First step is to compute for the interest that is gained from the described investment.
I = P x i x n
where P is the principal amount, i is the interest rate, and n is the number of years.
I = ($1200) x 0.04 x 8 = $384
Then, we add the interest gained to the original amount.
F = P + I = ($1200) + ($384) = $1584
Thus, the amount after 8 years is $1584.
Explanation:
The Journal Entry from July 1 and July 31 is shown below:-
1. Cash Dr, $560
To Deferred revenue $560
(Being cash is received)
2. Deferred revenue $336
To Sales revenue $336
(Being 12 months sales service is recorded)
3. Cost of goods sold $280
To Inventory $280
(Being cost of goods sold is recorded)
4. Deferred revenue ($336 ÷ 12) $28
To Service revenue $28
(Being Deferred service revenue is recorded)
Working Note:-
Cellular service revenue = offer price ÷ total cost of phone and service × cellular service
= (($560 ÷ ($448 + $672)) × $672
= $336
Their is a check that was not recorded properly, or all the deposits for the month where not recorded.
Answer:
The representative should talk to the manager to determine if there was a Know Your Customer violation
Explanation:
I would say it would be best to choice choice C because I mean if your already deep in debt then why would you want to be more into it? It wouldn't make sense. So I would go with C: When you are already in debt.
