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- How does IRC Section 61 define what is included in Gross Income? Explain and give a good example. If you were walking down the street and found a bag of 10 Euro bills totaling 1,000 Euros, is this considered to be Gross Income? (200 words or more, do nor copy from website)1. Returned 20 widget product units (that were purchased on account) to the vendor who adjusted our bill 2. Sold 280 widget product units for $16 each for cash to Marsha Brady 15. 3. Sold 250 widget product units for $16 on account to Greg Brady. 4. Received $80 in advance from a customer who expects to purchase items from us in the near future . Register every transaction in the journal Entry.Question: Prepare the journal entry to replenish the fund. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, eg. 52.75. List all debit entries before credit entries.) VIEW POLIES Show Attempt History Current Attempt in Progress Sunland Airline needs to send one of its employees to Nunavut for three weeks to perform some repairs on some aircraft it owns. Some of the payments to be made for the supplies needed on the assignment will be paid from a petty cash fund. Sunland issued a cheque in the amount of $800.00 to establish the fund. After a few days at the assignment, the nployee returned the following receipts along with a report that the fund had $69.20 left in cash. Receipt Amount Description 1 $26.85 Taxi ride from airport to job site 43.50 FedEx charges for delivering plane parts 35.60 4 74.05 5 355.30…
- Rashid pays took goods worth £500 from the company. The entries in Rashid's accounts should be:Applying for new credit can cost you 5 to 50 points on your credit score. O True FalseSimon got an invoice dated on May 2nd with an amount of $2,150.00 and the terms are 4/15, n/30 ROG. The goods were received on May 14th, and Simon paid on May 25th, so how much should he pay? O a. $1,827.50 O b. $2,064.0O O c. $2,236.00 O d. $2,150.00 Type here to search 24 ASUS
- Patty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for, $613, plus sales tax of $48. What is the journal entry for Patty's Party Favors to record this transaction? O Debit Accounts Payable/The Wedding Planners, $661; Credit Purchases Returns and Allowances, $661. O Debit Accounts Receivable/The Wedding Planners, $661; Credit Sales Returns and Allowances, $613, Sales Tax Payable, $48. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Receivable/The Wedding Planners, $661. O Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Payable/The Wedding Planners, $661.Mei-Ling will buy the. items listed below. She has a score-valued card worth $150. The store offers her a 5% discount if she uses her credit card to pay for any part of the purchase. What is the total cost of the purchase after Mei-Ling uses her stored-value card prior to using her credit card? Round to the nearest cent. Item. Cost($) circular area rug. 324.60 ceiling fan 179.99 a $504.59 b $479.36 c $354.59 d $336.86Account for the following transactions using T accounts: Sell goods for 90,000£ on credit Receive a cash payment of 50,000£ from the credit customer The business grants a discount of 5,000£ to the credit customer for early repayment Buy a car for 25,000 in cash Pay wages for 8,000£ Open a bank loan for 5,000£, receive the proceeds in cash Identify each transaction by its number. For each account, indicate what type of account this is (i.e. Current Assets, Non-current liabilities, etc.).
- Also answer these questions please. 1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the difference between a sales discount, a sales return and a sales allowance? 3) Explain the function of the sales journal and the cash receipts journal.Please help me answer this. Thank you so much in advance for your help!Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "I've always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place." On November 1, 2025, Great Adventures purchased the land by issuing a $580,000, 6%, 8-year installment note to the seller. Payments of $7,622 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $7,622 includes both interest expense and principal payments (i.e., reduction of the loan amount). Late that night, Tony exclaimed, "We now have land for our new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expecting!" Required: 1. Complete the first three rows of an…
