.86 - $10 = $1,114.86
Answer:
1. Blossom Company Journal entry
April 10
Dr cash$35,175
Cr Sales $33,500
Cr Sales tax $1,675
2. Oriole Company Journal entry
April 15
Dr Cash $25,970
Cr sales $24,500
Cr Sales tax $1,470
Explanation:
1. Blossom Company Journal entry
April 10
Dr cash ($33,500+$1,675) $35,175
Cr Sales $33,500
Cr Sales tax $1,675
2. Oriole Company Journal entry
April 15
Dr Cash $25,970
Cr sales ($25,970/1.06) $24,500
Cr Sales tax $1,470
($25,970-$24,500)
Answer:True
Explanation:
Because in any accounting rules, debit the receiver, credit the giver.
Debit what comes in, credit what goes out.
Debit all expenses and losses, credit all incomes and gains.
Paying the minimum interest on an account balance leads to paying the most in interest because you will make the payments over a longer period of time. The sooner you get the balance paid off, the less amount of interest you will pay. Interest stacks on top of each other over the length of time to pay the debt off.
Machinery and machine quipment also buildings