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maks197457 [2]
2 years ago
9

T. Hillcrest Co. sold $500 of merchandise on a bank credit card with a 5% fee. The entry to record this sales transaction would

include debit(s) to:
Business
1 answer:
Rufina [12.5K]2 years ago
8 0

Answer:

Cash for $475 and Credit Card Expense for $25

Explanation:

Cash for $475 and Credit Card Expense for $25

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A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is a(n)________.
ozzi

Answer:

d. account This answer is correct

Explanation:

There are various types of accounts that are reported in the financial statements. The financial statement comprises of the income statement, balance sheet, statement of stockholder equity and the cash flow statement.

The recording of the increase in the specific asset, liability, revenue, expense, etc is called as an account

Just in net income, the revenue and expense account is reported. The asset, liability, stockholder equity which is reported in the balance sheet. The change in the values of the item is reported in the respective amount

7 0
3 years ago
Adjusting Entries Journalize the adjusting entry needed at December 31 for each situation. Record debits first, then credits. Ch
vladimir2022 [97]

Answer:

Date       Accounts Titles                Debit         Credit

Dec-31    Salaries expense              $2,300  

                     Salaries payable                         $2,300

Dec-31    Depreciation expense     $200

               (Furniture )

                      Accumulated depreciation        $200

                       (Furniture)

Dec-31    Insurance expense          $450

                       Prepaid Insurance                   $450

Dec-31    Supplies expense             $80

                        Supplies                                   $80

7 0
3 years ago
Practice Makes Perfect Inc. was started on July 1 of the current year. Practice Makes Perfect provides piano lessons for student
Natalka [10]

Answer:

I used an excel spreadsheet to record this transactions on an accounting equation.  

Practice Makes Perfect, Inc.

Income Statement

For the month ended July 31, 202x

Revenues                                               $2,000

Expenses:

  • Advertising expense $500
  • Rent expense $1,000
  • Wages expense $1,000
  • Supplies expense $300
  • Depreciation expense $750
  • Interest expense $417                 <u> ($3,967)</u>

Net income                                             ($1,967)

Practice Makes Perfect, Inc.

Balance Sheet

For the month ended July 31, 202x

Assets:

  • Cash $99,783
  • Accounts receivables $1,800
  • Supplies $1,700
  • Pianos $47,250

Total assets                                         $150,533

Liabilities:

  • Accounts payable $2,500
  • Notes payable $50,000

Total liabilities                                      $52,500

Stockholders' equity

  • Common stock $100,000
  • Retained earnings ($1,967)

Total stockholders' equity                  $98,033

Total liabilities + equity                      $150,533        

Download pdf
6 0
3 years ago
Many classic entrepreneurs are _____ who start small and plan to keep their business small. Group of answer choices interpreneur
Lisa [10]

Many classic entrepreneurs are micropreneurs who start small and plan to keep their business small.

Business is the interest of making one's residing or being profitable by producing or buying and selling products. it's also "any hobby or agency entered into for profit. A enterprise is defined as an agency or enterprising entity engaged in industrial, industrial, or professional sports. organizations can be for-income entities or non-income groups. enterprise kinds variety from confined liability businesses to sole proprietorships, agencies, and partnerships. The definition of commercial enterprise is an career or trade and the purchase and sale of services or products to make a earnings. An example of enterprise is farming. An instance of commercial enterprise is a residence sale.

Learn more about business here:brainly.com/question/24553900

#SPJ1

3 0
1 year ago
Although most STEM careers require workers to earn bachelor's degrees, high school graduates can qualify for some STEM careers.
pogonyaev

Answer:

D.

Explanation:

7 0
3 years ago
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