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andreev551 [17]

3 years ago

7

Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entr

y accounting system.
May24Coleman Company pays dividends of $1,500.
October11Coleman Company pays $1,000 for monthly advertising expenses.

1 answer:

Ludmilka [50]3 years ago

8 0

Answer:

May 24

Dr Retained earnings $1,500

Cr Cash $1,500

Being cash dividend paid to shareholders.

October 11

Dr Advertising Expense $1,000

Cr Cash $1,000

Being cash payment for monthly advertising expenses.

Explanation:

Rules:

Debit side:

Increase in asset

Increase in expense

Decrease in liability

Decrease in equity

Decrease in income or sales

Credit side:

Decrease in asset

Decrease in expense

Increase in liability

Increase in equity

Increase in income or sales

May 24

Dr Retained earnings $1,500

Cr Cash $1,500

Being cash dividend paid to shareholders.

October 11

Dr Advertising Expense $1,000

Cr Cash $1,000

Being cash payment for monthly advertising expenses.

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3 years ago

Read 2 more answers

Amiraneli [1.4K]

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3 0

1 year ago

What are capital gains on an investment?

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3 0

3 years ago

Yuengling is the oldest brewery in the United States. It was founded in 1827 in a time when small breweries dotted the nation. F

Doss [256]

Answer:

Niche competitive advantage

Explanation:

A niche competitive advantage is gained when a business targets a small segment of the market and effectively serves them.

Forming a niche market leads to less competition as the business is specialised in this field, there is clear focus as a small targeted customer base is to be satisfied, and results in specialised skills or market expertise.

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7 0

3 years ago

Shanken Corp. issued a bond with a maturity of 30 years and a semiannual coupon rate of 6 percent 4 years ago. The bond currentl

OverLord2011 [107]

Answer:

The company’s total book value of debt is $95,000,000.

Explanation:

1st Issue of Bonds:

Face Value = $45,000,000

Market Value = 95%*$45,000,000

= $42,750,000

Annual Coupon Rate = 6%

Semiannual Coupon Rate = 3%

Semiannual Coupon = 3%*$45,000,000

= $1,350,000

Time to Maturity = 26 years

Semiannual Period to Maturity = 52

Let semiannual YTM be i%

$42,750,000 = $1,350,000*PVIFA(i%, 52) + $45,000,000*PVIF(i%, 52)

Using financial calculator:

N = 52

PV = -42750000

PMT = 1350000

FV = 45000000

2nd Issue of Bonds:

Face Value = $50,000,000

Market Value = 54%*$50,000,000

= $27,000,000

Time to Maturity = 15 years

Semiannual Period to Maturity = 30

Let semiannual YTM be i%

$27,000,000 = $50,000,000*PVIF(i%, 30)

Using financial calculator:

N = 30

PV = -27000000

PMT = 0

FV = 50000000

Total Book Value of Debt = $45,000,000 + $50,000,000

= $95,000,000

Therefore, The company’s total book value of debt is $95,000,000.

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3 years ago