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zheka24 [161]
4 years ago
5

Record the following transactions of Fronke’s Fashions in a general journal:

Business
1 answer:
Varvara68 [4.7K]4 years ago
6 0

Answer:

Fronke's Fashions

General Journal:

April 1:

Debit Purchases $2,310

Credit Cash Account $2,310

To record purchase of merchandise for cash.

April 2:

Debit Cash Account $218

Credit Purchases Returns $218

To record return of merchandise for cash.

April 4:

Debit Purchases $825

Debit Freight-in $46

Credit Accounts Payable (Breit Distributors) $871

To record purchase of merchandise on credit, Invoice 125, terms n/30

April 7:

Debit Accounts Payable (Breit Distributors) $58

Credit Purchases Returns $58

To record return of damaged merchandise, Credit Memo 202.

April 30:

Debit Accounts Payable (Breit Distributors) $813

Credit Cash Account $813

To record payment of amount due via Check 1458.

Explanation:

Journal entries are made to record business transactions as they occur on a daily basis.  The journal is the first accounting record kept about a transaction.  It shows the account that will be debited or credited in the General Ledger.

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Which of the accounts are decreased on the debit side and increased on the credit side?
Allushta [10]

Answer: D. Liabilities, stockholders' equity, and revenues.

Explanation: In case of liabilities and equity increase by credit because they are the funds with which the company has to finance the assets according to the balance sheet. Example: Accounts payable suppliers, share capital of shareholders.

Revenues correspond to the income statement and also increase in credit. Example: Revenue from sales, income from commissions.

7 0
4 years ago
On January 1, 2021, the Allegheny Corporation purchased equipment for $295,000. The estimated service life of the equipment is 1
svetlana [45]

Answer:

a.

2021  =  $50,000

2022 = $45,000

b.

2021  = $275,000

2022 = $0

Explanation:

a. Sum-of-the-years'-digits.

Sum of digits for the 10 years will be :

Year 1      =      10

Year 2     =       9

Year 3     =       8

Year 4     =       7

Year 5     =       6

Year 6     =       5

Year 7     =       4

Year 8     =       3

Year 9     =       2

Year 10   =         1

Sum of Digits = 55

therefore,

2021 depreciation = 10/55 x ($295,000 - $20,000)

                               = $50,000

2022 depreciation = 9/55 x ($295,000 - $20,000)

                               = $45,000

b. One hundred fifty percent declining balance.

2021 depreciation = 150% x ($295,000 - $20,000)

                               = $412,500

<em>Can not be charged above book value of $275,000</em>

2022 depreciation = 150% x ($295,000 - $20,000- $412,500)

                               = $0

6 0
3 years ago
What are 3 helpful habits (to prepare for a big test)?<br><br> Plz be specific.
Alenkinab [10]
Hello!

Here are some tips:

• Get a good night's sleep. Believe me, if I don't get at least 7 hours of sleep before a big test, my mind won't function properly and I'll forget everything I'd practised. So, please, get enough sleep.

• Eat something good before the test. It'll help you. When your belly is full, almost everything is okay! :D Seriously, eat enough so that you wouldn't get hungry during the test, and you'll have less to think about. Also, make sure the food doesn't contain too much sugar.

• Take breaks when you're studying. Do NOT cram all those facts in your head, because they won't stay there. Set up a schedule and designate a specific part of every day to studying, and it shouldn't be longer than half an hour.

• Here's a bonus tip I've learned from past experiences. Please don't use TVs, phones, and anything that will distract you. If you need a calculator, USE A CALCULATOR, and not an online one. Otherwise you won't be as productive and it'll definitely distract you.
6 0
3 years ago
Read 2 more answers
The following price quotations are for exchange-listed options on Primo Corporation common stock.
MrRissso [65]

Answer:

$729

Explanation:

The computation of the one call option is shown below:

= Call option price × number of shares

= $7.29 × 100 shares

= $729

Simply we multiplied with the call option price with the number of shares so that the one call option could be calculated as we have to find out the one call option price

All other information which is given is not relevant. Hence, ignored it

7 0
3 years ago
The word valet comes from the French term for "caretaker."<br><br> true<br> false
mezya [45]
I would say true, considering the French term valet was used in the late 15th century when they referred to a footman acting as an attendant to a horseman, which evolved into a man's personal male attendant, responsible for his clothes and appearance, which could also be a caretaker.
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3 years ago
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