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2 years ago

Need help with accounting. ASAP

Business

1 answer:

suter [353]2 years ago

7 0

The Journal entries are as follows

June 1

DR Cash 60,000

CR Capital Stock 60,000

<h3 /><h3>What is Journal Entry?</h3>

Journal entry is the debit and credit of accounts to balance the transactions and its two sided effects. This is the basic of Accounting and so have a great importance.

June 2

DR Aircraft 220000

CR Cash 40000

CR Notes Payable 180000

June 4

DR Rent expense 2500

CR Cash 2500

June 15

DR Accounts Receivable 8320

CR revenue 8320

June 15

DR Salaries Expense 5880

CR Cash 5880

June 18

DR Maintenance Expense 1890

CR Cash 1890

June 25

DR Cash 4910

CR Accounts Receivable 4910

June 30

DR Account Receivable 16450

CR Revenue 16450

June 30

DR Salaries Expense 6000

CR Cash 6000

June 30

DR Fuel Expense 2510

CR Accounts Payable 2510

June 30

DR Dividends 2000

CR Dividends Payable 2000The Journal entries are as follows

Learn more about Journal Entries at brainly.com/question/26963089

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Momentous Occasions is a photography business that shoots videos at college parties. The freshman class pays $1,000 in advance

Viefleur [7K]

Answer:

a. Considering the $1,000 paid by the freshman class,

Revenue earned on April 2

Did the earnings occur on the same date the cash was received No

b. Considering the $4,100 paid by the sophomore class,

Revenue earned on April 2

Did the earnings occur on the same date the cash was received No

Explanation:

a. Considering the $1,000 paid by the freshman class, on what date was revenue earned? Did the earnings occur on the same date the cash was received?

Revenue According to IFRS 15 is earned when earnings occur on the same date the cash was received when Momentous Occasions (the entity) transferres goods or services to the customer ( freshman class)

Thus $1,000 paid by the freshman class on March 3 is a Deferred Revenue. Earnings did not occur on the same date the cash was received.

Revenue occured when Momentous Occasions (the entity) transferred goods or services to freashman class on April 2

b. Considering the $4,100 paid by the sophomore class, on what date was the revenue earned? Did the earnings occur on the same date cash received?

Revenue occured when Momentous Occasions (the entity) transferred goods or services to freashman class on April 2

The $4,100 paid by the sophomore class on February 28 is payment for services rendered by Momentous Occasions on party held on April 2.

Thus Earnings did not occur on the same date the cash was received.

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2 years ago

Give the meaning and important aspects of the process of globalisation.

kherson [118]

Answer:

Globalization by definition is that process that the business or n organisation begins to operate on an international standards.It involves interactions amongst individuals , institution and even the government.

There are 4 basic aspects of globalization

1.Dissemination of knowledge.

2.Migration and movement

3.Capital and investment movement

4.Trade and transctions.

Explanation:

1.in the first point , we view globlisation as a measure in the changes of the human heritage by the aspect of knowledge.people's world wide ideologies are disseminated by varoious means far and wide, in the whole world.

2.Globalization has caised movement, through migrationa socioeconomic as well as the political relations is created along the borders.Movement has caused people to be more difficult to controlband also people have been dislocated.

3.These terms are commonly used to describe the economy .capitalism is the private ownership as opposed to ownership by the government.

4.Trade and teansactions has caused tremendous improvements across the globe, in a way, it has led creating jobs, increaeing thw workers salaries amongst other factors .conversely , trade transactions has caused social disruptions and as a result number of businesses are lost.

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2 years ago

Economists define "programmed spending behavior" as being spending that is frequent and is done with relatively little thought.

Alexandra [31]

Answer: D) buying coffee in the morning

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3 years ago

Read 2 more answers

Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished g

snow_tiger [21]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Beginning inventory= 208,500 units.

Sales:

second quarter= 417,000 units

third quarter= 469,000 units

fourth quarter= 289,500 units.

Desired ending inventory= 50% of the next quarter's budgeted sales.

To calculate the production for each quarter, we need to use the following formula:

Production= sales + desired ending inventory - beginning inventory

Second-quarter:

Sales= 417,000

Desired ending inventory= 0.5*469,000= 234,500

Beginning inventory= (208,500)

Total production= 443,000

Third-quarter:

Sales= 469,000

Desired ending inventory= 0.5*289,500= 144,750

Beginning inventory= (234,500)

Total production= 379,250

4 0

2 years ago

The trial balance of Rollins Inc. included the following accounts as of December 31, 2021:

Alinara [238K]

Answer:

Net income = $725,625

Earnings per share = $7.26 per share

Explanation:

The multiple-step income statement refers to an income statement that displays gross profit obtained as sales revenue minus cost of goods sold, and also shows an organization's operating revenues and operating expenses separately from its nonoperating revenues or gains and expenses or losses.

The multiple-step income statement can be prepared as follows:

Rollins Inc.

multiple-step income statement

For the Year Ended December 31, 2021

Details $ $

Sales Revenue 5,400,000

Cost of goods sold (3,950,000)

Gross profit 1,450,000

Operating expenses:

Selling expense (350,000)

General and admin expense (250,000)

Total operating expenses (600,000)

Operating income 850,000

Interest revenue (expense):

Interest revenue 37,500

Interest expense (20,000)

Total Interest revenue (expense) 17,500

Other compreh. income (loss):

Loss on sale of investments (10,000)

Loss on debt investments (125,000)

Gain on projected ben. obligation 235,000

Total other compreh. income (loss) 100,000

Income before tax 967,500

Income taxes (w.1) (241,875)

Net income  725,625 

Earnings per share (w.2) 7.26

Workings:

w.1: Income taxes = Income before tax * Effective tax rate = $967,500 * 25% = $241,875

w.2: Earnings per share = Net income / Number of shares of stock outstanding throughout the year = $725,625 / 100,000 = $7.26

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2 years ago