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ikadub [295]
3 years ago
14

Jarrod's Meat Shop doubles as a butcher shop and a sandwich shop that sells to both individuals and a nearby hospital system. On

a particular day, Jarrod's had cash sales of $450, credit sales of $600, sales on MasterCard of $657, and sales on Visa of $923. The sales on credit cards incur merchant charges of 1.6% for MasterCard and 1.9% for Visa.
Required:
Prepare a journal entry to record these sales.
Business
1 answer:
ASHA 777 [7]3 years ago
5 0

Answer:

Commission on Master card = 657*1.6%

Commission on Master card = $10.51

Commission on Visa = 923*1.9%

Commission on Visa = $17.54

Bank = $657 + $923 - $10.51 - $17.54

Bank = $1,551.95

Date   Journal entry                    Debit       Credit

          Cash A/C                          $450

          Account Receivables      $600

          Bank A/C                          $1,551.95

          ($646.49+$905.46)

          Commission A/C              $28.05

          ($10.51+$17.54)

                   To Sales A/C                             $2,630

                   ($450+$600+$657+$923)

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When the LA Galaxy played soccer in a stadium that seated 80,000-90,000 fans, many of the available tickets to each game went un
MaRussiya [10]

Answer:

d) Inventory

Explanation:

In the given question, the LA galaxy company has an issue with the idle production capacity. And the production is of the inventory only, so the other options like Inseparability, Inconsistency, Intangibility, Irrationality are not appropriate in the given example

Thus, the most appropriate option is of inventory as the question is talking about the production capacity so, of inventory the production capacity can be measured.

4 0
3 years ago
plants are in threatened state and getting rare. Discuss in the class and prepare a list of causes of rareness of animals and pl
inessss [21]

A group of creatures that are extremely rare, scarce, or infrequently encountered is referred to as a rare species.

Even though extinctions happen naturally, the pace of plant and animal extinctions today is substantially higher than it was previously. The main factor contributing to greater extinction rates is habitat loss.

The introduction of harmful nonnative species, pollution, disease transmission, and habitat changes are some additional causes. Overexploitation of wildlife for commercial gain is another. Species that are in risk of going extinct include those plants and animals that have become so scarce.

Animals and plants that are threatened with extinction across all or a sizable portion of their range are those that are very likely to do so in the near future. The most species are in danger from overuse of natural resources, such as overfishing, overhunting, and deforestation of forests. The extension of land for agriculture, cattle, wood, and aquaculture is another significant industry in the world.

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6 0
1 year ago
Feinstein, Inc., an appliance manufacturer, is developing a new line of ovens that uses controlled-laser technology. The researc
MariettaO [177]

The research and testing costs associated with the new ovens is said to arise from a product-sustaining activity.

Explanation:

Product-sustaining activities are carried out where appropriate to facilitate the production of each product type. Types of design-sustaining practices include product requirements, technical improvements and special testing procedures.

Such costs may be assigned to each commodity but are not proportional to the number of manufactured units or quantities. Organisation-sustaining operations support the overall production cycle of an organisation.

The ventilation and maintenance of the building, the protection of the facility and the administration are examples of safe facilities.

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6 0
3 years ago
Goyo Industries (a sole proprietorship) sold three § 1231 assets during 2019. Data on these property dispositions are as follows
loris [4]

Answer:

Machine #1 - $7,000, gain

Machine #2 - $3,000, loss

Machine #3 - $2,000, gain

Explanation:

Given;

<u>Machine #1</u>

Asset Cost = $85,000

Acquired Depreciation = $32,000

Sales price = $60,000

From the above information, the book value of machine #1

= $85,000 - $32,000

= $53,000

Gain/(loss) on disposal = $60,000 - $53,000

                                      = $7,000

A gain of $7,000 on disposal.

<u>Machine #2</u>

Asset Cost = $30,000

Acquired Depreciation = $12,000

Sales price = $15,000

From the above information, the book value of machine #2

= $30,000 - $12,000

= $18,000

Gain/(loss) on disposal = $15,000 - $18,000

                                      = ($3,000)

A loss of $3,000 on disposal

<u>Machine #3</u>

Asset Cost = $77,000

Acquired Depreciation = $28,000

Sales price = $51,000

From the above information, the book value of machine #1

= $77,000 - $28,000

= $49,000

Gain/(loss) on disposal = $51,000 - $49,000

                                      = $2,000

A gain of $2,000 on disposal.

4 0
3 years ago
Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accou
horsena [70]

Answer:

Explanation:

The journal entries are shown below:

On Oct 1

Rent expense A/c Dr $ 4,400  

   To Cash A/c $4,400

(Being payment of rent is made in cash)  

On Oct 3

Advertising expense A/c Dr $1,350

To Cash A/c $1,350

(Being payment of adverting expense is made in cash)  

On Oct 5

Supplies A/c Dr $ 1,800  

      To Cash A/c $1,800

(Being payment of supplies is made in cash)  

On Oct 6

Office equipment A/c Dr $11,500

   To Accounts payable $11,500

(Being purchase of office equipment on account is recorded)  

On Oct 6

Cash A/c Dr $8,600

To Accounts receivable $8,600

(Being cash is received from customer is recorded)

On Oct 15

Accounts payable A/c Dr $3,180

  To Cash A/c $3,180

(Being payment is made in cash is recorded)

On Oct 27

Miscellaneous expense A/c Dr $700

  To Cash A/c $700

(Being expenses is paid in cash is recorded)  

On Oct 30

Utilities expenses $550

  To Cash A/c $550

(Being telephone expenses is paid in cash is recorded)  

On Oct 31

Accounts receivable A/c Dr $37,200

   To Fees earned $37,200

(Being feed earned and billed customer is recorded)

On Oct 31

Utilities expenses $830

  To Cash A/c $830

(Being electricity expenses is paid in cash is recorded)

On Oct 31

Dividend A/c Dr $2,000

  To Cash A/c $2,000

(Being dividend is paid in cash is recorded)  

6 0
3 years ago
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