On july 4, sheridan's restaurant accepts a visa card for a $450 dinner bill. visa charges a 2% service fee. prepare the entry on sheridan’s books related to the transaction. (credit account titles are automatically indented when amount is entered. do not indent manually.) date account titles and explanation debit credit july 4 enter an account title enter a debit amount enter a credit amount enter an account title

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.