Apr. 8 Sold merchandise for $9,500 (that had cost $7,021) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $7,400 (that had cost $4,795) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.)

Answers

Answer 1

Answer and Explanation:

The journal entries are shown below:

On April 8  

Cash   $9,120

Credit card expense   $380 ($9,500 × 0.04)

             To Sales  $9,500

(Being sale is recorded)

Costs of goods sold  $7,021

       To Merchandise inventory    $7,021

(Being the cost of goods sold is recorded)

On April 12

Cash   $7,215

Credit card expense   $185 ($7,400 × 2.5%)

             To Sales  $7,400

(Being sale is recorded)

Costs of goods sold  $4,795

       To Merchandise inventory    $4,795

(Being the cost of goods sold is recorded)


Related Questions

What is repetitive work cycle?

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A repetitive work cycle is regarded as a work cycle wherein the cycle time of one job is lesser than 30 seconds, and is done continuously within an organization during a given period of time.

Although a repetitive work cycle is considered to be an inappropriate work cycle, it has become highly effective for some organizations that require similar motion in the same direction to complete a task.

A repetitive work cycle usually involves performing similar tasks one after the other. The results may vary for organization to organization. As a result, the significance of repetitive work cycle is above.

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Can you still be hired after failing Walmart assessment?

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You can still land the job, yes. If the assessment was unsuccessful, you should request a lesser position, take all the necessary courses.

How do you know if you failed the Walmart assessment?If you succeeded or failed, it is indicated at the conclusion of the test. I received a green grade for passing and a red grade for failing. My second management evaluation test had just been successful. Each time, a green appeared. I enter to check my assessment area and move to the right half of the test.If you don't pass the evaluation, you can try again in 60 days. I think there is just one opportunity each application process. It often takes 60 days to be able to reapply, so be truthful. It will take six months to reapply.Walmart will review arrests and convictions for crimes and misdemeanors from the past seven years. Most likely reasons for disqualification are offenses involving violence, sexual assault, drugs, and money theft. Violent felons are not hired by Walmart. Reminder: Records that have been expunged won't appear on background checks.

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Part C
Compare the capital gains from investing in the three stocks with the interest income on a one-year CD. Which would have been a more profitable
investment-the stocks or a one-year CD? Explain your reasoning.
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Answers

There are several reasons to retain some of your assets in cash or cash equivalents like certificates of deposit or money market accounts (MMAs) (CDs).

What is CD and Stock ?

A well-thought-out financial plan requires you to keep an emergency reserve equivalent to three to six months' worth of living expenditures.

It may appear like MMAs and CDs are equivalent. Both of them are bank products that provide minimal yields and high security.

However, ultimately which one you choose will depend on the precise goal you have for the money and your requirement for liquidity.

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Answer: The one-year CD rate during the past year ranged from 1 percent to 1.3 percent. This rate of return is much lower than the returns on the J C Penney and Apple stocks. Therefore, these two stocks would have been better investment options than a one-year CD. However, the CD would be a better investment than the Ford Motor Company stock, which gave a negative return over the past year.

Explanation:

plato answer

How do socialist countries make money?

Answers

A socialist economy directly creates goods and services for use as opposed to a capitalist economy, which produces goods and services to make a profit. Production would only be used for use under a socialist system.

Money would still exist under socialism, but its uses would be more limited. You would be paid for your work, and you could spend that money on anything you wanted, such as video games, cars, or food.

Businesses and workplaces would not, however, be for sale because they are regarded as the common property of the public.

Although socialism has called for the sharing or collective ownership of the means of production, this does not entail that private property ownership is forbidden. As a result, everyone in society would have access to enterprises and factories, but individuals and households would still own their own personal property.

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Why GATT is replaced by WTO?

Answers

The fact that the GATT was biased in favor of a industrialized nations was one of the key causes of its demise.

What is GATT what does it do?

The General Tariffs and Trade Agreement (GATT), which was ratified by 23 nations in 1947, lowers trade restrictions by doing away with or lowering quotas, tariffs, or subsidies. It was intended to hasten the post-World War II economic recovery.

Are GATT & WTO the very same thing?

