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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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Branch Corporation issued $12 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance a
siniylev [52]

Answer:

1                   Cash                                                     11,190,000

                      Discount on Note Payable                810,000

                       Note Payable                                          12,000,000

2-                 Interest Expense                                   810,000

                          Discount on Note Payable                    810,000

3-                  Note Payable                                       12,000,000

                           Cash                                                     12,000,000

Explanation:

In order to pass the Journal entry for issuance of Note Payable. First we need to calculate the Discount on issue of Bond Payable. The discount on note payable is calculated using the 12,000,000 x 9% x 9/12 = 810,000. In case of note payable is discount is interest expense for issuer hence on due corporation will pay full value of note to purchaser of note.

8 0
3 years ago
Giada is at an extracurricular activity fair for her high school and is trying to decide which clubs to join. Her hobbies includ
Lesechka [4]

Answer:

Giada should join FEA.

Explanation:

5 0
2 years ago
When examining the​ Fed's balance​ sheet, in most​ periods, the two most important assets ​are: A. U.S. Treasury securities and
Allushta [10]

Answer: D. U.S. Treasury securities and Discount loans to banks.

Explanation: When examining the​ Fed's balance​ sheet, in most​ periods, the two most important assets ​are U.S. Treasury securities and Discount loans to banks. The Fed's balance sheet balance sheet includes a large number of distinct assets and liabilities containing a great deal of information about the scale and scope of its operations. Of these assets the U.S. Treasury securities and Discount loans to banks are paramount.

U.S Treasury securities are such as bills, notes and bonds issued by the U.S. government viewed as having virtually no credit risk. As such, they are debt obligations of the U.S. government.

Discount loans to banks are direct short term loans provided to banks by the Fed to meet temporary shortages of liquidity caused by internal or external disruptions.

5 0
3 years ago
a broker enters into a listing agreement with a seller. the seller advertises and negotiates a sale contract on the house. at cl
Aliun [14]

A listing agreement is a contract between the property proprietor and the estate broker. The listing agreement must have been an exclusive right to sell.

<h3>What is Exclusive Right-to-Sell Listing Agreement?</h3>

An Exclusive Right-to-Sell Listing Agreement is one of the types of listing agreement that is a contract signed by the broker and the owner. The broker acts as an agent that has been involved in sales.

The owner has to pay a commission to the broker even if the sales were not through the agent during the time period of the contractual agreement. The property in the time period cannot be listed with another broker.

Therefore, the listing agreement is Exclusive Right-to-Sell.

Learn more about exclusive right-to-sell, here:

brainly.com/question/14364124

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6 0
2 years ago
Hi-Tek is a young start-up company. No dividends will be paid on the stock over the next 9 years, because the firm needs to plow
Elza [17]

Answer:

The price of the stock today is $16.83

Explanation:

The current price per share can be estimated using constant growth model of  the DDM. The price per share can be calculated using the following formula,

P0 = D1 / r - g

To calculate the price today, we use the dividend expected for the next period. Thus, using the dividend that will be paid at t=11 or D11, we can calculate the price of the stock at t=10. We further need to discount this price using the required rate of return for 10 years to calculate the price of the stock today.

P10 = 6 * (1+0.04)  /  (0.14 - 0.04)

P10 = $62.4

The price of the stock today will be,

P0 = 62.4 / (1.14)^10

P0 = $16.83

8 0
2 years ago
Read 2 more answers
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