Answer:
by scrolling through the slide previews on the left and clicking on orange slides
Answer:
there are no available options, but the complete journal entry to record a credit card sale is:
Dr Cash account 98% of sale
Dr Credit card fees 2% of sale
Cr Sales revenue 100% of sale
Explanation:
Since VISA payments are automatic, you can debit cash directly. There is no need to debit accounts receivable and then once the payment is confirmed, debit cash. Some credit cards do not pay automatically, and in those cases you should debit accounts receivable.
Instead of credit card fees, some people use credit card discount, or credit card expense, but all these accounts are basically the same. They are all expense accounts.
Answer:
Engineering Enterprises P.C.
At the end of the month, Cash would equal:
C) $43,000.
Explanation:
a) Data and Calculations:
Cash Account:
Lori investment in Engineering Enterprises P.C. = $30,000
Payment of salaries to the receptionist = (1,000)
Cash received from a customer on account = 6,000
Cash borrowed from the bank = 8,000
At the end of the month, Cash would equal $43,000
b) The cash balance at the end of the month is made up of the investment by Lori for common stock in Engineering Enterprises P.C. and the cash received respectively from a customer and the bank, minus the cash payment made to the receptionist as salaries.
Answer and Explanation:
The computation is shown below;
a) The In-house purchasing cost last year is
= Fixed costs + Variable costs
=$85,000 + Total number of purchase orders × cost per order
= $85,000 + 1400 × 15
= $106,000
b)
The outsourcing cost is
Outsourcing cost = Fixed costs +Variable costs
= $100,000 + Total number of purchase orders × cost per order
= $100,000 + 1400 × 5
= $107,000
c) Total number of purchase orders = 1600
In-house purchasing cost = 85,000 + 1600 × $15 = $109000
Outsourcing cost = $100,000 + 1600 × $5 = $108000
Yes, David should outsource as the outsourcing cost is less than the in-house purchasing cost.