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Marina CMI [18]
4 years ago
15

6) On June 4rd Chandler & Monica Grocery Store collected sales of $5,000 and sales taxes of $200. What is the journal entry

that Chandler & Monica Grocery Store needs to record for this activity? (You may or may not need all rows of this textbox)
Business
1 answer:
Mademuasel [1]4 years ago
6 0

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $5,200

     To Sales revenue A/c $5,000

      To Sales tax payable A/c $200

(Being the cash is collected in respect of sales and sales tax)

Since the cash is collected so we debited the cash accounts and the sale is made. Along with it, the sale tax is also collected so these two accounts are credited.

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How do contact lists differ from an address book?
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Contact lists contain more information about a person than an address book. A contact list is a collection of screen names in an instant messaging or e-mail program or online game or mobile phone. a address book is a book for recording the names, addresses, and telephone numbers of friends, businesses.
8 0
3 years ago
Marcy and Liz developed a new jewelry design. They were fortunate to get the attention of a large online retailer who was willin
snow_tiger [21]

Answer: Exclusive distribution

Explanation:

Exclusive distribution is defined as the agreement in which a parties involved are manufacturer and distributor.It states that the particular distributor cannot sell their service or item to any other party .It binds the agreement that product can be sold to the exclusive distributor.

According to the situation mentioned in the question, designers are asked for exclusive distribution by the retailer.Retailer does not wants that design of jewelry to be sold through any other source or retailer for effective sale.Thus agreement upon this matter is proposed by the retailer.

6 0
3 years ago
Gillette charges a fairly low price for their razors​ (relative to​ costs) and a high price for razor blades. they are using a s
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A. ​captive-product pricing

Gillette charges a fairly low price for their razors​ (relative to​ costs) and a high price for razor blades. they are using a strategy of​ __________ pricing.
4 0
3 years ago
A. sound tracker company retires its delivery equipment, which cost $41,000. accumulated depreciation is also $41,000 on this de
guapka [62]
The amount of the salvage may be calculated using various equations. We are given that the sound tracker is retired about some time and this was initially bought at $41,000. However, we are given that the accumulated depreciation is also equal to $41,000. 

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7 0
4 years ago
On December 31 of Swift Co.’s first year, $70,000 of accounts receivable is not yet collected. Swift estimates that $4,000 of it
pishuonlain [190]

Answer:

1. $66,000

2. $66,000

Explanation:

The computations are shown below:

1. Before written off:

= Account receivable balance - uncollectible amount

= $70,000 - $4,000

= $66,000

2. After written off:

= Account receivable balance - second year written off amount - uncollectible amount + second year written off amount

= $70,000 - $700 - $4,000 + $700

= $66,000

8 0
3 years ago
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