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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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2 years ago
A company is currently selling 10,000 units of product monthly for $40 per unit. The unit contribution margin is $27. The compan
Ludmilka [50]

Answer:

The company should accept the idea because profit will increase by $24,000.

Explanation:

A company is currently selling 10,000 units of product monthly for $40 per unit.

The unit contribution margin is $27.

The company believes that spending $50,000 per month on advertising will allow them to increase the selling price to $45 and that sales will increase by 750 units per month.

The unit contribution margin is the difference between selling price and variable cost per unit.

An increase in the selling price of $5 will cause the contribution margin to increase by $5, from $27 to $32.

Profits is the product of contribution margin and number of output.

At initial price, the profit was

= 10,000\ \times\ \$ 27

= $270,000

At the new price the profit will be

= 10,750\ \times\ \$ 32  - $50,000

= $344,000 - $50,000

= $294,000

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Answer:

c. Normative ethics

Explanation:

Ethics involves the study of the moral principles and guidelines that determines how an individual behaves. Since people and organizations operate in a social environment, where they interact with other organizations and people, ethics has to be considered to improve how people and organizations act and behave.

1. Substantive ethics

Substantive ethics involves the formulation of guiding principles that can be used during cases of ethical dilemma.

2. Emotional ethics

It consists of the feeling and intuition that play a major role into how people behave in a given situation.

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6 0
3 years ago
A publisher reports that 55% of their readers own a particular make of car. a marketing executive wants to test the claim that t
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Based on the percentage of readers who own a particular make of the car and the random sample, we can infer that there is sufficient evidence at a 0.02 level to support the executive claim.

<h3>What is the evidence to support the executive's claim?</h3>

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Alternate hypothesis : P ≠ 0.55

We then need to find the test statistic:

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The Marketing executive was correct.

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