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hammer [34]
3 years ago
8

Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Account

s Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Transactions
Oct. 1. Paid rent for the month, $5,000.
3. Paid advertising expense, $3,170.
5. Paid cash for supplies, $1,360.
6. Purchased office equipment on account, $20,800.
10. Received cash from customers on account, $6,800.
15. Paid creditors on account, $1,990.
27. Paid cash for miscellaneous expenses, $860.
30. Paid telephone bill (utility expense) for the month, $320.
31. Fees earned and billed to customers for the month, $45,300.
31. Paid electricity bill (utility expense) for the month, $540.
31. Withdrew cash for personal use, $3,400.

Journalize the following selected transactions for October 2019 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
alexgriva [62]3 years ago
7 0

Answer:

Explanation:

The journal entries are presented below:

On Oct 1

Rent expense A/c Dr $ 5,000

       To Cash A/c $5,000

(Being payment of rent is made in cash)  

On Oct 3

Advertising expense A/c Dr $3,170

      To Cash A/c $3,170

(Being payment of adverting expense is made in cash)  

On Oct 5

Supplies A/c Dr $ 1,360

        To Cash A/c $1,360

(Being payment of supplies is made in cash)  

On Oct 6

Office equipment A/c Dr $20,800

        To Accounts payable $20,800

(Being purchase of office equipment on account is recorded)  

On Oct 10

Cash A/c Dr $6,800

         To Accounts receivable $6,800

(Being cash is received from customer is recorded)

On Oct 15

Accounts payable A/c Dr $1,990

       To Cash A/c $1,990

(Being payment is made in cash is recorded)

On Oct 27

Miscellaneous expense A/c Dr $860

          To Cash A/c $860

(Being miscellaneous expenses is paid in cash is recorded)  

On Oct 30

Utilities expenses $320

        To Cash A/c $320

(Being telephone expenses is paid in cash is recorded)  

On Oct 31

Accounts receivable A/c Dr $45,300

          To Fees earned $45,300

(Being feed earned and billed customer is recorded)

On Oct 31

Utilities expenses $540

     To Cash A/c $540

(Being electricity expenses is paid in cash is recorded)  

On Oct 31

Drawings A/c Dr $3,400

    To Cash A/c $3,400

(Being personal use amount is recorded)

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Explanation:

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n the cash flow information for the Ping Kings project, Ping spent $300,000 for research and development of the golf clubs. Ping
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The City of Crescent Hill operates a central motor pool as an internal service fund for the benefit of the city's other funds an
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C. Expenditures

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Find the future values of these ordinary annuities. Compounding occurs once a year. Round your answers to the nearest cent. $200
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Answer:

Normal:

$ 3,509.7470

$    563.7093

$ 2,000.00

Due:    

 $3,930.9167

 $   597.5319

 $ 2,000.00

Explanation:

We solve using the formula for common annuity and annuity-due on each case:

C \times \frac{(1+r)^{time} }{rate} = FV\\

C \times \frac{(1+r)^{time} }{rate}(1+rate) = FV\\ (annuity-due)

<u>First:</u>

C 200.00

time 10

rate 0.12

200 \times \frac{11+0.12)^{10} }{0.12} = FV\\

200 \times \frac{11+0.12)^{10} }{0.12}(1+0.12) = FV\\

Normal:  $3,509.7470

Due:       $3,930.9167

<u>Second:</u>

100 \times \frac{(1+0.06)^{5} }{0.06} = FV\\

100 \times \frac{(1+0.06)^{5} }{0.06} (1+0.06)= FV\\

$563.7093

$597.5319

<u>Third:</u>

No interest so no time value of money the future value is the same as the sum of the receipts regardless of time or being paid at the beginning or ending.

1,000  + 1,000 = 2,000

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