Read Each of the Following Transactions

question 66

Essay

Read each of the following transactions. Determine the accounts to be debited and credited.
A)Sold merchandise for $200 in cash plus sales tax of $14.
B)Collected $3,400 from credit customers on account.
C)Sold merchandise for $1,600 in cash plus sales tax of $112. There was a cash shortage of $6.

• A)Sold merchandise for $200 in cash plus sales tax of $14.
• B)Collected $3,400 from credit customers on account.
• C)Sold merchandise for $1,600 in cash plus sales tax of $112. There was a cash shortage of $6.

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Definitions:

Social Exchange Relationship-based

A perspective viewing relationships in terms of the exchange of resources, benefits, and supports, where the balance of give-and-take is considered crucial for relationship stability.

Leader-member Exchange (LMX)

A theory describing how leaders develop relationships with team members, leading to different levels of influence and outcomes for members.

Transformational Leadership

A leadership approach that causes change in individuals and social systems, enhancing the motivation, morale, and performance of followers through a variety of mechanisms.

Individualized Consideration

A leadership strategy where leaders attend to the needs of each member of their team, acting as a mentor or coach to encourage personal development.