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prisoha [69]
2 years ago
5

On january 31, jean consulting company receives a bill for that month’s utilities in the amount of $500. jean sets it aside beca

use she does not plan to pay the bill until its due date of february 15. what effect, if any, does this event have on the company’s accounting equation as of january 31?
Business
1 answer:
Licemer1 [7]2 years ago
7 0

When a company obtains a utility bill but will not pay it right away, it should debit utilities expense and credit accounts payable.

The accounting equation, Assets = Liabilities + Owners Equity means that the total assets of the business are all the time equal to the total liabilities plus the total equity of the business. This is true at any time and applies to each matter. 

In this case the balance sheet or accounts payable have an increased of $500, and the income statement has a utilities expense of $500. The expense decreases the net income, retained earnings, and therefore owners’ equity in the business.

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Answer:

Innovative company culture

Explanation:

This Characterizes a particular form of corporate culture mainly aimed at promoting creativity in business. Innovation Culture is the working environment that managers create to promote and apply unorthodox thought. Work environments that promote a creativity culture generally believe that creativity is not a leading province but it can originate from everyone.

7 0
3 years ago
Required information Use the following information for the Exercises below. Skip to question [The following information applies
Lyrx [107]

Answer:

Follows are the solution to this question:

Explanation:

In point A:

The estimated amount of uncollectible allowance =\$ \  635,000 \times 4 \% = \$ \ 2,540,000

In point B                                    Journal

Titles and descriptions of accounts         Debit          Credit         Calculation    

Expenditure on bad debts                \$ \ 2,526,700

Doubted debt allowance                          \$ \ 2,526,700 \  \   (\$ \ 2,540,000 - \$ \ 13,300)

(Bad Debts Expense recorded)  

In point C                                         Journal

Titles and descriptions of accounts         Debit          Credit         Calculation    

Expenditure on bad debts               \$ \ 2,553, 300

Doubted debt allowance                        \$ \ 2,553, 300     \ \ \ \ (\$ \ 2,540,000 + \$ \ 13,300)    

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3 years ago
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Oduvanchick [21]

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3 0
2 years ago
A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350
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Answer:

Ending inventory= $494

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Giving the following information:

On January 26, the company sells 350 units. 150 units remain in ending inventory on January 31.

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January 25: 100 units for $3.34

Ending inventory= 100*3.34 + 50*3.2= $494

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3 years ago
If a salesperson sells 34 pairs of jeans, 126 t-shirts, and 40 jackets, what fraction of the total number of items sold do the j
tino4ka555 [31]

Answer:

1/5

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34 + 126 + 40 = 200

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40/200 = 1/5 or one fifth

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