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Reptile [31]
3 years ago
12

Julie Convenience Store sold merchandise for cash to a customer, and recorded a debit to Cash for $371, which included a 6% Sale

s tax. In the same transaction, they must also: A) credit Sales Revenue for 300 B) credit Sales Tax Payable for $22.26 C) credit Sales Tax Payable for $21 D) credit Sales Revenue for $371 E) credit Sales Revenue for $393.26
Business
1 answer:
nlexa [21]3 years ago
3 0

Answer:

C) credit Sales Tax Payable for $21

Explanation:

Based on the information given In the same transaction, they must also CREDIT SALES TAX PAYABLE FOR $21 Calculated as:

First step is to calculate the sales tax element

Sales tax element = $371*6/106

Sales tax element= $21

Now let calculate what the Price exclusive of sales tax would be

Price exclusive of sales tax=$371-$21

Price exclusive of sales tax= $350

The correct journal entry should be:

Dr Cash $371

Cr Sales revenue $350

($371-$21)

Cr Sales tax payable $21

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Degger [83]

Answer:

Fisher effect

Explanation:

Fisher effect is the effect in the economic theory that is established by the economist Irving Fisher, which states the relationship among the inflation and both nominal and the real interest rates.

This effect state that the real rate of interest equals to the nominal rate of interest deduct the expected inflation rate.

So, the relationship which is mentioned in the question is the fisher effect as it state the rate of interest that reflect the expectations likely the future inflation rates.

5 0
3 years ago
if the discount (or interest) rate is positive, the future value of an expected series of payments will always exceed the presen
AlekseyPX

if the discount (or interest) rate is positive, the future value of an expected series of payments will always exceed the present value of the same series

True

What is a discount(or interest) rate?

An interest rate is the rate of return the present value of the series can over as an interest over the investment time horizon.

On the premise that the interest rate is positive, it means that there would positive value-added over the investment period which increases the present value to ensure that the future value exceeds the present value

In other words, a positive discount or interest ensures a higher future value

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2 years ago
To ensure that a borrower is not using short-term bank credit to finance a part of its permanent needs for funds, banks often re
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3 years ago
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The answer is the 3rd one.

My explanation would be that the other reasons listed are for personal use such as friends birthdays, music, and a new clock, but the third answer is listing things appropriate for a business.

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2 years ago
List four things to look for when. you're proofreading
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Hey!

Answer: Errors

When you proofread, you're just looking over the reading making sure that there's no errors such as bad punctuation and bad grammar. And also the typographical errors.

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That would be some of the four that you would look at when you proofread. Hope this helps.

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