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3 years ago

What is automated teller machine carstate 4 advantages of using automated machine

Business

1 answer:

wolverine [178]3 years ago

5 0

Answer:

An automated teller machine is an electronic machine that allows the transaction of money from one's account.

Advantages of the ATM are-

1. It provides easy access to one's account.

2. It saves time and energy.

3. It reduces the workload of the bank employees.

4. Its service is available anywhere 24/7.

Explanation:

An automated teller machine (ATM) is an electronic machine that allows an individual to complete basic transactions without the need for any bank personnel to help. This type of machine is generally used to withdraw and deposit cash from and into one's bank account.

Four advantages of an automated teller machine are-

1) It provides convenience to the customers, saving one's energy and time.

2) Its service is available 24/7.

3) It allows access to one's account anywhere.

4) It reduces the workload of the bank employees.

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Answer:

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4 years ago

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Answer:

Explanation:

a. Net method

The journal entries are shown below:

January 2, 2017

Notes receivable A/c Dr $600,000 ($610,000 - $10,000)

To Sales revenue $600,000

(Being goods are sold on credit)

Cost of goods sold A/c Dr $500,000

To Inventory A/c $500,000

(Being the cost of goods sold is recorded)

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Cash A/c Dr $610,000

To Notes receivable A/c $600,000

To Sales discount A/c $10,000

(Being cash received is recorded)

b. Gross method

The journal entries are shown below:

January 2, 2017

Notes receivable A/c Dr $600,000 ($610,000 - $10,000)

To Sales revenue $600,000

(Being goods are sold on credit)

Cost of goods sold A/c Dr $500,000

To Inventory A/c $500,000

(Being the cost of goods sold is recorded)

On January 28, 2017

Cash A/c Dr $610,000

To Notes receivable A/c $600,000

(Being cash received is recorded)

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4 years ago