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san4es73 [151]
3 years ago
11

Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for commo

n stock. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $880 cash. 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities. Prepare general journal entries for the above transactions.
Business
1 answer:
inna [77]3 years ago
8 0

Answer:

The Journal entries are as follows:

(i) On August 1,

Cash A/c Dr. $6,500

photography equipment A/c Dr. $33,500

               To common stock                        $40,000

(To record the issuance of common stock for cash and photography equipment)

(ii) On August 2,

Prepaid insurance A/c Dr. $2,100

           To cash                               $2,100

(To record the cash paid in advance for insurance)

(iii) On August 5,

Office supplies A/c Dr. $880

           To cash                       $880

(To record the cash paid for office supplies)

(iv) On August 20,

Cash A/c Dr. $3,331

     To photography fees earned $3,331

(To record the photography fees earned)

(v) On August 31,

Utilities A/c Dr. $675

      To cash A/c        $675

(To record the cash paid for utilities)

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True.

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3 years ago
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Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a freshman at State University and
mihalych1998 [28]

The amounts and types of education tax credits that Ariana and John can take without modified AGI limitation are as follows:

              Amount of Education Tax     Type of Education Tax Credits

For Kai      $1,000 ($2,500 x 40%)        The American Opportunity Credit

For Angel $1,560 ($7,800 x 20%)        The Lifetime Learning Credit

Total tax credit = $2,560 ($1,000 + $1,560)

<h3>What are the American Opportunity Credit and the Lifetime Learning Credit?</h3>

Whereas the American Opportunity Credit (Kia's) covers only the first 4 years of post-secondary education at 40% of $2,500 per student because Kia is a half-time student, the Lifetime Learning Credit applies to graduate schooling (Angel's) and covers 20% of the first $10,000 paid for tuition.

We must note that no taxpayer can claim both the American Opportunity Credit and the Lifetime Learning Credit for the same student in the same tax year.

Thus, the total education tax credit that Ariana and John can claim for both Kai and Angel is $2,560.

Learn more about education tax credits at brainly.com/question/8166956

6 0
1 year ago
Cool Gelato uses various sizes of foam cups. The use of 8oz foam cups is constant throughout the year, and Cool Gelato expects t
ruslelena [56]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

5 0
3 years ago
Rajesh Indian Market (RIM) is open 12 months out of the year. At RIM, the demand for rice is very consistent 200 pounds per mont
Paladinen [302]

Answer:

A. 566 pounds

Explanation:

Given: Demand for rice is very consistent= 200 pounds per month.

           Cost of rice per order= $50 per order.

           Rice cost= $5 per pound.

           Carrying charge= 15%

EOQ: Economic order quantity (EOQ) is the number of units that company should include in their inventory with each order to reduce cost of inventory.

Now, calculating EOQ.

Formula; EOQ= \sqrt{\frac{2DP}{C} }

D= Demand in units for specified period.

P= relevant ordering costs per order.

C= Relevant carrying cost of one unit in stock for the time period used for D.

EOQ= \sqrt{\frac{2\times (50)(200\times 12)}{5\times 15\%} }

⇒ EOQ= \sqrt{\frac{2(50)(2400)}{5\times (0.15)} }

Opening parenthesis

⇒ EOQ=  \sqrt{\frac{240000}{0.75} }

⇒ EOQ= \sqrt{320000}

∴ EOQ= 565.68\ pound \approx 566\ pounds

Hence, Economic order quantity is 566 pounds.

           

5 0
3 years ago
Janice and Shunil are both senior software analysts. They have worked together on projects OF Six years and get along great. Jan
Natali [406]

Answer:

The appropriate response is Option D (Job sharing).

Explanation:

  • Only by seeking less time can Janice as well as Shunil partake throughout the sharing of jobs, which further enables conventional forty-hour-a-week employment to have been shared between multiple individuals.
  • The remaining structural solutions were indeed obligations still forty hours each week.

Additional options are not connected with the situation. Thus the answer above is correct.

7 0
3 years ago
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