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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)

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Answer:

D. Conviction of a felony.

Explanation:

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3 years ago

Based on your understanding of the how these firms differ, identify which of the following are factors that affect multinational

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Answer:

Language differences that make communication challenging among employees and managers.

Cultural diversity that affects the code of conduct of business.

Explanation:

Multinational firms are firms that operates and transact business activities outside their country of incorporation.

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Language differences as different ethnics and culture are involved ,brings a challenge in communication between employees and manager. Citizen of a francophone nation will struggle to communicate with another from an anglophone country.

Another challenge as mentioned in the question is that the code of conduct could be also be affected due to cultural diversity.

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3 years ago

Kelsey wants to buy some bananas. one grocery store sells them at 2 pounds for $0.89. another store sells them at 3 pounds for $

MAVERICK [17]

<span>Too find he lowest units price you divide the price per pound by the number of pounds. At the first store it is roughly 44 cents per unit. The second store is about 33 cents per unit. The lower unit price is 33 cents per pound at the second store.</span>

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3 years ago

Under which conditions is price elasticity of supply relatively elastic or relatively inelastic?

Ulleksa [173]

Answer:

1. Firms are operating in the short run - relatively inelastic

2. Firms would have a hard time storing their goods - relatively inelastic

3. Firms have a large amount of excess capacity - relatively elastic

4. Firms can easily relocate from one location to another - relatively elastic.

Explanation:

The price elasticity of supply is less in the short run than in the long run. In the short run supplier does not have enough time to adjust the production level so supply is inelastic. The firms facing hard to store their goods then the supply is inelastic. If the firm has spare capacity available then the supply is relatively elastic because supplier can produce more if the demand is greater. The mobility factor also effects elasticity, if firm can easily relocate itself then the supply is elastic.

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3 years ago

During 2021, its first year of operations, Pave Construction provides services on account of $124,000. By the end of 2021, cash

7nadin3 [17]

Answer:

The adjusting entry for uncollectible accounts on December 31, 2021:

Debit Bad debts expense $9,600

Credit Allowance for uncollectible accounts $9,600

Explanation:

During 2021, Pave Construction provides services on account of $124,000. By the end of 2021, cash collections on these accounts total $92,000.

The balance of uncollected accounts on December 31, 2021 = $124,000 - $92,000 = $32,000

Pave estimates that 30% of the uncollected accounts will be uncollectible.

Estimated uncollectible = 30% x $32,000 = $9,600

The adjusting entry for uncollectible accounts on December 31, 2021:

Debit Bad debts expense $9,600

Credit Allowance for uncollectible accounts $9,600

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3 years ago