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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.

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In a small town of 100 people, there are 10 children under 16, 10 retired people, 60 people with full-time jobs, 3 people with p
weqwewe [10]

Answer:

C. 13.7

Explanation:

First, we look for the unemployees who seek and want a job

100 people

-10 U-16

-10 retired

-63 employeed

-  7 unemployeed but not seeking for job

10 unemployeed who wants and seeks for a job.

<em>unemployement rate: unemployes / labor force </em>

<u>where:</u>

labor force = employees + unemployees

10 + 63 = 73

unemployement rate = 10/73 = 0.136986 = 0.137

4 0
3 years ago
A(n) ______ is maintained for each financial statement item, whereas a(n) ______ contains all of the accounts of the company.
Svetllana [295]

Answer:

An <u>account</u> is maintained for each financial statement item, whereas a(n) <u>general ledger</u> contains all of the accounts of the company.

Explanation:

Financial statements refers to a statement that that provides formal records of all financial activities and standing of a company or any entity in a structured and easily understandable manner.

For each item of financial statement, an account is kept with the aim of giving a an accurate record of all business activities that are germane to that specific financial statement item.

The purpose of a general ledger is to show individual transactions and resulting account balance of each account of a company as a single collection.

Therefore, an <u>account</u> is maintained for each financial statement item, whereas a(n) <u>general ledger</u> contains all of the accounts of the company.

4 0
3 years ago
Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale c
vova2212 [387]

Answer:

Gross profit earned by the company for each of the four costing methods = Subtraction of Total cost of goods sold from Total Sales

$48,322 - $30,651 = $17,671

Explanation:

Total sales = (330 x 87.4) + (200 x 97.4) = $48,322

Total cost of goods sold overweighted average method = $30,651

Subtract $48,322 from $30,651 to give $17,671 as the gross profit.

In the attached picture, Your will see average costs calculated and the inventory values for March 5, 9, 25, and 29.

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3 years ago
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Answer:D

Explanation:because it seems like it

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3 years ago
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lara31 [8.8K]

Answer: a) increase in the demand for Kindles.

Explanation: the substitution effect for substitute goods gives that, if the price of good A rises, the demand for good B rises. Since a substitute good is a good that can be used in place of another, they are goods that a consumer perceives as similar or are comparable, in such a way that having more of one good causes the consumer to desire less of the other good. From the viewpoint of price, and given that consumers always prefer to spend less in instances where two goods are substitutes, it then means that Kindle can be used and preferred in place of Nooks given that the price of Nooks had gone up. Therefore, increasing the price of Nooks causes a corresponding increase in the demand for Kindles.

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