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
Tju [1.3M]
3 years ago
12

Transactions for Skysong Company for the month of May are presented below. Prepare journal entries for each of these transaction

s. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) May 1 B.D.Skysong invests $3,800 cash in exchange for common stock in a small welding corporation. 3 Buys equipment on account for $1,086. 13 Pays $410 to landlord for May rent. 21 Bills Noble Corp. $500 for welding work done. (Use Service Revenue account.)
Business
1 answer:
ExtremeBDS [4]3 years ago
3 0

Answer:

Explanation:

The journal entries are shown below:

May 1 -  Cash A/c $3,800

                To Common stock A/c  $3,800

(Being stock is exchanged for cash)

May 3 -  Equipment A/c Dr $1,086

                  To Account payable A/c $1,086

(Being equipment purchased in credit)

May 13 - Rent expense A/c Dr  $410

                 To Cash A/c                      $410

May 21 - Accounts receivable A/c  Dr $500

                 To Service Revenue A/c                     $500

(Being the completed work recorded)

 

You might be interested in
A company is considering investing in a project that costs $300,000. The company uses straight-line depreciation and estimates t
Vaselesa [24]

Answer:

NPV = $-41,928.18

Explanation:

Net present value is the present value of after tax cash flows from an investment less the amount invested.

NPV can be calculated using a financial calculator:

Cash flow in year 0 = $-300,000

Cash flow each year from year 1 to 10 = $42,000

I = 10%

NPV = $-41,928.18

To find the NPV using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

7 0
3 years ago
Read 2 more answers
Qiang is a project manager at Enigma Industries and is able to borrow specialists from the organization on a regular basis to as
Alenkasestr [34]

Answer:

matrix organizational structure

Explanation:

When a company works under a matrix organizational structure, specialists from different parts of the organization are brought together on a temporary basis to work on specific projects. It is common for employees to report to both a functional manager (traditional manager) and a product manager (project manager).

3 0
3 years ago
Clabber Company has bonds outstanding with a par value of $123,000 and a carrying value of $111,100. If the company calls these
White raven [17]

Answer:

The gain on retirement = $4,600

Explanation:

The gain or loss on retirement = Carrying Value of the Bonds -  Call price of the Bonds

The gain or loss on retirement = $111,100 -  $106,500

The gain on retirement = $4,600

Note: Par value will not be taken for the calculation of the above

4 0
3 years ago
A German toy company manufactures its products within U.S. borders. If the
shutvik [7]

Answer:

a

Explanation:

3 0
3 years ago
Read 2 more answers
When might adding an additional employee be bad for a small business?
Anarel [89]

Answer:

If the demand for the product or services goes down

Explanation:

A reduction in demand for a good or service results in a decline in its price. As per the law of supply and demand, a decline in demand while holding other factors constant pushing the equilibrium price down. Reduced prices mean that the revenues obtained from the sales of the product or service will decline.

Hiring an extra worker when the demand is low will lead to losses. Low demand causes low prices, which implies that the cost of the new employee will be greater than the benefits obtained from the worker.  A reduction in prices will mean that the marginal product of labor will be lower than the cost of labor.

3 0
3 years ago
Other questions:
  • Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear on Healthy Life’s balance sh
    13·1 answer
  • A study finds that the noise from airplanes is harmful; hence, the government imposes a $25 tax on the sale of every airplane. T
    11·1 answer
  • Dyan, the owner of expert restoration services, inc., adheres to the "principle of rights" theory. under this theory, a key fact
    6·1 answer
  • How can you make yourself "visible" when telecommuting?
    5·1 answer
  • Rather than competing head to head with established competitors, many companies seek out unoccupied positions in uncontested mar
    8·1 answer
  • Midwest Agri-Products Corporation offers to sell its sugar substitute to Nice Candies, Inc., only if Nice Candies agrees to buy
    5·1 answer
  • Which type of portfolio might a young investor who is not afraid of risk choose?
    11·1 answer
  • Ulysses S. Grant appears on the front of which denomination of US. currency?
    15·1 answer
  • WHICH OF THE FOLLOWING WILL CAUSE NO CHANGE IN PRODUCER SURPLUS? A) IMPOSITION OF A NON BINDING PRICE CEILING IN THE MARKET. B)
    8·1 answer
  • Choose the correct definition of purchasing power parity.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!