A Cabinet Shop Produces Two Types of Custom-Made Cabinets for a Customer

question 130

Short Answer

A cabinet shop produces two types of custom-made cabinets for a customer. If the fancy cabinet costs 5 times as much as the standard cabinet, and if the total price for both cabinets is $8,250, how much does each cabinet cost?
Fancy cabinet = $__________
Standard cabinet = $__________

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Definitions:

Bank Reconciliation

A method to check and resolve any differences between the bank's records and a company's financial records, often involving the reconciliation of a bank statement.

Collection Fee

A charge levied for the service of collecting funds from a debtor or processing payments.

Accrued Interest

Interest that has been earned but not yet received or recorded as income by the end of the accounting period.

Journal Entry

A record in accounting that logs the debit and credit sides of a financial transaction.