Calculation of Expense Sales Salaries Paid During 2020 Were $ 90,000. Advances to 90,000

question 83

Essay

Calculation of expense
Sales salaries paid during 2020 were $ 90,000. Advances to salesmen were $ 1,300 on January 1, 2020, and $ 800 on December 31, 2020. Sales salaries payable were $ 1,300 on January 1, 2020, and $ 1,400 on December 31, 2020.
Instructions
Calculate the Sales Salaries Expense for calendar 2020.

Understand the concept of surplus and shortage in a market and calculate its magnitude.

Grasp the relationship between the prices of complements and substitutes and their demands.

Understand market dynamics in response to changes in income and distinguish between normal and inferior goods.

Predict market outcomes based on technological improvements or changes in production costs.

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Definitions:

Petty Cash Fund

A little sum of money maintained readily available for covering small costs instantly.

General Journal Entry

A basic accounting record where financial transactions are initially recorded.

Replenishment

Replenishment involves the process of restocking goods or materials in inventory to maintain adequate levels to meet consumer demand or operational needs.

Bank Reconciliation

Bank reconciliation is the process of comparing and matching figures from the accounting records against those shown on a bank statement to ensure they are in agreement.