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Digiron [165]
3 years ago
9

Following are the transactions of Sustain Company.

Business
1 answer:
Dennis_Churaev [7]3 years ago
5 0

Answer:

Sustain Company

<u><em>General Journal </em></u>

June 1

Cash $18,000 (debit)

Common Stock $18,000 (credit)

<em>Cash Received in Exchange of Common Stock</em>

June 2

Furniture $11,000 (debit)

Accounts Receivable $11,000 (credit)

<em>Furniture purchased on credit</em>

June 3

Prepaid Insurance $2,000 (debit)

Cash $2,000 (credit)

<em>Insurance paid in advance</em>

June 4

Accounts Receivable $10,000 (debit)

Service Revenue $10,000 (credit)

<em>Service rendered on credit</em>

June 12

Accounts Payable $11,000 (debit)

Cash $11,000 (credit)

<em>Payment made to suppliers</em>

June 20

Cash $10,000 (debit)

Accounts Receivable $10,000 (credit)

<em>Cash payment received from Accounts</em>

June 21

Cash $17,000 (debit)

Common Stock $17,000 (credit)

<em>Cash Received in Exchange for Common Stock</em>

June 30

Cash $12,000  (debit)

Deferred Revenue $12,000 (credit)

<em>Cash Received for the Services to be Rendered</em>

Explanation:

See the journal Entries and Narrations that i have prepared above.

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Features of a cover note​
musickatia [10]

Answer:

It will be:

a) Address and date

b) salutation

c) Body of letter.

d) Conclusion.

Explanation:

The first one is address.

The second one is one's greetings.

The third one is: one's purpose of writing the letter.

The last is  the rounding up of the letter.

8 0
3 years ago
Top of the World, Inc. provides rock climbing sessions to customers. The following is a list of transactions that occurred in 20
xenn [34]

Answer:

a. Assets increase $4,000; SHE increases $4,000.

b. Assets increase $14,900; Liabilities increase $14,900.

c. Assets increase $2,040; Assets decrease $2,040.

d. Assets increase $1,030; Liabilities increase $1,030.

e.  Assets decrease $600; Liabilities decrease $600.

f. Assets decrease $9,100; Liabilities decrease $9,100.

Explanation:

Accounting equation is given as follows:

Assets = Liabilities + Shareholders' equity (SHE)

Therefore, we have the following:

a. 1/20/17: Issued 400 shares of common stock for $10 per share.

Assets increase $4,000; Shareholders' equity (SHE) increases $4,000.

When common stock is issued, cash is received by the company. Since cash is type of assets, current asset to be specific, the first effect on the accounting equation is therefore an increase in assets.

Common stock can be described as a security that represents ownership in a company. Since common stock is one of the component of SHE, any issue of common stock will therefore lead to an increase in SHE in the accounting equation.

b. 1/30/17: Signed a note payable for $14,900 in cash.

Assets increase $14,900; Liabilities increase $14,900.

Note payable is a type of liability which is a written promise by a borrower to repay a lender the amount of cash received/borrowed in return. Since the cash received is a type of asset, the first effect on the accounting equation is an increase. Since note signed is a type of liability, the second effect on the accounting is an increase in liabilities.

c. 2/11/17: Purchased a building for $2,040 in cash.

Assets increase $2,040; Assets decrease $2,040.

The building purchased is a type of asset, a fixed asset to be specific; while cash that is used to pay for it is also an asset, current asset to be specific. The dual effect of this transaction are therefore an increase in asset (fixed asset) by $2,040 and a decrease in assets (Current Asset, i.e cash) by $2,040.

d. 2/19/17: Purchased supplies on account from creditors for $1,030.

d. Assets increase $1,030; Liabilities increase $1,030.

Supplies is a type of asset, current asset to specific; while purchase on account creates a liablity to pay creditors, a current liability to be specific. Therefoe, the dual effect of this transaction on the accounting equation are Assets increase by $1,030 and Liabilities increase by $1,030.

e. 3/10/17: Paid creditors $600 in cash.

Assets decrease $600; Liabilities decrease $600.

A payment to creditors reduces cash which is an asset and also reduces creditors which are part of the liabilities. Therefoe, the dual effect of this transaction on the accounting equation are Assets decrease by $600 and Liabilities decrease by $600.

f. 4/30/17: Paid $9,100 in cash for employee wages for the current period.

Assets decrease $9,100; Liabilities decrease $9,100.

A payment of employess reduces cash which is an asset and also reduces wages payable which is a part of the liabilities. Therefoe, the dual effect of this transaction on the accounting equation are Assets decrease by $9,100 and Liabilities decrease by $9,100.

5 0
3 years ago
Information regarding income levels, education, occupation, and ethnic groups in your target market is called
zhenek [66]

Answer:

Option C. Demographics

Explanation:

Demographics are a population section of a particular target market depending upon specific demographic information which differentiates this section from other section population. These demographics mostly includes location, family status, occupation, education level, etc.

6 0
3 years ago
Flying High Manufacturing produces frisbees using a threeminusstep process that includes​ molding, coloring and finishing. Which
egoroff_w [7]

Answer:

The correct answer is WIP Inventory-Molding.

Explanation:

Modern companies in search of competitiveness are obliged to control their costs permanently and maintain, improve and increase their value generating factors, thereby increasing the attractiveness to their customers and profitability. The control of work in process (WIP) is an activity that, together with others, positively contributes to the achievement of this ideal.

Work in process is a fundamental part of the inventory, which consists of the units that having entered and started the production process, are not yet constituted as finished products. Otherwise, the WIP is made up of those raw materials that have entered the production process but are not yet ready for sale since they are not yet finished product.

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3 years ago
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RESPONSIBLE BUSINESS BEHAVIORS DEPENDS ON THE RESPONSIBLE BEHAVIOR OF EACH___ IN THE BUSINESS WORLD.
Olegator [25]

Answer:

The correct word for the blank space is: individual.

Explanation:

<em>Good business practices</em> rely on the morale of each individual involved. The way people conduct businesses individually will affect the market of their operations, and that market, to the economy of the region. In the <em>globalized world</em>, we leave in, depending on the impact of the region, its market behavior can represent an advantage or disadvantage to the worldwide economy. In front of a crisis, the government can take a stand to control the situation through different policies.

7 0
3 years ago
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