There are many unstated assumptions in the problem given above. Even if the mathematical solution is to make only one or two typ
1 answer:
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Answer and Explanation:
The transactions 3 6 and 8 represents that the expenses are incurred which results in increased and expenses and the transaction 4 and 5 shows that there is an increased in revenue
The journal entry is shown below:
For transaction 3
Rent expense
To Cash
(Being the rent expense is paid for cash is recorded)
As the expense has debit balance so it would be increased
For transaction 6
Electricity expenses Dr
To Cash
(Being the energy usage is paid for cash is recorded)
As the expense has debit balance so it would be increased
For transaction 8
Advertising expense Dr
To Account payable
(Being the advertising expense is recorded)
As the expense has debit balance so it would be increased
For transaction 4
Account receivable Dr
To Service revenue
(Being the service is provided)
As the revenue has credit balance so it would be increased
For transaction 5
Cash Dr
To Service revenue
(Being the service provided is recorded)
As the revenue has credit balance so it would be increased
The attachment is provided for better understanding
The other transactions represent the assets, liabilities and stockholder equity
Ski Market sells snowboards. Ski Market knows that the most people will pay for the snowboards is $129.99. Ski Market is convinced that it needs a 45% markup based on cost. The most that Ski Market can pay to its supplier for the snowboards is $71.49.
Explanation:
- people will pay for the snowboards is $129.99.
- Ski Market is convinced that it needs a 45%
- The most that Ski Market can pay to its supplier for the snowboard is
- =
×45
- =$ 58.5
- =129.99 ±58.5
- = $71.49
- Therefore, Ski Market can pay to its supplier for the snowboards is $71.49.