The letter of credit is the financial document which tells that a bank will pay a specified sum of money to a beneficiary
Letter of credit is also called documentary credit or bankers commercial credit.
The financial document called "Letter of credit" is a a letter written by a financial institution which authorizing another institution to pay someone a sum of money.
This document is usually a mode of payment used for the importation of visible goods.
In conclusion, the document called "letter of credit" is the financial document which tells that a bank will pay a specified sum of money to a beneficiary
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Answer:
Debit Accounts Receivable for $104,700; and Credit Sales Revenue for $104,700.
Debit Cash for $85,400; and Credit Accounts Receivable for $85,400.
Explanation:
The (summary) journal entries to record the items noted will look as follows:
<u>Particulars                                   Debit ($)             Credit ($)        </u>
Accounts Receivable                  104,700
Sales Revenue                                                         104,700
<u><em>(To record net sales (all on account) for the year.)                        </em></u>
Cash                                             85,400
Accounts Receivable                                               85,400
<u>(Collections on accounts receivable during the year.)                 </u>
 
        
             
        
        
        
Answer:
D.
Explanation:
Firms will hire more labor when the marginal revenue product of labor is greater than the wage rate, and stop hiring as soon as the two values are equal.