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
AlexFokin [52]
3 years ago
6

For each of the following independent events, identify the account that would be debited and the account that would be credited.

The accounts for the first event are identified as an example.
(a) Received cash by issuing common stock
(b) Received cash for services to be performed in the future.
(c) Paid salaries payable.
(d) Provided services on account.
(e) Paid cash for operating expenses.
Business
1 answer:
My name is Ann [436]3 years ago
6 0

Answer:

A. Received cash by issuing common stock

Debit: Cash

Credit: common stock

B. Received cash for services to be performed in the future.

Debit: Cash

Credit: unearned revenue.

C. Paid salaries payable

Debit: salaries payable

Credit: cash

D. Provided services on account.

Debit: accounts receivable

Credit: service revenue

E. Paid cash for operating expenses

Debit: operating expenses

Credit: cash

Explanation:

A. Received cash by issuing common stock

Debit: Cash

Credit: common stock

B. Received cash for services to be performed in the future.

Debit: Cash

Credit: unearned revenue.

C. Paid salaries payable

Debit: salaries payable

Credit: cash

D. Provided services on account.

Debit: accounts receivable

Credit: service revenue

E. Paid cash for operating expenses

Debit: operating expenses

Credit: cash

You might be interested in
Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $362,000; the partnership
Sveta_85 [38]

Answer:

$362,000 building and $231,000 in Fontaine's capital account

Explanation:

Fontaine and Monroe are forming a partnership

Fontaine invests a building that has a market value of $362,000

The partnership assumes responsibility of $131,000 note

Monroe invests $106,000 in both cash and equipment

The market value is $81,000

Therefore, since the building has a market value of $362,000 then, the amount that is recorded for the building is $362,000

The amount recorded for Fontaine's capital account can be calculated as follows

= $362,000-$131,000

= $231,000

Hence the amount recorded in the building and Fontaine's capital account is $362,000 and $231,000 respectively

8 0
3 years ago
The aggregate demand curve is negatively sloped due to: a the elasticity effect of an aggregate price level change b the fiscal
balandron [24]

Answer:

d. the wealth effect of an aggregate price level change

Explanation:

The aggregate demand curve is negatively sloped due to <u>the wealth effect of an aggregate price level change</u>. The reason is that rise in the aggregate price decreases the purchasing power of the individual and thus, decreases in aggregate demand increases the purchasing power of the individual.

5 0
3 years ago
If the price elasticity of demand is 1.8 then a 30 percent decrease in the price of the good will lead to a _______ percent incr
Mkey [24]

Answer:

The answer is 54percent

Explanation:

Elasticity is a measure of how sensitive one variable is to any variable. It is expressed as the ratio of percentage changes in variables.

That is; %change in quantity demanded/%change in price.

This calculation shows how sensitive quantity demanded is to a change in price.

In the question, price elasticity of demand is 1.8

30 percent decrease in price

Therefore, the quantity demanded will increase by 30percent x 1.8

=54percent

3 0
3 years ago
If you want to give a vendor an incentive to complete work early, which type of contract would you use?Select an answer:a. fixed
uranmaximum [27]

Answer:

The correct answer is letter "A": fixed price.

Explanation:

A fixed price incentive is a type of price that is set based on a reward that will be given only in the case the good or service traded results to be better than expected. It is normally applied when the good or service is delivered to the consumer before so the consumer has the product for extra time with no additional cost.

8 0
3 years ago
Read 2 more answers
Not heading back to school due to high
WITCHER [35]

Answer:

The answer is D, hope this helped!

Explanation:

The answer is D because its a realistic thing to have bills and sometimes you have to take risks or youll have nothing. <3

3 0
3 years ago
Other questions:
  • Which type of account typically has low liquidity?
    13·1 answer
  • Which of the following statements are true regarding dividends?
    11·1 answer
  • Meria Het, a footwear company, designs formal and casual footwear for White American women. However, to increase its customer ba
    8·1 answer
  • Lean AccountingCom-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model. The process
    10·1 answer
  • Harley works in the sales department at his company. he feels that the company's marketing team is not doing a good job, so with
    8·1 answer
  • Rio Coffee Shoppe sells two coffee drinks—a regular coffee and a latte. The two drinks have the following prices and cost charac
    10·2 answers
  • The cost of equipment to apply epoxy paint to a warehouse floor is $1,400. Materials and supplies (masking tape, surface repair
    5·1 answer
  • A cell phone business, in which the franchisor manufacturer a product and licenses a dealer to sell it in an exclusive territory
    13·1 answer
  • On January 1, 2021, Gillock Climbing Academy instituted a defined benefit pension plan for its employees. The annual service cos
    5·1 answer
  • Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2021, Clampett, Incorporated, distributed $42
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!