Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales The following transactions were selected from the records of Ocean View Company:

July 12 Sold merchandise to Customer R, who charge d the $3,000 purchase on his

Visa creditCard. Visa charges OceanView a 2 percent credit card fee.

15. Sold merchandise to Customer S at an invoice price of $9,000; terms 3/10, n/30.

20. Sold merchandise to Customer T at an invoice price of $4,000; terms 3/10, n/30.

23 Collected payment from Customer S from July 15sale.

Aug. 25 Collected payment from Customer T from July 20 sale.

Required:

Assuming that Sales Discounts und Credit Card Discount s arc treated as contra-

revenues. compute net sales for the two months ended August 31.

On june 1 of the current year, chad wilson established a business to manage rental property. he completed the following transactions during june: opened a business bank account with a deposit of $28,000 from personal funds. purchased office supplies on account, $2,690. received cash from fees earned for managing rental property, $7,390. paid rent on office and equipment for the month, $3,310. paid creditors on account, $1,230. billed customers for fees earned for managing rental property, $6,130. paid automobile expenses (including rental charges) for the month, $740, and miscellaneous expenses, $370. paid office salaries, $2,330. determined that the cost of supplies on hand was $1,590; therefore, the cost of supplies used was $1,100. withdrew cash for personal use, $2,210. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300) answer

Your grandmother told you a dollar doesn't go as far as it used to. she says the purchasing power of a dollar is much lesser than it used to be. explain what she means. try and use and explain terms like inflation and deflation in your answer.

In canada, the reference base period for the cpi is 2002. by 2012, prices had risen by 21.6 percent since the base period. the inflation rate in canada in 2013 was 1.1 percent. calculate the cpi in canada in 2013. hint: use the information that “prices had risen by 21.6 percent since the base period” to find the cpi in 2012. use the inflation rate formula (inflation is the growth rate of the cpi) to find cpi in 2013, knowing the cpi in 2012 and the inflation rate. the cpi in canada in 2013 is round up your answer to the first decimal. 122.9 130.7 119.6 110.5