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maxonik [38]
2 years ago
11

Journalizing Transactions Monroe Company rents and sells electronic equipment. During September, Monroe engaged in the transacti

ons described below. Sept. 5 Purchased a Chevrolet truck for $44,300 cash. 8 Purchased inventory for $3,600 on account. 10 Purchased $1,400 of office supplies on credit. 11 Rented sound equipment to a traveling stage play for $12,800. The producer of the play paid for the service at the time it was provided. 12 Rented sound equipment and lights to a local student organization for a school dance for $3,200. The student organization will pay for services within 30 days. 18 Paid employee wages of $4,170 that have been earned during September. 22 Collected the receivable from the September 12 transaction. 23 Borrowed $14,100 cash from a bank on a 3-year note payable. 28 Issued common stock to new stockholders for $40,000. 30 Paid a $4,350 cash dividend to stockholders.
Required: Prepare a journal entry for each transaction. Sept. 5 (Record purchase of truck) 8 (Record purchase of Inventory on account) 10 (Record purchase of supplies on account) 11 (Record performance of services) 12 (Record performance of services on account) 18 (Record payment of wages) 22 (Record collection of cash on account) 23 (Record borrowing of cash) 28 (Record issuance of common stock) 30 (Declared and paid cash dividend)
Business
1 answer:
Tamiku [17]2 years ago
4 0

Answer:

fresh avocado

Explanation:

freeshombockumdoo

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Oduvanchick [21]

Answer:

a. 40 % and $630,000

b. $ 270,000

Explanation:

The contribution margin ratio = Contribution ÷ Sales

The dollar sales volume required to break even = Fixed Cost ÷ contribution margin ratio

the margin of safety (in dollars) - company sells 20,000 units = Expected Sales - Break even Sales  

8 0
2 years ago
Suppose you have $10,000 in your checking account. You withdraw $500 cash from your account and hide it under your pillow for fu
trapecia [35]

Answer:

The Money supply will decrease by $4,500

Explanation:

What will be the maximum impact on money supply today as a result of your action is that the Money supply will decrease by $4,500.

Since we assumed that you have $10,000 in your account in which you withdraw $500 cash from your account and hide it under your pillow for future use, therefore based this scenario or actions carried by you it means that your bank have fewer or lesser funds available to make loans which means the decrease will tend to affect the money supply.

Hence, you can easily calculate the effect by using the simple money multiplier.

8 0
3 years ago
What is a federal and/or state tax on specific goods like gasoline, tires, airfare, or cigarettes?
amm1812
An excise tax is a <span>federal and/or state tax on specific goods like gasoline, tires, airfare, or cigarettes. Excise taxes are most always included in the price of the product.</span>
8 0
3 years ago
Read 2 more answers
Tempest Enterprises began operations on January 1, 20x1, with all of its activities conducted from a single facility. The compan
Ray Of Light [21]

Answer:

100% will be included in the Income Statement

Explanation:

Always remember that the depreciation calculated for the accounting period can be apportioned as per the International Accounting Standard IAS 2, which says that expenses must be classified in a manner that results in the truth & fairness of the Financial Statements. This means that if depreciation calculated is $500 then the whole of this depreciation will be expensed out in the income statement. It's 20% might go to selling activities, 35% to administrative activities, and 45% to manufacturing activities.

<h3><em>B</em><em>ut remember that the depreciation calculated for the accounting period would be expensed out by $500 in the income statement, for the period generated.</em></h3>
3 0
3 years ago
Do lenders always accept applications for credit?
Yakvenalex [24]
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3 years ago
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