Answer:
OK! TYSM
Explanation:
BE THE FIRST TO COMMENT /FREE ON THESE COMMENTS TO GET A FREE BRAINLIY AWARD! PLZ ALSO CONDISER MARKING ME BRAINLIEST AND THANKS! MY JOURNEY HAS JUST BEGAN ON BRAINLY SO ASK ME IF U HAVE ANY QUESTIONS! -BEACHVIBES23
<span> Where a gift is made during the calendar year in which the donor dies, the last date for paying the tax required shall be the last date, including extensions, for filing the estate tax return under chapter 217 with respect to such donor.</span>
Answer:
Given that,
Sales discount forfeited = $600
Cost of goods sold = $13,000
Other expenses = $4,100
Expenses accounts:
= Cost of goods sold + Other expenses
= $13,000 + $4,100
= $17,100
Therefore, the second entry in the closing process is as follows:
Income summary A/c Dr. $17,100
To Cost of goods sold $13,000
To other expenses $4,100
(To record the closing entry)
They are in Installment Sales Contract.
<h3>
What is an Installment Sales contract?</h3>
Any contract or agreement, including a contract for deed, bond for deed, or any other sale or legal device whereby a seller agrees to sell and the buyer agrees to buy residential real estate, in which the consideration for the sale is payable in installments for a period of at least one year after the date of sale, and the seller retains an interest or security for the purchase price or otherwise in the property, is referred to as an "installment sales contract" or simply as "contract."
Revenue recognition using the installment sales technique is postponed until the sale's cash is received. Because revenue is not immediately recognized at the moment of sale, the installment sales method is a conservative way to recognize revenue.
Only when partial ownership is transferred at the time of sale is the installment sales technique used. The technique is also applied when there is some doubt regarding the amount that will be collected (therefore, it would be inappropriate to recognize all revenue at the time of sale).
Therefore, Carol and Leslie are in Installment Sales Contract.
For more information on Installment Sales Contract, refer to the given link:
brainly.com/question/24178410
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