1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
miv72 [106K]
3 years ago
9

In January 2021, Summit Department Store sells a gift card for $50 and receives cash. In February, 2021, the customer comes back

and spends $20 of the gift card to purchase a water bottle. What would be the appropriate journal entry for the sale of the gift card in January?
Business
1 answer:
r-ruslan [8.4K]3 years ago
7 0

Answer:

cash 50 debit

 unearned revenue 50 credit

Explanation:

The sale of the gitf card is done in january. The information of February's transaction is not relevant to decide how to record this sale.

The sales was in cash, so the company receive cash, this account will increase by 50.

Also the company will recognize the unearned revenue, this is not earned yet. It will be earned when redeemed.

You might be interested in
Name any three (3) tests that Hornbill Holdings can use to assess the graduates
nadya68 [22]

Three tests that can be used to assess graduates include:

  • Skills and knowledge psychometric tests.
  • Ability and aptitude psychometric tests.
  • Personality tests.

<h3>What are some tests that can be used to test graduates?</h3>

A skills and knowledge psychometric test will allow Hornbill Holdings to find out how knowledgeable a graduate is in their industry and its processes.

They can also use an ability and aptitude test to find out how adaptive the graduate is to new situations.

Personality tests can then find out if the graduate has the right type of personality for the culture at Hornbill Holdings.

Find out more on graduate testing at brainly.com/question/16321787.

5 0
2 years ago
A person is planning to open a savings account with the intent to buy a house in 5 years. They will invest an equal amount each
lisov135 [29]

Answer:

The correct answer is C: $4300

Explanation:

Giving the following information:

They will invest an equal amount each month for 5 years.

This account will earn 6% per year(0.5% per month)and will have $300,000 at the end of the 5-year term

We need to use the following formula:

final value= {A[(1+i)^n-1]}/r

A= cuota

i= monthly interest

n= 60 months

Isolating A:

A= (FV*i)/[(1+i)^n-1]

A= (300000*0.005)/[(1.005^60)-1]

A= 1500/0.34885= 4300

3 0
3 years ago
Hemmer Company reported net income for 2016 in the amount of $43,000. The company's financial statements also included the follo
LenKa [72]

Answer:

C. $49,600.

Explanation:

We can find the net cash provided by operating activities using the information given to us in the question. We will start from net income which is $43,000 and then add 5,800 to it because it is a current asset which is decreasing which means that the company received cash for it, then we will subtract 1,900 because it is an increase in inventory and we assume the company paid cash for it because there are no increase in accounts payable, and then we will add 2,700 because depreciation is a non cash expense, therefore we will add it back when we calculate the cash provided by operating activities.

43,000+ 5,800-1,900+2,700=49,600

4 0
3 years ago
(Learning Outcome 2) Watson Plumbing performed plumbing services for ABC Daycare on account for $565. How will this transaction
Strike441 [17]

Answer:

ABC Daycare

Effect of Performing Plumbing Services on account on the Accounting Equation:

Assets (Accounts receivable) will increase by $565 and Equity (Retained Earnings) will equally increase by $565

Explanation:

a) Data and Analysis:

Accounts receivable $565 Service Revenue $565

The accounting equation that equals assets to liabilities and equity is always true at all times and with every correctly posted transaction.  It implies that assets are financed through the contributions made by either the owners (equity) or the creditors (debts), or a combination of the two.  This equation forms the basis for the double-entry system of financial accounting.

7 0
3 years ago
Which of the following represents a business process you would find in the Operations Management departmenta. rdering inventoryb
Rudik [331]

Answer:

a. Ordering inventory.

Explanation:

Operation management is an adminstration job for designing, producing, controlling and delivering the goods and service to the end user with highest use of efficiency within the organization. This help the organization to maximize the profit with optimum utilization of resources. Inventory management is also part of operations management, wherein inflow and outflow of inventory are managed, which include storage, ordering, labeling, issuing, withdrawing etc.

6 0
3 years ago
Other questions:
  • Studying and analyzing others’ speeches help us to be better:
    7·1 answer
  • If the selling price is $22 per unit, what is the contribution margin per unit sold? (round your answer to 2 decimal places.)
    5·1 answer
  • At Nanclet, a market research firm, whenever a particular team needs to hire people, the human resource (HR) department conducts
    12·1 answer
  • American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed const
    7·1 answer
  • Investors in middle management are most likely to be investing because they're
    9·2 answers
  • 1. Explain the characteristics of business.​
    13·1 answer
  • The electronic invoicing and payment (EIPP) system for the B2B environment is similar to the electronic bill presentment and pay
    11·1 answer
  • The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales
    13·1 answer
  • A bank is negotiating a loan. The loan can either be paid off as a lump sum of $100,000 at the end of five years, or as equal an
    9·1 answer
  • If the federal government requires the State of Oklahoma to install concrete barriers which line a road leading into a federal m
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!