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In-s [12.5K]
3 years ago
15

Sam​ Snead, the owner of​ Snead's Fine Golf​ Wear, used $1800 of his personal funds to go on vacation. Which of the following is

the most appropriate treatment regarding this​ transaction? A. Travel expense 1,800 Cash 1,800 B. Withdrawals 1,800 Cash 1,800 C. Record a memorandum in the general journal D. Do not record the transaction in the general journal
Business
1 answer:
AveGali [126]3 years ago
4 0

Answer:

D. Do not record the transaction in the general journal

Explanation:

There is no need to record the transaction in the general journal since the money that was actually spend by Sam Snead happens to be his own personal <em>fund rather than the company's fund (That is, the Golf Wear company). Funds belonging to the company are those that deserve to be recorded in the general journal.</em>

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Ed runs an auto repair business out of the garage attached to his personal residence. How should he account for each of the foll
soldi70 [24.7K]

Answer:

a. Cash received from repair services, $28,000. Repair business

b. Interest paid on his home mortgage, $7,300.Personal expenses

c. Power jack hoist purchased at a cost of $12,000. Repair business

d. Electricity bills, $3,600. (Ed does not have separate electricity service to the garage.)Personal expenses

e. Checks received from customers that were returned by his bank, $1,600. Repair business

The bank charged Ed’s account $35 for processing the bad checks.Repair business

f. Telephone bill for phone in the garage, $420. (Ed has a separately listed phone in his house.)Repair business

g. Advertising in the local newspaper, $800.Repair business

h.Interest paid on home furniture loan, $600.Personal expenses

Explanation:

Under the entity concept, Ed must segregate the income and expenses associated with his auto repair business from those that are personal.  The importance of this segregation is that all trade or business expenses are deductible for adjusted gross income, while most personal expenditures are not deductible.  

c

7 0
3 years ago
PLEASE HELP WILL GIVE BRAINLIEST TO CORRECT ANSWER
Serhud [2]
C. money is often not reinvested into the country
8 0
3 years ago
Return to questionItem 6Item 6 E8-16 Analyzing and Interpreting Receivables Turnover Ratio and Days to Collect [LO 8-4] FedEx Co
madreJ [45]

<u>Solution and Explanation:</u>

The following formulas will be used in order to calculate the accounts receivable turnover ratio and in order to find out the number of days collect.

Accounts receivable turnover ratio = Net sales divided by Average net Accounts receivable

=\$ 50,370 /[(\$ 7,250+\$ 5,720) / 2]

=\$ 50,370 / \$ 6,485

= 7.77 times

<u>Days to collect</u> = 365 divided by Accounts receivable turnover ratio

= $365  divided by 7.77

= 47 days

<u>Note</u>: The number of days that has been assumed is 365 days

4 0
3 years ago
Pepsodent launched a new product that could whiten teeth, fight decay, and maintain fresh breath. Observing that Pepsodent did n
Scorpion4ik [409]

Answer:

flank attack

Explanation:

Based on the scenario being described within the question it can be said that this is an example of a flank attack. This is the marketing strategy that focuses on attacking the different weak points of the competitors in the market. Which is what Colgate is doing by focusing on the one aspect that Pepsodent has not targeted in order to overtake all of their market share on their newly launched product.

8 0
3 years ago
Read 2 more answers
Fatima finds an article on march 16, 2014 titled "benefits of laptops" on the technologynow website. the article was written on
padilas [110]

In citing the source in MLA format, Fatima should place the title as the first to be read or written, followed by the author and citation in the end. So it should be, “Benefits of Laptops” by Michael Gray. Technology Now, August 2, 2013. Web. March 16, 2014.

6 0
3 years ago
Read 2 more answers
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