The General Tariffs and Trade Agreement is known as the GATT. The International Trade Organization is known as the WTO. Its World Trade Organisation( wto is an established work whose authority has been accepted by it has many member nations, unlike GATT, which was a international treaty with such a brief international existence.

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Which network monitoring solution uses streams and pushes operational data to provide a near real time view of activity?

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Model-driven telemetry, a novel technique for network monitoring, continuously streams data from network devices using a push model, giving users access to operational data nearly immediately.

What is network monitoring?

Network monitoring is the process of using a system to continuously examine a computer network for slow or failing components and notify the network administrator in case of outages or other problems.

Network monitoring is a part of network management.

Network tomography, which involves sending end-to-end probes from agents stationed at critical locations throughout the network or Internet to assess the condition of various links in a network, is a crucial part of network assessment.

It covers methods, platforms, calculations, and tools for monitoring networks' routing posture. Incorrect routing results in unwelcome performance loss or downtime.

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find the accumulated present value of an investment over a 16-year period if there is a continuous money flow of $3100 per year and the current interest rate is 11%, compounded continuously.

Answers

The accumulated present value of an investment is [tex]\$ 22,675[/tex]

As per the details share in the above question,

We have the details are as follow,

Investment for a time period of (T)16 years.

The current interest rate is (k)11%

Continuous money flow of R(t)=$3100 per year.

We have to find the accumulated present value of an investment.

Now by using the integration method we get,

The accumulated present value of an investment is,

[tex]B=\int_0^{\mathrm{T}} R(t)e^{-{kt}} dt\\B=\left(\frac{3,100}{11}\right)\left(1-{e}^{-0.11 \times 16}\right)\\B=22,675.4\\B=\$ 22,675[/tex]

The accumulated present value of an investment is [tex]\$ 22,675[/tex].

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Online reputation management (ORM) includes the following practices, except:
O determining if, when, and how to respond to a negative comment about a brand online
O monitoring the web for negative content
O identifying all of the backlinks for the site
O ensuring that searchers find positive information about a brand online

Answers

Online reputation management (ORM) includes the following practices, except  identifying all of the backlinks for the site. Hence, option C is correct.

What is Online reputation management?

Online reputation management is the technique of constructing a brand's online reputation by removing false information, posting popular content, and making it visible with the aid of other internet algorithms. For a user, the brand must show or offer accurate answers to their questions.

Earned, paid, and owned content are the three basic building blocks in the area of online reputation management. Note: I've described each of these three using the word "content." Additionally, the term "media" can mean either. Here is an effective approach to picture them.

Thus, option C is correct.

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How much do Shipt drivers make without tips?

Answers

Earnings for shipt shoppers range from $15 to $22 per hour. This average takes into account base pay.

What do Shipt users make before tips?

Most orders, in my experience, range between $10 and $12. (before the tips). Customers on Shipt make $15–$17 from each order after gratuities. Pro-tip: When selecting orders, I typically give preference to those in the "promo pay" section with higher payments.

What would happen if Shipt wasn't given a tip?

After making a purchase, you always have the option to leave a tip before the transaction is complete. The next time you open the Shipt app, you will be asked to rate and tip your shopper, if you have those features enabled.

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Which of the following would cause stagflation? a. aggregate demand shifts right b. aggregate demand shifts left c. aggregate supply shifts right d. aggregate supply shifts left 10. Which of the following will cause stagflation? a. b. c. d. 11. an increase in the money supply an increase in oil prices a decrease in the money supply technical progress

Answers

Among the given choices short-run aggregate supply shifts left would cause stagflation

An economic cycle known as stagflation is characterized by weak growth, a high unemployment rate, and inflation. This confluence is particularly challenging for economic officials to manage because trying to address one of the issues can make another worse. Stagflation, which economists formerly believed to be impossible, has repeatedly happened in the industrialized world since the oil crises of the 1970s.

Stagnation is characterized by high unemployment, a decline in gross domestic product (GDP), stagnant wages, and other characteristics. It occurs when economic growth has slowed down or stopped altogether.

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a special contract in which the borrower pledges the mortgaged property as security to the lender is commonly referred to as the:

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A special contract in which the borrower pledges the mortgaged property as security to the lender is commonly referred to as the Mortgage (Deed of Trust), which means option A is the right answer.

