All categories

3 years ago

A customer purchases $340 worth of merchandise from The GAP using a gift card. What is the journal entry The Gap records?

Business

1 answer:

OLga [1]3 years ago

6 0

Answer:

Option (d) is correct.

Explanation:

Given that,

Customer purchases $340 worth of merchandise from The GAP using a gift card.

A gift card is having an amount of money that is used by the gift card holder for the purpose of purchasing goods. So, in the books of GAP, the value of gift card is debited as an unearned revenue and the sales revenue is credited.

The journal is as follows:

Unearned revenue A/c Dr. $340

To sales revenue A/c $340

(To record the merchandise sold for a gift card)

You might be interested in

Select the correct text in the passage. Which sentence describes a cooperative organization? Cohen and his friends work in a coo

frutty [35]

Answer:

They own and control the functions of the organization.

Explanation:

A cooperative is owned by the total of their affiliates who are the direct users of it. This means that if you want to use the cooperative you must be an owner/affiliate.

6 0

3 years ago

The Oriole Acres Inn is trying to determine its break-even point during its off-peak season. The inn has 50 rooms that it rents

vfiekz [6]

Answer:

Break-even point in units= 402 rooms a month

Explanation:

Giving the following information:

The inn has 50 rooms that it rents at $100 a night. Operating costs are as follows:

Salaries $7,500 per month

Utilities $1,500 per month

Depreciation $1,300 per month

Maintenance $1,760 per month

Maid service $24 per room

Other costs $46 per room

First, we need to calculate the total fixed costs and the unitary variable cost.

Total fixed costs= salaries + utilities + depreciation + maintenance

Total fixed costs= $12,060

Unitary variable cost= 24 + 46= $70

To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 12,060/ (100 - 70)

Break-even point in units= 402 rooms a month

8 0

3 years ago

Increasing sales without changing the original product

solmaris [256]

Dropping prices
Increased advertising
Comparing yours to competitors

5 0

3 years ago

Which of these is NOT a safe skill to employ in the presence of road workers?

QveST [7]

Answer:

C. Drive at the posted speed limit

Explanation:

The answer choices for this question are:

A. Keep alert and watch out for construction barrels or cones

B. Slow down even if you don't think you'll hit a road worker

C. Drive at the posted speed limit

D. Keep as much distance as you can while navigating around them

Since the conditions of the road are not the best, you should drive below the posted speed of limit.

The only presence of workers on the road represent a risk for them and for you.

The number of lanes are reduced, the road could present potholes, dirt, stones, or even some substances that make the pavement slippery. You could not have good visibility.

All those risks make that you have to be extremely careful, reduce your speed, lower than than the posted speed limit.

Thus, you should:

A. Keep alert and watch out for construction barrels or cones

B. Slow down even if you don't think you'll hit a road worker

C. NOT drive at the posted speed limit

D. Keep as much distance as you can while navigating around them

8 0

3 years ago

The study of how to increase the amount of available resources and create conditions that will make better use of these resource

Tcecarenko [31]

Answer:

The correct answer is: Resource development.

Explanation:

Resource development refers to the study of how to optimize the limited resources individuals have to satisfy their needs or that companies possess to manufacture their products. Resource development implies the analysis and implementation of practices that will lead to the effective allocation of resources to maximize the output benefit.

3 0

3 years ago