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Colt1911 [192]
3 years ago
7

On July 1, 2021, Ayayai Inc. entered into a contract to deliver one of its specialty machines to Kickapoo Landscaping Co. The co

ntract requires Kickapoo to pay the contract price of $4,900 in advance on July 15, 2021. Kickapoo pays Ayayai on July 15, 2021, and Ayayai delivers the machine (with cost of $2,050) on July 31, 2021.
Instructions

a. Prepare the journal entry on July 1, 2021, for Ellsbury.

b. Prepare the journal entry on July 15, 2021, for Ellsbury.

c. Prepare the journal entry on July 31, 2021, for Ellsbury.
Business
1 answer:
iren [92.7K]3 years ago
5 0

Answer:

Journal entries

Explanation:

The Journal entry is shown below:-

July 1  No Entry is required

July 15

Cash Dr,                                    $4,900  

      To Unearned Sales Revenue             $4,900

(Being cash is recorded)

July 31

Unearned Sales Revenue Dr,  $4,900  

            To Sales Revenue                $4,900

(Being unearned sales revenue is recorded)

Cost of Goods Sold Dr,                $2,050  

           To Inventory                                                     $2,050

(Being cost of goods sold is recorded)

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Which of the following statements is CORRECT?
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Answer:

Suppose a firm has been losing money and thus is not paying taxes, and this situation is expected to persist into the foreseeable future. In this case, the firm’s before-tax and after-tax costs of debt for purposes of calculating the WACC will both be equal to the interest rate on the firm’s currently outstanding debt, provided that debt was issued during the past 5 years.

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3 years ago
Which trade bloc was created to encourage free trade and economiccooperation between Canada, Mexico, and the United States?
Vsevolod [243]

Answer:

B. NAFTA

Explanation:

North American Free Trade Agreement (NAFTA) is a regional agreement between the Government of Canada, the Government of the United Mexican States, and the Government of the United States of America that created a free trade zone.

NAFTA administers the mechanisms stipulated in the Treaty to resolve commercial disputes between national industries or the governments of the party countries in a timely and impartial manner.

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3 years ago
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What is the proper preparation sequencing of the following budgets? 1. Budgeted Balance Sheet 2. Sales Budget 3. Selling and Adm
sergij07 [2.7K]

Answer:

1. Sales Budget

2. Selling and Administrative Budget

3. Budgeted Income Statement

4. Budgeted Balance Sheet

Explanation:

First of all the sales budget is prepared in which expected sales are shown and then the selling and administrative budget is prepared which shows expenses related to sale.

The income statement budget is prepared which shows the expected income.

Then at last  Budgeted Balance Sheet  is prepared in which the expected income is transferred.

The order in which they appear is as follows.

1. Sales Budget

2. Selling and Administrative Budget

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5 0
3 years ago
discuss the influences of supply and demand in your daily life. describe one good and one service you use daily, and describe th
tester [92]

Answer:

I use coffee daily. The supply for the coffee I bought (Colombian Coffee) is few then the price is expensive.  As the price is expensive I can only buy 2 pounds of this item per month. My demand is affected for the price that producers set to this coffee. I would like to buy more but then the supply of this product is limited therefore the prices will always be high.

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3 years ago
Noah drinks Dr. Pepper. He can buy as many cans of Dr. Pepper as he wishes at a price of $0.50 per can. On a particular day, he
Nadusha1986 [10]

Answer:

$0.85 and three cans

Explanation:

Data given in the question

Price per can = $0.50

First can paying price = $0.95

Second can paying price = $0.80

Third can paying price = $0.60

Fourth can paying price = $0.40

So by considering the above information, the noah can buy three cans as the prices are high

So, the consumer surplus is

= First can + second can + third can

where,

First can = $0.95 - $0.50 = $0.45

Second can = $0.80 - $0.50 = $0.30

Third can = $0.60 - $0.50 = $0.10

So, the total consumer surplus is

= $0.45 + $0.30 + $0.10

= $0.85

7 0
3 years ago
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