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
Alborosie
3 years ago
6

Consider the recorded transactions below.

Business
1 answer:
AnnZ [28]3 years ago
6 0

Answer:

1. T-accounts:

Accounts                           Debit        Credit

Accounts Receivable

Balance                           $4,200

Service Revenue              8,400

Cash                                                 10,200

Accounts                           Debit        Credit

Service Revenue

Accounts Receivable                         8,400

Accounts                           Debit        Credit

Supplies

Balance                              $400

Accounts Payable            2,300

Balance c/d                                       $2,700

Accounts                           Debit        Credit

Accounts Payable

Balance                                            $3,500

Supplies                                             2,300

Cash                                $3,700

Balance c/d                      $2,100

Accounts                           Debit        Credit

Cash Account

Balance                           $3,400

Accounts Receivable      10,200

Advertising                                       $1,000

Accounts Payable                              3,700

Deferred Revenue            1,100

Balance c/d                                    $10,000

Accounts                           Debit        Credit

Advertising Expense

Cash                                  1,000

Accounts                           Debit        Credit

Accounts Payable

Cash                                3,700

Accounts                           Debit        Credit

Deferred Revenue

Balance                                             $300

Cash                                                   1,100

Balance c/d                      $1,400

Explanation:

a) Data:

General Entries:

Accounts                           Debit        Credit

1. Accounts Receivable   8,400

Service Revenue                                  8,400

2. Supplies                      2,300

Accounts Payable                                2,300

3. Cash                           10,200

Accounts Receivable                         10,200

4. Advertising Expense   1,000

Cash                                                     1,000

5. Accounts Payable      3,700

Cash                                                    3,700

6. Cash                            1,100

Deferred Revenue                              1,100

b) The beginning balance of each account before the transactions is:

Cash, $3,400

Accounts Receivable, $4,200

Supplies, $400

Accounts Payable, $3,500

Deferred Revenue, $300

You might be interested in
What element of a Crisis Management Plan defines the process that should unfold once an issue or crisis is identified? Hint: it
gavmur [86]

Answer:

Decision Tree

Explanation:

The main purpose of a decision tree is to identify whether a firm or organisation is suffering from crises or not. It helps to identify crises, and it assists in identifying the members which must be included to solve the crises and to decide remedial measures. It usually helps to solve a crisis in a very effective manner.

7 0
3 years ago
During its first year of operation Mazer Manufacturing Company produced 4,500 units of inventory and sold 2,050 units. Mazer inc
const2013 [10]

Answer:

Gross profit= $7,585

Explanation:

Giving the following information:

Units produced= 4,500 units

Units sold= 2,050 units.

Unitary variable cost= $3.5 per unit

Fixed manufacturing overhead= $5,850

The sales price of the products was $8.5 per unit.

Under the absorption costing method, the fixed manufacturing overhead is part of the product cost. Therefore, the units remaining in inventory have fixed costs incorporated.

Unitary cost= 3.5 + 5,850/4,500= $4.8

Sales= 2,050*8.5= 17,425

Cost of goods sold= 2,050*4.8= (9,840)

Gross profit= $7,585

5 0
3 years ago
Which of the following is not a payroll tax deduction?
Wittaler [7]

Answer:

The Correct Answer is B.

Sales tax.

Explanation:

Sales tax is the Tax imposed by the government body during the sale of the goods and services at a retail level.

While payroll tax is the tax which is imposed on the salary of the employees and this tax is imposed by the employer. payroll taxes are directly deducted from the salaries of the employees and directly paid to the internal revenue services by the employer.

8 0
3 years ago
As a factor of production, how is capital created
Naya [18.7K]

Answer:

though borrowing loans

Explanation:

one can borrow a loan from the bank and start a business

3 0
3 years ago
Read 2 more answers
Which type of savings institution is owned and operated by the same people who have accounts in it
inn [45]

A credit union is owned and operated by the people who have accounts in it. In a traditional bank, the bank is run by a president and a board of higher people. In a credit union, all members of the union own a stake of the company and the board is made up of members of the credit union.

7 0
3 years ago
Read 2 more answers
Other questions:
  • Jim wants to buy some new shoes. a local shoe shop has a pair for $59.95 with a 10% discount. another shop has the same pair for
    6·1 answer
  • What is the chief disadvantage of the sole proprietorship as a form of business organization when compared to the corporate​ for
    12·1 answer
  • Firms possessing certain core competencies are more likely to create competitive advantages based on these competencies. However
    11·2 answers
  • The primary reason entrepreneurs choose to incorporate is because of:
    8·1 answer
  • Suppose the spot and three-month forward rates for the yen are ¥102.21 and ¥101.18, respectively.a. Is the yen expected to get s
    12·1 answer
  • Last year, Capriana Corporation (CC) had sales of $200 million, and its inventory turnover ratio was 5.0. The CC’s current asset
    11·1 answer
  • Find the value of n. 394 × n = 3.94
    5·1 answer
  • OLAP enables: a. programmers to quickly diagram data relationships. b. users to view both logical and physical views of data. c.
    14·2 answers
  • Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owner’s equity:_______.
    11·1 answer
  • (b) Note that Schlicksup, before working at Caterpillar, was an accountant at Arthur Andersen (the auditing firm that was crimin
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!