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Nuetrik [128]
3 years ago
13

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:

industrial

Explanation:

Generally companies can focus on producing goods and services for final consumers (B2C market), for other businesses (B2B market) or for the different government levels (public contracts).

In this case, Keystone Foods focuses on business-to-business (B2B) markets since it provides intermediate goods to other companies that later processes them into final goods that are purchased by final consumers.

5 0
3 years ago
Bruce has a credit card that uses the average daily balance method. For the first 9 days of one of his billing cycles, his balan
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Answer:

$31.61

Explanation:

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interest charged = $1,618.39 x 0.063% x 31 days = $31.61

3 0
3 years ago
Tricia had $100,000 in mortgage debt forgiven through a short sale on her principal residence on her Federal income tax return.
lidiya [134]

Answer:

d) $100,000

Explanation:

In answer to this question, Tricia must include $100000 as the amount of the discharge of indebtedness from the disposition of her principal residence when when she is completing her Schedule CA for the year 2019.

We have option d, 100000 dollars as the answer because the ​amount of debt forgiven is known to be taxable.

8 0
2 years ago
Weiland Co. shows the following information on its 2016 income statement: sales = $162,500; costs = $80,000; other expenses = $3
wel

Answer:

The 2016 operating cash flow is $56,905

Explanation:

The computation of the operating cash flow is shown below:

Operating cash flow = Sales - costs - other expenses - depreciation expenses  - taxes + depreciation expense

= $162,500 - $80,000 - $3,300 - $9,000 - $22,295 + $9,000

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7 0
3 years ago
Technician A says a fleet shop is usually connected with either a business that runs multiple vehicles or with equipment that is
saw5 [17]

Answer:

Technician A says a fleet shop is usually connected with either a business that runs multiple vehicles or with equipment that is maintained and repaired in house.

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2 years ago
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