Answer:
.D)Debit Cash $627.20; debit Credit Card Expense $12.80 and credit Sales $640
Explanation:
Sales = $640
To recognize this,
Debit Cash $640
Credit Sales $640
Being entries to recognize sale and cash received.
On this sale, the bank deducts 2% of the sales value
Amount deducted = 2% × $640
= $12.80
To recognize this,
Debit Credit Card Expense $12.80
Credit Cash $12.80
Being entries to recognize credit card expense incurred on sale.
As such, the net effect of the two entries
Debit Cash $627.20
Debit Credit Card Expense $12.80
Credit Sales $640
The right option is D)Debit Cash $627.20; debit Credit Card Expense $12.80 and credit Sales $640.
Answer:
$20,000
Explanation:
Since the question is asking for the pension expenditure for the general fund in year 1 which is $20,000 only.
This above amount reflects the contribution amount towards the pension plan in year 1. The other amount reflects the benefits, required contribution, refunded employee contributions which are of no use for recording the pension expenditure for the general fund.
The amount which is actually paid is only recognized.
Hence, all other information which is mentioned is not relevant.
1000 x 5 x 3= $15000/100 = $150 in simple interest
Answer:
True
Explanation:) hope this helps
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