The Following Are Sales of the Holiday Store During February

question 11

Essay

The following are sales of The Holiday Store during February. The Store sells seasonal holiday items.
2/3 Sold 50 heart balloons for $5 cash each.
2/8 Sold 100 boxes of chocolates at $10 each, terms 2/10, n/30. Collected within the discount period.
2/10 Sold 50 heart necklaces for $25 each with no discount. Have not collected as of month end.
2/14 Sold 100 bouquets of roses at $30 per bouquet. Half the sales were on account. By month end, 75% of the credit sales were collected.
2/27 Sold 20 leftover heart necklaces to a discount store for $15 each on credit.
2/28 Sold a display cabinet at a swap meet for $100 on account.
Determine the balance in Accounts Receivable at 2/28.

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Definitions:

Majority Rule

A decision-making process where the choice supported by more than half of the members in a group is accepted or becomes the decision.

Median Voter Theorem

A theory suggesting that a majority rule voting system will select the outcome most preferred by the median voter.

Middle-of-the-Road

A course of action or opinion that avoids extremes and adopts a moderate or balanced viewpoint.

Median Voter

A theoretical concept in political economy and public choice theory that suggests policies are determined by the preferences of the median voter when voters are positioned along a single policy dimension.