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PtichkaEL [24]
2 years ago
14

A __________ card is issued by a credit union or bank and allows the user to purchase goods and services by electronically deduc

ting funds directly from his or her checking account.
Business
1 answer:
Lina20 [59]2 years ago
5 0

Answer:

A debit card

Explanation:

A debit card allows customers to make electronic payments to third parties directly from their bank checking accounts. Debit cards eradicate the need to carry cash around. Banks and other major financial institutions issue debit cards.

Debit cards and credit cards have identical looks and are used for making electronic payments. The major difference is that credit cards are a type of credit facility, but debit cards make payments by drawing directly from the customer's account. Debit cards do not attract interests like credit cards. In many instances, debit card payments will not go through if the customer's account has insufficient funds.

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On June 5, Staley Electronics purchases 180 units of inventory on account for $18 each. After closer examination, Staley determi
Oduvanchick [21]

Answer along with its Explanation:

Journal entry to record the credit purchase of the 100 inventory units would be increase in inventory and accounts payables as under:

Dr Inventory Purchases $3,240

Cr Accounts Payables            $3,240

The journal entry to record the purchase return is the reversal of the inventory purchases and will be with purchase value of 20 inventory units at $18 per unit. The transaction is given as under:

Dr Accounts Payables $360

Cr Inventory Purchases    $360

The entry to record the sale of the inventory would be in two steps and are given as under:

Step 1: Record the increase in Credit Sales, which will also increase the accounts receivables and the sale value $31 per unit will be used.

Dr Accounts Receivables $4,960

Cr Revenue Account               $4,960

Step 2: Record the decrease in inventory as the asset after sale would be no more in the inventory so the cost of this inventory would be reduced to zero, which will be allocated to cost of goods sold.

Dr Cost of Goods Sold $2,880

Cr Inventory Account        $2,880

7 0
3 years ago
On January 1, 2021, Laramie Inc. acquired land for $6.2 million. Laramie paid $1.2 in cash and signed a 6% note requiring the co
stepladder [879]

Answer:

The amount Laramie should record the purchase of land is <u>$6.2 million</u>.

Explanation:

The costs of a fixed asset refer to the purchase price and other relevant costs which are incurred in order to the location and working condition required to operate the fixed asset in way that it is intended.

The other relevant costs that are added to the purchase price to arrive at the cost of the fixed assets include professional fees, non-refundable taxes or levies, and among others.

If any trade discount or rebate is given, this will be deducted from the purchase price to arrive at the cost.

Any interest required to be paid on the delayed payment in order to reflects the time value of money are not part of the cost of the asset but expensed in the year they are incurred.

From the question, the land acquired is a fixed asset. Based on the explanation above, the total cost of the asset is $6.2 million. The interest from the 6% interest rate on the remaining $5 million will be part of the cost of the land but it will be expensed in the year they are incurred.

Therefore, the amount Laramie should record the purchase of land is <u>$6.2 million</u>.

6 0
3 years ago
Indirect labor includes:_________ (You may select more than one answer. Single click the box with the question mark to produce a
ch4aika [34]

Answer:

b labor of the maintenance employees

c labor of the clerical staff

Explanation:

During the production or composition of finished goods, some form of labors are directly or indirectly involved in the manufacturing of such finished product. Where labor is not readily traced to the manufacturing of finished product, such is known as indirect labor.

On the other hand, labor that is directly involved in the composition of finished product is known as direct labor. Examples of indirect labor are ; wages of supervisors , clerical staff, general helpers , material handlers and maintenance workers.

3 0
3 years ago
The abrupt end of long distance cattle drives in 1885 was primarily due toa. the development of railroad cars that could haul ca
vladimir1956 [14]

Answer:

a. the development of railroad cars that could haul cattle.

Explanation:

The abrupt end of long distance cattle drives in 1885 was primarily due to the development of railroad cars that could haul cattle.

It was the advent of expanding rail road lines that terminated the cattle drive through Kansas because the end points of the cattle trail shifted to meet expanding railroad lines.

It was logical that as the railroads expanded to meet the cattle drive, one had to give way to the other because cattle do stray and trains could haul cattle

8 0
3 years ago
You are the newly appointed sales manager of the Rock Record Company and have been charged with the task of increasing revenues.
djyliett [7]

Answer:

increase the price of our products or services.

Explanation:

When the price elasticity is less than 1 (inelastic), then an increase in the price of our products or services will result in a proportionally smaller decrease in the quantity demanded. Therefore, by increasing our prices, we can increase total revenue even if the quantity demanded decreases a little.

7 0
3 years ago
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