Gwen,an Independent Consultant,traveled to New York City on a Business

question 62

Multiple Choice

Gwen,an independent consultant,traveled to New York City on a business trip.Gwen spent 4 days in business meetings and conferences and then spent 2 days sightseeing in the area.Gwen's plane fare for the trip was $250.Meals cost $160 per day.Hotels and other incidental expenses amounted to $250 per day.Gwen may deduct

• A)$1,570.
• B)$1,487.
• C)$1,890.
• D)$0.

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Definitions:

General Ledger

A comprehensive set of accounts that records all transactions of a business, providing the foundation for financial statements.

General Ledger

The main accounting record of a company which uses double-entry bookkeeping, consisting of all balance sheet and income statement accounts.

Sales Journal

A specific type of journal used to record the sales of goods or services on credit.

General Journal

An accounting ledger where all types of transactions are initially recorded before being transferred to specific accounts.