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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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2 years ago
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Glavine Company issues 6,000 shares of its $5 par value common stock having a fair value of $25 per share and 9,000 shares of it
almond37 [142]

Answer:

                                                                                        $

Market value of common stocks   (6,000 x $25)  = 150,000

Market value of preferred stocks (9,000 x   $20) = 180,000

Market value of the company                                    330,000

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The correct answer is B

Explanation:

The market value of the company is the aggregate of market value of common stocks and market value of preferred stocks.The market value of each stock is equal to number of each stock outstanding multiplied by market price per share. Thus, the proceeds allocated to common stock equals the market value of equity divided by market value of the company multiplied by the lump sum.

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3 years ago
Importers' bank usually issues a ________ to importers in international transactions.
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The United States and many other countries often impose trade sanctions on other countries. These sanctions A. tend to decrease
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Answer:

The correct answer is option D.

Explanation:

Sanctions can be defined as penalty levied on other countries or citizens of other countries. There are a number of trade sanctions such as

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These trade sanctions affect both the sanctioning country as well as the sanctioned country. The imposition of trade sanctions on a country affects exports of the country. As the producers are able to supply less, there will be a reduction in producer surplus.

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