1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
koban [17]
3 years ago
10

On May 10, Keene Company sold merchandise for $4,000 and accepted the customer's Best Business Bank MasterCard. At the end of th

e day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 3.8% service charge for credit card sales. Prepare the entry on Keene Company's books to record the sale of merchandise. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
natta225 [31]3 years ago
8 0

Answer:

Cash $3,848  

Service Charge Expense     ($4,000 ×3.8%) $152  

       To Sales Revenue  $4,000

(Being the record of the sale of merchandise is recorded)

Explanation:

The journal entry is shown below:

Cash $3,848  

Service Charge Expense     ($4,000 ×3.8%) $152  

       To Sales Revenue  $4,000

(Being the record of the sale of merchandise is recorded)

Since sale is made so we debited the cash it increased the assets plus there is service charge expense so the same is also debited as it increased the expenses and at the same time the merchandise is sold so it would be credited as it increased the revenue

You might be interested in
Newberry, Inc., whose reporting currency is the U.S. dollar ($), has a subsidiary in Argentina, whose functional currency also i
Mnenie [13.5K]

Answer:

1. $46,000

2.$46,000

Explanation:

According to the scenario, computation of the given data are as follows,

Inventory price = 230,000 pesos

1. Consolidated balance sheet amount = Inventory price × Rate on November 1, 2017

= 230,000 × $0.20

= $46,000

2. Consolidated statement cost of goods sold for the year ending December 31, 2018  = Inventory price × Rate on November 1, 2017

= 230,000 × $0.20

= $46,000

3 0
3 years ago
How would a new business get information to accurately forecast its sales?
melamori03 [73]
A couple of ways that business can use to get the informaiton are:
- By collecting Customer relation Management Data
This data is useful to know the satisfaction level of the customer and their tendency to return and repeat the purchase
- By observing the inventory
This includes observing the rate of inventory turnover to create a pattern that might be repeated for the following year.
3 0
4 years ago
1. What is the Law of Demand?
Ivanshal [37]

ok ok poko kdwkdwExplanation:

3 0
3 years ago
Riverbed Corporation issued 1,900 shares of $10 par value common stock upon conversion of 950 shares of $50 par value preferred
masya89 [10]

Answer:

The answer is given below;

Explanation:

 Preference stocks  950*50    Dr.$47,500

 Paid in capital in excess of par-preference shares  Dr.$  13,300                                  

 (64-50)*950

  Common Stocks  1,900*10        Cr.$19,000

  Paid in capital in excess of par-common stocks    Cr.$41,800

   (64*950)-(1900*10)                                        

8 0
3 years ago
As the facility manager, you listen to your employees and demonstrate concern and care about their social needs, but still make
bagirrra123 [75]

Answer:

Democratic management style

Explanation:

In a democratic management style, low-levels employee has the ability to influence the decision making made by the managers. Before making a decision, the managers will ask for inputs from the employees and take their perspective and needs into account.

This type of management style is very rare among large corporations. Most companies that use this style usually do not have too many team members.

4 0
3 years ago
Other questions:
  • What show type options are available for PowerPoint presentations? Check all that apply.
    13·1 answer
  • Woodward Corporation reported pretax book income of $1,000,000. Included in the computation were favorable temporary differences
    14·1 answer
  • Cost of beginning work in process inventory is $250,000; costs incurred this period include an additional $500,000 and cost of e
    5·1 answer
  • Halverstein Company's outstanding stock consists of 11,900 shares of cumulative 5% preferred stock with a $10 par value and 5,10
    8·1 answer
  • How do you feel about Joe Biden winning?
    8·2 answers
  • You have been looking at several reports containing HRM metrics. You are a bit overwhelmed by all of the information. Then you r
    10·1 answer
  • California Company included the following items in its financial statements for ​, the current year​ (amounts in​ millions):
    6·1 answer
  • An amendment to the texas constitution requires a balanced budget. This means that _____.
    15·1 answer
  • Fiona signed an agreement to either buy or not buy nick’s vacant lot for $310,000 by a specific date. What's this agreement call
    10·1 answer
  • Have you been to a black Friday sale with your friends or family members?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!