Answer:
The journal entry for the issuance and the proceeds of the note is shown below:
Explanation:
Cash A/c.........................Dr $600,000
Notes Payable A/c......Cr $600,000
The givens company received a amount of $600,000 from the bank, so cash is increasing and increase in cash is debited. Therefore, the cash account is debited. Whereas, the cash against a note payable, which increases the liability and any increase in liability is credited. Therefore, notes payable is credited.
<span>Mullin, inc, purchases supplies such as paper, and seat covers directly from manufacturers and then sells them to other firms. mullin, inc. is a (n) wholesaler.
Distribution of goods or things to specific customer types is </span>wholesaling. Wholesaler is a person, company or firm who buys from various producers, a large quantity of goods and then resells to retailers. There are also some types of wholesalers.
Answer:
a. The inventory turnover is 8.00 times
b. The days’ sales in inventory is 68 days
Explanation:
a. In order to calculate the inventory turnover we would have to use the following formula:
inventory turnover=cost of goods sold/average inventory
inventory turnover=$ 48,800/($3,100+$ 9,100)/2
inventory turnover=8.00 times
b. In order to calculate thedays’ sales in inventory we would have to use the following formula:
days’ sales in inventory=(Ending invenory/cost of goods sold)*365
days’ sales in inventory=($9,100/$48,800)*365
days’ sales in inventory=68 days
Answer:
15
Explanation:
165 divided by 11 is 15. For any number over 10 that you divide by 11, you can ignore the middle number and take the digit in the hundreds place and the digit in the ones place.
Answer:
Trial Balance
Items Group Debit ($) Credit ($)
Cash Asset 37641
Office Supplies Asset 890
Prepaid Insurance Asset 4600
Office Equipment Asset 12900
Accounts Payable Liability 12900
Capital Equity 18000
Withdrawals Equity 3329
Engineering Fees earned Revenue 36000
Rent Expense Expense <u>7540</u> <u> </u>
Total <u>$66900</u> <u>$66900</u>