Borrower is a person who takes loans from bank or person, and agrees to pay it back with some interest rate levied on the amount taken as loan. The property which the person keeps as a security to the lender is commonly called as collateral or mortgage. It is generally some house, car, or expensive item such as gold. If the borrower is unable to return back money within time, then the lender has sole right to use that collateral to get back money by either selling or bidding against the collateral to some third party.

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To refer complete question, see below:

A special contract in which the borrower pledges the mortgaged property as security to the lender is commonly referred to as the:

A. Mortgage (Deed of Trust)

B. Listing Contract

C. Note

D. Assignment of Mortgage

a developer purchases 20 acres of pasture on which to build a super target store and a home depot.the demographics in the area, and the traffic counts on the two boundary roads, support the project. what type of tax should most concern the developer?

Answers

In a case whereby a developer purchases 20 acres of pasture on which to build a super target store and a home depot.the demographics in the area, the  type of tax that should most concern the developer is rollback.

What are Roll-back taxes ?

Roll-back taxes can be described as one that encompass the difference between the land use value assessment as well as the  the fair market value assessment .

It should be noted that this can be for a period of up to six years plus simple interest per year on that sum howevr the  roll-back tax  can be placed against the person who changes the land to a non-qualifying use.

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What are the 3 major sections of the Code of Ethics?

Answers

The "Duties to Clients and Customers," "Duties to the Public," and "Duties to REALTORS" parts of the Code of Ethics are the three main divisions.

What are the code of ethics?Instead, a code of ethics outlines the moral norms, guiding principles, and expectations that professionals should uphold and against which their activities should be assessed. Social workers should operate ethically because they have made a personal commitment to do so.The term "basic ethical principles" refers to those overarching conclusions that operate as a foundational defense for the numerous specific ethical guidelines and assessments of human behavior.Employees are better equipped to confront moral conundrums they face on the job because to a code that promotes discussions about compliance and ethics. It can also be a useful resource for employees, guiding them in locating pertinent records, offerings, and other materials about ethics available within the company.

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the flexible budget for production of copper wire by metalworks, inc. includes a budget based on 50,000 units produced per month. for this level of production, indirect materials are $206,000, indirect labor is $148,000, utilities are $18,000, depreciation is $64,000, and supervision is $5,000. in the month of january, they spent $205,472 for indirect materials, $149,594 for indirect labor, and $19,650 for utilities to make 50,000 units of wire. what was the difference in variable costs for january?

Answers

The difference in variable costs for January is 2716.

What is variable costs?

A variable cost is an expense that changes depending on production output or sales. Variable expenses increase in response to increasing output or sales and decrease in response to the opposite. Variable costs are impacted by variations in production or sales volume, but fixed costs are not.

Particulars         Budget Actual

Indirect Material 206000 205472

Indirect Labour 148000 149594

Utilities                  18000 19650

Total                 372000 374716

Difference in variable costs=   372000-374716

Difference in variable costs= 2716

The variable costs involved in the production in the given question is indirect labor and materials, and utilities. Depreciation and supervision is a fixed cost,  it is not related to production of the goods.

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a company incurred the following costs associated with the purchase of a piece of land that it will use to re-build an office building: purchase price of the land $ 660,000 sale of salvaged parts already on land $ 23,000 demolition of the old building $ 24,000 ground-breaking ceremony (food and supplies) $ 1,700 land preparation and leveling $ 6,900 what amount should be recorded for the purchase of the land?

Answers

For something like the purchase of both the land, a record number of $437,500 should indeed be recorded.

What exactly do users mean by costs?

Costs are the monetary value of spendings for goods, services, labor, products, equipment, and other pay for the goods to be used by a company or other accounting entity in accounting. It is the quantity denoted as the price on invoices and recorded as an expenditure or investment cost basis in bookkeeping records.

What are some examples of costs?

These include the cost of raw materials and machinery, wages paid to employees, electricity bills, the cost of hiring as well as making purchases a building or plot, and so on. Accounting costs are considered expenses.

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Organizations with the authority to accredit EHRs:

Test EHRs Compare EHRs against NIST standards Develop and test EHRs Both test EHRs and compare EHRs against NIST standards

Answers

Organizations with the authority to accredit EHRs and tests or toolkit should align with the framework offered by NIST.

