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Tutor profile: Samuel O.

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Samuel O.
CPA With 4 Years Tutoring Experience
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Questions

Subject: US Government and Politics

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Question:

Why is the Senate referred to as the "Upper House" or the "Higher Chamber" of Congress and the House of Representatives is called the "Lower House" or the "Lower Chamber"?

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Samuel O.
Answer:

Because the Senate is considered more prestigious as it has fewer members at 100 compared to the House of Representatives at 435. Additionally, senators serve for six years as opposed to only two for representatives. What is more, the Senate has more responsibilities as it responsible for ratifying treaties and confirming judges and cabinet appointments.

Subject: US History

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Question:

What U.S. Civil War battle resulted in the highest amount of combined casualties for the North and South? A: Gettysburg B: Shiloh C: Antietam D: Chancellorsville

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Samuel O.
Answer:

The answers is A: Gettysburg as as estimated 46,000 casualties were suffered in this battle between the North and the South B: Shiloh, while this was battle with highest casualty count up to that point in the war casualties were only 27,400 C: Antietam, this was the bloodiest DAY in American Military history with 27,700 casualties in just a day of fighting. However, the battle lasted only a single day. D: Chancellorsville, while it was a lopsided victory for the South having the North suffer heavy casualties at 12,650 to the South's 5,400 it was not worst battle of the Civil War

Subject: Accounting

TutorMe
Question:

What are the journal entries to record the following transactions? 1 A bookstore purchases $1,500 of books on account that it intends to resell 2 The bookstore pays $50 cash to have the books delivered 3 The bookstore returns $200 worth of the books

Inactive
Samuel O.
Answer:

1 Because the bookstore is a reseller the books would go into inventory and because this was purchased on account we would record this transaction in accounts payable. Thus the journal entry is: Debit: Inventory $1,500 Credit: Accounts Payable $1,500 2 Shipping costs are capitalized because it is part of the cost of obtaining inventory. Therefore it increases inventory and decreases cash because it was paid for right away. So, the journal entry is: Debit: Inventory $50 Credit: Cash $50 3 This essentially is just a reversal of journal entry one because we are decreasing our inventory. So the answer is: Debit: Accounts Payable $200 Credit: Inventory $200

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