1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
8090 [49]
3 years ago
7

Required:

Business
1 answer:
IgorC [24]3 years ago
8 0

Answer:

Jenna Aracel, the owner, invested $205,000 cash, office equipment with a value of $8,200, and $70,000 of drafting equipment to launch the company in exchange for common stock.

Dr Cash 205,000

Dr Office equipment 8,200

Dr Drafting equipment 70,000

    Cr Common stock 283,200

The company purchased land worth $56,000 for an office by paying $9,800 cash and signing a long-term note payable for $46,200.

Dr Land 56,000

    Cr Cash 9,800

    Cr Notes payable 46,200

The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b.

Dr Building 58,000

    Cr Cash 58,000

The company paid $4,200 cash for the premium on an 18-month insurance policy.

Dr Prepaid insurance 4,200

    Cr Cash 4,200

The company completed and delivered a set of plans for a client and collected $7,600 cash.

Dr Cash 7,600

    Cr Engineering fees 7,600

The company purchased $34,000 of additional drafting equipment by paying $10,400 cash and signing a long-term note payable for $23,600.

Dr Drafting equipment 34,000

    Cr Cash 10,400

    Cr Notes payable 23,600

The company completed $16,000 of engineering services for a client. This amount is to be received in 30 days.

Dr Accounts receivable 16,000

    Cr Engineering fees 16,000

The company purchased $1,950 of additional office equipment on credit.

Dr Office equipment 1,950

    Cr Accounts payable 1,950

The company completed engineering services for $27,000 on credit.

Dr Accounts receivable 27,000

    Cr Engineering fees 27,000

The company received a bill for rent of equipment that was used on a recently completed job. The $1,591 rent cost must be paid within 30 days.

Dr Equipment rental expense

    Cr Accounts payable 1,591

The company collected $9,000 cash in partial payment from the client described in transaction g.

Dr Cash 9,000

    Cr Accounts receivable 9,000

The company paid $1,100 cash for wages to a drafting assistant.

Dr Wages expense 1,100

    Cr Cash 1,100

The company paid $1,950 cash to settle the account payable created in transaction h.

Dr Accounts payable 1,950

    Cr Cash 1,950

The company paid $1,110 cash for minor maintenance of its drafting equipment.

Dr Repairs expense 1,110

    Cr Cash 1,110

The company paid $9,880 cash in dividends.

Dr Dividends 9,880

    Cr Cash 9,880

The company paid $2,000 cash for wages to a drafting assistant.

Dr Wages expense 2,000

    Cr Cash 2,000

The company paid $4,300 cash for advertisements on the Web during June.

Dr Advertising expense 4,300

    Cr Cash 4,300

You might be interested in
____ is the consumer right that is protected by a federal fraud law.
Fed [463]

Answer:

The Federal Trade Commission Act

Explanation:

6 0
1 year ago
A company that fails to manage its strategic alliance probably has: multiple choice incorporated contractual safeguards. made op
Feliz [49]

Refrained from making commitments to its partners and ensured that they do the same.

A strategic alliance is supposed to be two or more companies working together to achieve a common goal while still maintaining their independent company identity, but if they fail to manage that relationship then the should refrain from making promises or goals they cannot keep.

8 0
3 years ago
Select the correct answer.
-BARSIC- [3]

Answer:

the answer is b

Explanation:

4 0
3 years ago
Niles Co. has the following data related to an item of inventory: Inventory, March 1 110 units @ $1.10 Purchase, March 7 210 uni
pantera1 [17]

Answer:

The value assigned to ending inventory if Niles uses "weighted average" is $320 ( to 160 units @ $2 )

Explanation:                  Number of units    Price per unit    Total

Purchases on March 1 =         110                     $1.10               $1,21

Purchases March 7      =         210                    $2.10              $441

Purchases March 16    =         110                     $2.70              $297  

Inventory on March 31 =        160                    $2.00             $320

Weighted Average Inventory value = Accumulated Value / Total Number of units

Weighted Average Inventory value = ( 121 + 441 + 297 ) / ( 110 + 210 + 110 )

Weighted Average Inventory value = 1.997674419 = $2.00

7 0
3 years ago
Present and future value tables of $1 at 3% are presented below: N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1 1 1.03000 0.97087 1
vichka [17]

Dang that’s a lot of stuffffffff

6 0
3 years ago
Other questions:
  • Complete the Analysis section using formulas with statistical functions. Use named ranges instead of cell references in the form
    14·1 answer
  • Competitive intelligence means gaining information about one's competitors' activities so that you can anticipate their moves an
    12·1 answer
  • If the demand for a product decreases, what is likely to happen?
    7·1 answer
  • Blue Corporation had the following 2017 income statement. Revenues $102,000 Expenses 65,000 $37,000 In 2017, Blue had the follow
    13·1 answer
  • _______ control is the use of hierarchical authority to influence employee behavior by rewarding or punishing employees for comp
    13·1 answer
  • Following are the accounts and balances from the adjusted trial balance of stark company
    7·1 answer
  • Starting an investment portfolio at a young age means:
    6·1 answer
  • Waterway Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere a
    14·1 answer
  • The Office of Federal Contract Compliance Programs is responsible for enforcing orders that cover companies doing business with
    14·1 answer
  • A ________Blank identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, th
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!