What is Organizations?

A group of people who cooperate is known as an organization. Examples of such groups include corporations, unions, charities, and neighborhood associations.

Organizations developing an EHR usability toolkit, it is critical to analyze how the physician will be able to use it with easily to support the whole workflow, undertake tests to ensure on ordinary levels, identify any defects that may effect the safety or level of care, and test for ambulatory care. EHR and testing, as well as toolkits, should adhere to the NIST (National Institute of Standards and Technology) framework.

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At the output level that maximizes total surplus
A) marginal benefit exceeds marginal cost by the greatest amount.
B) consumer surplus exceeds producer surplus by the greatest amount.
C) the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output.
D) the areas of consumer and producer surplus necessarily are equal.

Answers

At the output level that maximizes total surplus the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output.

A market's total surplus serves as a gauge for the general well-being of all participants. Combined consumer and producer surplus make up this total. Consumer surplus is the difference between what customers are ready to pay and what they actually pay for a product.

The price a seller receives and their willingness to sell each quantity at that price is known as the producer surplus.

At market equilibrium, total surplus is maximized. At equilibrium, the price is the maximum amount which consumer can pay and minimum acceptable amount by the seller.

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How do you maximize ?

Answers

what do you mean by that question please me specifics and I will try to help you out

the company controller asked nadine to determine if it could borrow more money for an expansion project. when she calculated a leverage ratio, she determined that the company already had 1.5 times as much debt as equity. do you agree with her assessment that the company should back off with borrowing more funds at this time?

Answers

Not necessarily. She needs to look at the debt-to-equity ratios of other companies in the same industry.

Is a debt-to-equity ratio of 1.5 okay?

A firm's debt-to-equity ratio, or D/E ratio, is a measure of a firm's ability to service its debt. Calculated by dividing a company's total debt by its total equity. Generally, a good leverage ratio is less than 1.0. A ratio of 2.0 or higher is generally considered high risk. A negative leverage ratio means that the company has more liabilities than assets and is considered very risky.

What is the optimal debt-to-equity ratio for a company?

Optimal debt-to-equity ratios typically vary widely by industry, but the general consensus is that they should not exceed a level of 2.0. For some very large companies in asset-intensive industries (such as mining and manufacturing) the ratio may exceed 2, but this is the exception rather than the rule.

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A survey is ____, generally takes less time, and can involve a broad cross-section of people.
a. more flexible than a series of interviews, and it is less expensive
b. more flexible than a series of interviews, but it is more expensive
c. not as flexible as a series of interviews, but it is less expensive
d. not as flexible as a series of interviews, and it is more expensive

Answers

A survey is not considered as flexible as a series of interviews, but it is less expensive, generally takes less time, and can involve a broad cross-section of people.

Surveys can be divided into the two broad categories- the questionnaire and the interview. Questionnaires are considered to be usually paper-and-pencil instruments which the respondent completes in a given time period. Whereas, the interviews are completed by the interviewer based on the respondent says.

However, sometimes it is hard to tell the difference between a questionnaire and an interview. Thus, the survey research is said to have changed dramatically in the last ten years.

Hence, option C is correct.

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Pro forma statements are based on: __________

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Pro forma statements are based on historical financial information, recent changes in the business environment, and assumptions about the future performance of the business.

They are used to project future financial performance and are used for a variety of purposes including budgeting, forecasting, and strategic planning.

Pro forma is Latin for "as a matter of form" or "for the sake of form." It shows that a method of calculating financial outcomes utilising specific assumptions or predictions has been employed when it appears in financial statements. In essence, a pro forma financial statement can be used to assess a company's future prospects and can be used to remove whatever a firm thinks obscures the truth of its financial prognosis.

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How do I get a debit card?

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Typically, you can get a debit card by calling the customer care line of your bank. Make a card request online. Through the mobile app or the website for your bank account, you might be able to apply for a debit card.

What exactly is a debit card?

A debit card refers to a type of plastic money or currency. When i don't have cash, you can utilize it to make purchases. Typically, banks give holders of savings accounts a debit card that is connected to their account.

How do debit cards differ from credit cards?

