Answer:
Journal Entries
Dr. Cr.
Sale of Merchandise
a. Account Receivable $4,240
Sales $4,000
Sales Tax Payable $240
Cost of Goods Sold $2,360
Merchandise Inventory $2,360
b. Payment of Sales Tax
Sales tax Payable $42,110
Cash $42,110
Explanation:
Sales of Merchandise increase the account receivable and tax liability as well. Inventory has been reduced by the cost of merchandise.
Tax is paid and sales tax liability is reduced along with cash.
It is a period of time that the loaning company gives you before you have to start repaying the debt.
For instance: After graduating from college, you must start the payments to pay back your loan 3 months after graduation.
Answer:
She will have $16,772.59 more in the second investment.
Explanation:
Giving the following information:
Recently she received an inheritance of $54,000 from her grandmother's estate. She plans to use the money for the down payment on a home in ten years when she finishes her education.
We need to use the following formula:
FV= PV*(1+i)^n
First savings account:
FV= 54,000*(1+0.04)^10= $79,933.19
Second investment:
FV= 54,000*(1+0.06)^10= $96,705.78
She will have (96,705.78 - 79,933.19) $16,772.59 more in the second investment.
Answer:
(a) Bank Reconciliation statement:
Bank's cash balance:
= Per bank statement + Deposits outstanding - Checks outstanding
= $22,346 + $1,725 - $1,300
= $22,771
Therefore, bank balance per reconciliation is $22,771.
Company's cash balance:
= Per general ledger - service fees
= $22,810 - $39
= $22,771
Therefore, company balance per reconciliation is $22,771.
(b) Journal entry to adjust balance for cash is as follows:
Bank service charge expense A/c Dr. $39
To Cash A/c $39
(To record bank service charge)
GDP deflator is nominal GDP divided by real GDP.
Therefore, 225/real GDP = 3, and then real GDP would then equal 75.
