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lyudmila [28]
3 years ago
5

Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or

Access. Zisa deducts a 3% service charge for sales on its credit card and credits the bank account of Mayfair immediately when credit card receipts are deposited. Mayfair deposits the Zisa credit card receipts each business day. When customers use Access credit cards, Mayfair accumulates the receipts for several days before submitting them to Access for payment. Access deducts a 2% service charge and usually pays within one week of being billed. Mayfair completes the following transactions in June.
(The terms of all credit sales are 2/15, n/30, and all sales are recorded at the gross price.) June 4 Sold $650 of merchandise (that had cost $400) on credit to Natara Morris. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. 8 Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access cards. 10 Submitted Access card receipts accumulated since June 6 to the credit card company for payment. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $429 balance in McKee’s account stemmed from a credit sale in October of last year. 17 Received the amount due from Access. 18 Received Morris’s check in full payment for the purchase of June 4.
Required:
Prepare journal entries to record the preceding transactions and events. (The company uses the perpetual inventory system.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
alexandr402 [8]3 years ago
3 0

Answer:

June 4 Sold $650 of merchandise (that had cost $400) on credit to Natara Morris.

June 4

Dr Accounts receivable 650

    Cr Sales revenue 650

June 4

Dr Cost of goods sold 400

    Cr Inventory 400

5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards.

June 5

Dr Accounts receivable 6,693

Dr Credit card fees 207

    Cr Sales revenue 6,900

June 5

Dr Cost of goods sold 4,200

    Cr Inventory 4,200

June 5, after Zisa transfers the money

Dr Cash 6,693

    Cr Accounts receivable 6,693

6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards.

June 6

Dr Unbilled revenue 5,733

Dr Credit card fees 117

    Cr Sales revenue 5,850

June 6

Dr Cost of goods sold 3,800

    Cr Inventory 3,800

8 Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access cards.

June 8

Dr Unbilled revenue 4,263

Dr Credit card fees 187

    Cr Sales revenue 4,350

June 8

Dr Cost of goods sold 2,900

    Cr Inventory 2,900

10 Submitted Access card receipts accumulated since June 6 to the credit card company for payment.

June 10

Dr Accounts receivable 9,996

    Cr Unbilled revenue 9,996

13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $429 balance in McKee’s account stemmed from a credit sale in October of last year.

June 13

Dr Bad debt expense 429

    Cr Allowance for doubtful accounts 429

17 Received the amount due from Access.

June 17

Dr Cash 9,996

    Cr Accounts receivable 9,996

18 Received Morris’s check in full payment for the purchase of June 4.

June 18

Dr Cash 650

    Cr Accounts payable 650

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Suppose the state of Florida passes a law that increases the tax on alcoholic beverages. As a result, resi-dents in Florida star
Volgvan

Answer:

Residents (people's) reaction to Incentives

Explanation:

An incentive represents something, an action or a law that causes people to act or change their behaviour about something at a particular time. Basically, incentives work by making rewards available to individuals who change their behaviour on a targeted issue.

Usually, since people rationally compare the costs and benefits of their actions, incentives gives them the opportunity to raise their perception of this costs and benefits and also induces them to respond.

Florida increases the tax on alcoholic beverages, the people still see the benefits of taking alcohol but not at the increased, the reaction therefore, is to purchase in surrounding states where they are still cheaper without a tax increase.

It should be noted from the Florida example that the reaction of people to incentives can both be negative and positive. This example shows a negative response as a result of raised costs when compared with benefits.

3 0
3 years ago
Roofing Issues. Sally agrees to roof a house for Bob. After doing his research, Bob chooses Sally based on her great reputation
expeople1 [14]

Answer:

C. Spencer will win because regardless of whether Glen was acting within the scope of his employment, Sally is liable for his negligence

Explanation:

Spencer will win the lawsuit and Sally is liable for negligence.

This is because, Sally was the person originally hired to do the roofing job.

She hired other workers to help her with the job, so she's liable to their actions and inactions.

Sally is operating under a working agreement (contract) and has already charged a fee of $10,000 so any punitive damages would be her responsibility.

Spencer was moving around and Glen threw some roofing shingles without any word of warning to people that might be in harm's way. So for Glenn's actions, Sally is liable for his negligence.

5 0
3 years ago
Imperial Jewelers manufactures and sells a gold bracelet for $403.00. The company’s accounting system says that the unit product
AysviL [449]

Answer:

a) Financial advantage   <u> $2,208 </u>

b) The company should accept the special order, as it will increase its profit by $2,208

Explanation:

<em>The relevant costs for decision to accept the special order are  </em>

<em>I Incremental Revenue from the special order  </em>

<em>2. incremental variable cost </em>

<em>3. The cost of the special tool</em>

Unit variable cost = 143 + 90 + 8 + 7 = $240

<em>Note that that the increase in material cost of $8 and the variable manufacturing overhead of $7 are relevant to the special order decision. Hence they are added.</em>

<em>And the balance of manufacturing overhead would be incurred either way. Therefore , they are not relevant for the decision</em>

                                                                                                       $

Sales revenue from special order

(22× $361.00)                                                                               7942

Variable cost of special order

(22× $240 )                                                                                    (5280 )

Cost of special tool                                                                      <u> (454)</u>

Financial advantage                                                                    <u> 2,208 </u>

The company should accept the special order, as it will increase its profit by $2,208

3 0
2 years ago
Your career should match your __________, your interests, and your abilities.
sveta [45]
Your career should match your hobbies.
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2 years ago
Students who choose to attend a technical school will likely go to work in
Nana76 [90]

Most time, the students who choose to attend a technical school will likely go to work in the trade.

<h3>What is a technical school?</h3>

This refers to the schools are also known as technical colleges or institutes and offer an education that prepares students for a specific trade or career.

Most time, its issues a certification after studying a course that teaches certain education courses based on an occupational skill.

Among the options, the students who choose to attend a technical school will likely go to work in the trade.

Therefore, the Option A is correct.

Read more about technical school

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5 0
1 year ago
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