When you make a purchase with a payment card, the money is nearly instantly deducted from your bank account to cover the cost of the item. Utilizing a credit card, The sum will be applied to our credit facility, giving you extra time to pay because you won't pay the payment until later.

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What do you say to a delayed delivery customer?

Answers

Greetings, [Customer Name] We sincerely apologize for the delivery delay. What transpired was as follows: [Explain why the delivery took so long]. This will be resolved as follows — [Explain how you'll stop further delivery delays].

What do you say in response to a customer's grievance regarding a delayed delivery?

It can be very helpful to apologize in advance to irritated customers. Even if an unexpected delay is not your company's fault, sending customers an email or SMS to express your sincere apologies shows them that you are aware of the issue and understand the inconvenience it may have caused.

How can you apologize to a customer for a delayed delivery?

For the delay in mailing your goods, we sincerely regret. Because to the severe weather, we've had to significantly delay our operations. We are doing everything we can to make sure your order is shipped out as quickly as possible. Your patience and understanding are much appreciated.

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Sandy sold 2 acres of land to her daughter, tara. sandy's basis in the land was $800 and she sold the land for $500. sandy's recognized loss on the sale is $_________

Answers

Sandy's recognized loss on the sale is $300

To calculate the recognized loss, one needs to subtract the Sandy's basis in the land, which is the original cost of the land from the amount she received from the sale. In this case, Sandy's basis was $800 and she received $500 from the sale.

Calculating the recognized loss -

= 800 - 500

= 300.

This loss can be used to offset any capital gains Sandy may have had in the same tax year, potentially reducing the amount of taxes she owes. It's important to note that recognized losses on the sale of personal property, such as land, are generally treated differently from recognized losses on the sale of a business or investment property, which may have different tax implications.

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Whole Earth Hair recently introduced a new all-natural shampoo, Thiago, director of new product development, has just reviewed the dismal results. Because his team conducted thorough focus groups and market research prior to launching the product, Thiago is confused by the outcome. To keep his team open to innovation, Thiago should Multiple Choice
O fre and replace the team lead as an example to others
O step down as director and domote the team leadet
O foster an innovative culture that permits risk taking and folur
O ignore the product failure and crowdsource new ideas

Answers

To keep his team open to innovation, Thiago should foster an innovative culture that permits risk-taking and failure. Option (c) is correct.

What do you mean by Product?

The object being sold is referred to as a product. A service or an object both qualify as products. It could take on a physical, virtual, or cyber form. Every product has a cost associated with it, and each one has a price. The market, the quality, the marketing, and the group that is being targeted all affect the price that can be charged.

The team's efforts must be recognized by the manager, who must also foster an inventive culture that encourages taking risks and failing.

The other team members' motivation is impacted when the team lead is fired or replaced.

Resign as director and demote the team leader to curb innovation and risk-taking.

Product development, often known as new product management, is the process of conceptualizing, designing, developing, and selling newly produced or recently relaunched goods and services. The entire process of creating a product, from conception through market launch, is referred to as product development.

Therefore, Option (c) is correct. Foster an innovative culture that permits risk-taking and failure.

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How often are ""Dynamic"" Asset Tags updated?

Answers

Answer:

Every time you login to your user account. Every time a report is generated.

According to the Coase theorem,
a. private actors can reach agreement to solve the problem of externalities without the government.
b. when two private actors amicably solve the problem of externalities, they shift the problem to a third party.
c. corrective subsidies are the best policy to solve the problem of positive externalities.
d. negative externalities are a problem for society but positive externalities are not.

Answers

According to the Coase theorem, a. private actors can reach agreement to solve the problem of externalities without the government.

What is suggested by the Coase Theorem?

According to the Coase Theorem, where there is a conflict between property rights, the parties involved can bargain or negotiate terms that fully reflect the actual costs and underlying values of the relevant property rights, leading to the most efficient conclusion.

Therefore, option A is correct.

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Which 3 types of entries can be made in QuickBooks Online that are classed as non posting?

Answers

The three types of entries that can be made in QuickBooks Online that are classified as non posting are:

Charges.

Credits.

Expenses to be billed to a customer

What is QuickBooks?

