Answer and Explanation:
The journal entries are given below:
On May 1
Accounts receivable $1,300
To sales revenue $1,250
To Sales tax liability ($1,250 ×8%) $100
(Being the sales is recorded on account)
On May 15
Cash $3,564
To Sales revenue $3,300
To Sales tax liability ($3,300 ×8%) $264
(Being the sales is recorded on account)
On May 31
Cash $1,300
To Account receivable $1,300
(Being received payment on account due is recorded)
Interest rates are lowered by the Fed in order to boost economic development. Reduced finance costs might entice people to borrow and invest. When interest rates are excessively low, however, they might stimulate excessive growth and perhaps inflation. On the other hand, if growth becomes excessive, the Fed will boost interest rates.
To answer questions regarding the professional engineers<span> act, one must refer to The Professional Engineers Act and the Board Rules. The Professional Engineers Act and the Board Rules </span>contain the laws, rules, and regulations regarding the practice of professional engineering. They can be used for take home examination.<span> </span>
<span>It is irresponsible use of credit because his current income is too low. Hope I helped!</span>
