Answer:
Explanation:
The journal entries are shown below:
a. Account receivable A/c Dr $27,720
To Sales revenue A/c $26,400
To Sales tax payable A/c $1,320 ($26,400 × 5%)
(Being the credit sales is recorded)
b. Cash A/c Dr $27,195
To Sales revenue A/c $25,900 ($27,195 × 100 ÷ 105)
To Sales tax payable A/c $1,295
(Being cash sales is recorded and the remaining balance is credited to the sales tax payable account)
Answer:
Stengel Co. is in a contract to perform maintenance service for Laplante Inc. The revenue accounted for the first 2 years will be $100,000 per year, which when received in cash, will be credited to Laplante's account in the books of Stengel. However, in the third year, with the modification of the contract revenue, the disclosure will be done for $100,000 only, with a debit to Contract.
Modification Costs, aggregating $ 20,000, which anyways needs to be expensed off. The amount to be received from Laplante Inc. at the end of the third year in cash, which will be credited to their account, will total $80,000 only.
Free trade refers to a situation in which a government does not attempt to restrict what its citizens can buy from or sell to another country.
<h3>What is Free trade?</h3>
A free trade policy is one in which imports and exports are not restricted. It is also known as the free market concept applied to international trade.
Goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or bans impeding their interchange under a free trade policy. Trade protectionism and economic isolationism are the polar opposites of free trade.
Without the impact of tariffs, quotas, or subsidies, free trade allows consumers to pick what is best for them. Increased international competitiveness provides similar benefits to increased domestic competition: - Greater efficiency. - More variety and distinctiveness.
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The answer is <u>"random sampling".</u>
In random sampling, every individual from the population has an equivalent shot of being chosen as subject. The whole procedure of examining is done in a solitary advance with each subject chose freely of alternate individuals from the population.
There are numerous strategies to continue with basic random sampling. The most crude and mechanical would be the lottery strategy. A standout among the best things about simple random sampling is the simplicity of collecting the example. It is likewise considered as a reasonable method for choosing an example from a given populace since each part is given equivalent chances of being chosen.
