Examlex

Solved

Julie Travels to Mobile to Meet with a Client If Julie Is Self-Employed,what Is the Amount of the Deduction

question 41

Multiple Choice

Julie travels to Mobile to meet with a client.While in Mobile,she spends 4 days meeting with the client and one-day sightseeing.Her husband Harry goes with her and spends all 5 days sightseeing and playing golf.The cost of the trip is as follows:
 Airfare $540 for each person.  Lodging at hotel $150/ day (Single Occupancy Rate =$125 )   Meals $75/ day for each person.  Incidental expenses $20/ day for Julie. $15/ day for Harry. \begin{array} { l l } \text { Airfare } & \$ 540 \text { for each person. } \\\text { Lodging at hotel } & \$ 150 / \text { day (Single Occupancy Rate } = \$ 125 \text { ) } \\\text { Meals } & \$ 75 / \text { day for each person. } \\\text { Incidental expenses } & \$ 20 / \text { day for Julie. } \$ 15 / \text { day for Harry. }\end{array}
If Julie is self-employed,what is the amount of the deduction she may claim for the trip?


Definitions:

Cash Payments Journal

A financial journal used in accounting to record all cash payments made by a company, including expenses and debt payments.

Accounts Receivable Subsidiary Ledger

A detailed ledger that breaks down the accounts receivable account into individual customer accounts, tracking each customer's balance.

Collections From Customers

The process of gathering or receiving payments from customers for goods or services provided.

Adjustment For Expired Insurance

An accounting entry made to reflect the decrease in value of an insurance policy over time, moving its cost from an asset to an expense.

Related Questions