Answer:
The entries are as follows
To record estimated returns on Sales
Debit: Sales Refund Payable Account $131,400
Credit: Accounts Receivables $131,400
To record estimated Cost of Sales returns
Debit: Inventory Returns Estimated Account $77,700
Credit: Inventory on Sales on Returns $77,700
Explanation:
To derive the figure for Sales Refund payable for the year
6% of $2,190,000
= 
= $131,400
To derive the figure for Inventory cost on Sales Refund payable for the year
6% of $1,295,000
= 
= $77,700
Answer:
The correct answer is A) the substitution effect
Explanation:
In other words, the substitution effect is when sales fall because the consumers change into cheaper alternatives when its price rises.
Laissez-Faire Economics?
It's an economic system where the free market exists without government intervention.
Answer:
B. Organization chart
Explanation:
An organization chart shows or gives a graphical/visual representation of the organization's or company's structure. Its shows the interrelationship between various units in the organization or company. It conveys the organization's internal structure by specifying roles, responsibilities by position and relationships between individuals in the organization or company. They are also called organogram or organigram.
Answer:
(C) debit to Payroll Tax Expense for $1,148
Explanation:
"employer's payroll taxes" This means we are asked for the entry of the employer, not the employee.
The employer will contribute the same amount for FICA(medicare and social security) FUTA and SUTA
so the entry will be :
<u>payroll tax expense debit 1148</u>
FICA taxes payable credit 900
FUTA payable credit 32
SUTA payable credit 216
