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alina1380
2 months ago
13

Decide whether each situation is a checking account deposit or debit. Drag each situation to correct category.

Business
1 answer:
Nady [3.6K]2 months ago
0 0

The question lacks completeness:

Categorize each occurrence as either a deposit or a debit for a checking account. Place each scenario in its appropriate category.

-depositing a $100 gift check

-settling a utility bill via online payment

-getting an eft of earned wages

-issuing a check for groceries

-withdrawing $40 from an atm

Response:

-depositing a $100 gift check: deposit

-settling a utility bill via online payment: debit

-getting an eft of earned wages: deposit

-issuing a check for groceries: debit

-withdrawing $40 from an atm: debit

Rationale:

A checking account allows for both deposits and withdrawals. A deposit occurs when money is added to the bank account, whereas a debit signifies when funds are removed. Following this guideline, the classifications are as follows:

-depositing a $100 gift check: deposit because it increases the account balance

-settling a utility bill via online payment: debit as it reduces the account funds.

-getting an eft of earned wages: deposit due to the boost in balance.

-issuing a check for groceries: debit since it diminishes the account total.

-withdrawing $40 from an atm: debit because it lowers the account total.

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3 0
3 months ago
On July 1, 1990, John invested $300 in an account that earned 8% simple interest. On July 1, 1993 he closed this account and dep
marusya05 [3725]

Response:

The interest rate is 5.7%          $21.204

Clarification:

The formula for calculating simple interest is

I =

\frac{P*R*T}{100}

Given that

I = Interest, T = time;;R is rate; P = principal

John earned this interest by July 1, 1993 as follows:

           I = \frac{300*1* 8}{100} = 72

Consequently, the total amount in John's account by July 1, 1993 would then be

= $300 + $72= $372

This indicates he utilized these funds at an interest rate of q.

On July 1, 1998, John’s total was $520, meaning the interest accumulated in these five years equals $520 - $372 = $148.

Using the simple interest formula: Interest = PRT/100

148 =

\frac{520*5*q }{100}        = 14,800 =2600q

       q = \frac{14,800}{2,600}

Thus, the rate is found to be 5.7%

The interest amount between July 1, 1993, and July 1, 1994 calculates as

    I = \frac{PRT}{100} = \frac{372*5.7*1}{100}

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7 0
2 months ago
On December 29, 2019, Patel Products, Inc., sells a delivery van that cost $20,000. After recording the entry to bring the accum
soldi70 [3635]

Answer: For an explanation, please refer to the explanation section

Explanation:

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December 29, 2019

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Account title------Delivery Van ----Credit $20,000

The equipment's book value at the sale was $2,000, reflecting its original cost of $20,000 adjusted by the accrued depreciation of $18,000. Since Patel received the same $2,000 from the sale of the delivery van, there is no profit from the disposal.

6 0
3 months ago
Butterfly tractors had $14 million in sales last year. cost of goods sold was $8 million, depreciation expense was $2 million, i
Free_Kalibri [3773]
A)
Ventas. 14
Costo de bienes vendidos. (8)
Depreciación. (2)
Intereses (1)
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B)
Ingreso neto=1.95-1=0.95
Flujo de efectivo=3.95+1=4.95



5 0
3 months ago
Read 2 more answers
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