It corresponds to a software package aimed at developing and managing to account mainly for small and medium-sized companies. Through QuickBooks' functionalities, it is possible for the accounting department to establish faster, more complete and effective financial management, by automating processes and processing a large volume of data and information.

Therefore, QuickBooks online helps organize a company's data and accounting information, ensuring a better understanding of the company's real financial condition, through balance sheets, projections, and accurate analyses.

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What are the goals of information security?

Answers

The primary goal of information security is to protect data from the unauthorized access. This includes protecting data from theft, damage or accidental loss. In addition, information security refers to the protection of privacy and data integrity.

This includes ensuring that only authorized users have access to the data and that the data cannot be altered or destroyed without permission. In addition, information security seeks to ensure that data is protected from external threats such as hackers, malware, and ransomware. By implementing effective security measures, organizations can protect their data and ensure that it is not misused, damaged or stolen.

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When a company issues stock for the first time it is called an?

Answers

When a company issues stock for the first time it is called an Initial Public Offering (IPO).

When a company issues common stock or shares to the public for the first time, this is known as an Initial Public Offering (IPO). They are frequently issued by smaller, younger companies seeking to raise capital, but they can also be issued by large privately-held companies seeking to go public. An initial public offering (IPO) is the process of selling shares of a private corporation to the public for the first time in a new stock issuance. An IPO allows a company to raise equity capital from the general public. Because it typically includes a share premium for current private investors, the transition from a private to a public company can be an important time for private investors to fully realize gains from their investment.

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Select the correct answer. Which statement best defines theme? Giving brainliest!! TO FIRST PERSON 9x8? I dont know if this is correct !!!!!!! Please answer correctly !!!!!!! Will mark Brianliest !!!!!!!!!!!!!!!!!! Find the value of x 6x+2Help Due in 30 mins! explain how migration from India may have benefited the Indians and people in the countries they settled in around the world. ECONOMICSThe graph shows the price of a good compared to the quantity demanded.A graph titled Demand for Microwave Ovens has quantity demanded on the x-axis, from 0 to 50 in increments of 5, and price in dollars on the y-axis, from 0 to 70 in increments of 10. A line with negative slope contains 2 points. Point (D 1, P 1) is at (15, 50), and point (D 2, P 2) is at (20, 30).This graph demonstrates howthe amount produced slightly changes with the price.the amount produced greatly changes with the price.the quantity demanded changes slightly with the price.the quantity demanded changes greatly with the price. The General Manager is in charge of special events and parties.TrueFalse Solve this equation:945 = 210T SOMEONE PLZ HELP ME WITH THIS QUESTION USING VERB TENSESMartin ________ the extra vegetables from his garden before the first frost of the winter 1. froze2. has frozen3. hsd frozen4. will have frozen Unit TestUnit Test ReviewActive1234568910Answer the following question in 3-4 complete sentences.What equipment is necessary for creating ceramic? Describe each piece and how it is used.What was the Statue of Liberty made of The two lines graphed on the coordinates grid each represent an equation Which prefer pair represents a solution to both equations.?A- (-4,0)B- (-2,1)C- (0,-4)D- (1,-2) Alcohol makes it impossible to?A. be yourselfB. look uncoolC. feel painD. be bored Name the mass movement shown in fig 3 What are the similarities that all the organisms classified under the family Hominidae share? The first government of the United States was established by the ____A. Bill of Rights B. U.S. Constitution C. Articles of Confederation D. Declaration of Independence A town has a population of 15,000 and grows at 7% every year. What will be thepopulation after 10 years, to the nearest whole number? ALGEBRAtell whether the given value is a solution of the equation. (yes or no)1. x+16=20;x+42. p-4+28;p+323. 4w+44;w=104. y/6= 6;y=24 Leia is trying to find the best price for 6 pairs of colored shoelaces. If 3 pairs of colored shoelaces cost $20 at Sprint Sneakers, and 2 pairs of colored shoelaces cost $12 at Shoe Sanctuary, how many dollars will Leia save if she buys 6 pairs of colored shoelaces from Shoe Sanctuary instead of Sprint Sneakers? HELP HELP HELP HELP HELP HELP HELP - A right triangle has a leg length of 21 inches and a hypotenuse length of 29 inches. What is the length of the other leg? * Answer this, please.