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ASHA 777 [7]
3 years ago
15

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Orio

le Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $24,500 and sales taxes $1,225. 2. Sheridan Company does not segregate sales and sales taxes. Its register total for April 15 is $16,430, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Oriole Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 10 enter an account title to record the sales transactions and related taxes for Oriole Company on April 10 Cash enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Oriole Company on April 10 Sales Revenue enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Oriole Company on April 10 Sales Taxes Payable enter a debit amount enter a credit amount eTextbook and Media
Business
1 answer:
zmey [24]3 years ago
3 0

Answer and Explanation:

The journal entry to record the sales transaction is given below:

On April 10

Cash Dr $25,725

       To Sales revenue $24,500

       To Sales tax payable $1,225

(Being the sale is recorded)

Here cash is debited as it increased the assets and revenue & sales tax payable is credited as it increased the  revenue & liabilities

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why is government intervention often crucial when dealing with both positive and negative externalities?
Dennis_Churaev [7]

Answer:

Because the government can use her sovereign power to both mitigate negative externalities as well as encourage positive externalities.

Explanation:

A positive externality occurs when the transaction between a producer and end user benefits a third party that did not take art in the process.

A very Good example is Education. There is a third party benefit to the society when we have more educated citizens.

A negative externality happens when the business transaction between a manufacturer and consumer affects a third party adversely. a typical example is cigarettes. When cigarettes is consumed by the end user, the smoke can affect the health of a third party that was not part of the initial transaction.

To deal with both positive and negative externalities, government intervention is very crucial.

Government encourages positive externalities like education by subsidizing the cost of attending a school. They also enact laws that make basic education compulsory.

In the case of negative externalities, Government can intervene with a ban on producing harmful goods and also set a legislation about smoking in public laces to mitigate  the health complications caused by third party inhalation.

6 0
3 years ago
1. Which one of the following is not considered part
LiRa [457]

The part of a house that is not considered as the exterior finish of a house is the Ceiling of a porch or breezeway.

<h3>What is the exterior finish of a house?</h3>

The exterior finish of a house refers to an outer layer or structure that can be seen physically from the outside and add to the image of the entire house.

A cornice is a horizontal architectural design of a building that is positioned away from the main walls used in directing rainwater from the building walls.

Thus, the exterior finish of the house is:

  • An entry door
  • Cornice
  • Exterior wall coverings

From the given options;

  • The ceiling of a porch or breezeway is usually inside the house.

Therefore, the part of a house that is not considered as the exterior finish of a house is the Ceiling of a porch or breezeway.

Learn more about a house here:

brainly.com/question/1739912

7 0
3 years ago
The first step in the market research process is to define the objectives and research needs. what was nike’s primary objective
Alika [10]
<span>The first step in the market research process is to define the objectives and research needs. Nike's primary objective in conducting this research was that Nike wanted to understand its female customers.
The objectives that Nike set for their company was to understand better the women that buy their products. Thus, they conducted a research in order to do so, so as to see what drives their female customers to buy their shoes and other equipment and then tailor their products to their needs even more.
</span>
6 0
3 years ago
At the end of the year, a company has a $1,200 debit balance in Manufacturing Overhead. As a result, the company:a.makes an adju
Nonamiya [84]

Answer:

d. makes an adjusting journal entry by debiting Cost of Goods Sold for $1,200 and crediting Manufacturing Overhead for $1,200.

Explanation:

The debit balance of $1,200 in the Manufacturing Overhead account represents under-applied overhead.  To ensure that the Cost of Goods Sold is accurate, the debit balance is debited to the Cost of Goods Sold while the corresponding credit goes to the Manufacturing Overhead account.

5 0
3 years ago
At December 31, 2020, Carter Company had 450,000 shares of common stock issued and outstanding, 350,000 of which had been issued
Dennis_Churaev [7]

Answer:

$3.03

Explanation:

Calculation to determine What should be Twin Rivers' 2020 earnings per common share,

Using this formula

Earnings per common share=

Net Income for 2020/Weighted Average Shares Outstanding

Let plug in the formula

Earnings per common share=$1,160,000/ [(350,000 x 8/12) + (450,000 × 4/12)]

Earnings per common share=$1,160,000/(233,333+150,000)

Earnings per common share=$1,160,000/383,333

Earnings per common share= $3.03

Therefore What should be Twin Rivers' 2020 earnings per common share is $3.03

4 0
3 years ago
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