Answer:
August 1, merchandise purchased on account 2/10, n/30
Dr Merchandise inventory 25,000
Cr Accounts payable 25,000
Explanation:
If Greene paid within the discount period, the journal entry to record the payment would be:
August 2-11, payment of accounts payable
Dr Accounts payable 25,000
Cr Cash 24,500
Cr Purchase discounts 500
If Greene didn't paid within the discount period, the journal entry to record the payment would be:
August 20, payment of accounts payable
Dr Accounts payable 25,000
Cr Cash 25,000
Answer:
Trial Income Statement:
Service revenue $17,000
Rent expense ($3,500)
Insurance expense ($350)
<u>Wages expense ($10,500)</u>
Net income $2,650
*We need to adjust other expenses like supplies or utilities. I assumed the salaries paid were for a 10 days period since no one pays salaries in advance.
Trial Balance Sheet
Assets:
Cash $62,200
Supplies $1,000
Prepaid insurance $3,850
<u>Equipment $10,000 </u>
Total Assets $77,050
Liabilities and Equity:
Accounts payable $8,000
Wages payable $7,000
Common Stock $60,000
<u>Retained earnings $2,050 </u>
Total Liabilities and Equity $77,050
Explanation:
July 1
Dr Cash 60,000
Cr Common stock 60,000 (6,000 stocks $10 par value)
July 3
<u>Rent expense 3,500</u>
Cr Cash 3,500
July 5
Dr Prepaid insurance 4,200
Cr Cash 4,200
Adjusting entry July 31
Dr Insurance expense 350
Cr Prepaid insurance 350
July 7
Dr Supplies 1,000
Cr Accounts payable 1,000
July 10
Dr Wages expense 3,500
Cr Cash 3,500
Adjusting entry July 31
Dr Wages expense 7,000 ($3,500 x 2 10 day periods)
Cr Wages payable 7,000
July 14
Dr Equipment 10,000
Cr Cash 2,500
Cr Accounts payable 7,500
July 15
Dr Cash 8,000
Cr Service revenue 8,000
July 19
Dr Accounts payable 500
Cr Cash 500
July 31
Dr Cash 9,000
Cr Service revenue 9,000
Dr Retained earnings 600
Cr Dividends payable 600
Dr Dividends payable 600
Cr Cash 600
Answer:
C) Debt increases by more than cash dividends paid
Explanation:
Based on the information given the statements that is more likely based on the below calculation will be : DEBT INCREASES BY MORE THAN CASH DIVIDENDS PAID reason been that the NET INCREASE IN THE CASH from financing activities was the amount of $4,500
Net Increase In The Cash from financing activities = $5000 - $1000 + $500
Net Increase In The Cash from financing activities= $4500
Answer:
differences within the project team
Explanation:
There are usually a lot of differences between people in a project team. This makes the team to be more diversified and if these differences are not are not valued as a strength, they can lead to low morale, diminished trust, reduced productivity, greater tension, and suspicion and become a serious impediment to team performance. The team members are from different cultural groups and there may be issues in sharing knowledge, trust and productivity. If such issues are not tackled on time, they may become greater problems for an organization.
Answer:
1. e. The Fed buys a security from a bank for $1,000.
In order to increase money supply, the Fed buys a security from the bank and gives them money.
2. d. The bank sets $100 aside as required reserves.
The bank will set aside 10% of the money paid by the Fed which comes to $100 leaving the bank with $900.
3. a. The bank lends $900 to a customer needing a loan.
The bank then lends this money to customer who needed it.
4. c. The customer spends the $900 at a store.
The customer then spends the money thereby transferring it to another party.
5. b. The store owner deposits the $900 in another bank.
The store owner then takes the money spent by the customer and deposits it in another bank. That bank then gives the Fed 10% and then the cycle repeats.
