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3 years ago

Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March.

Business

1 answer:

spin [16.1K]3 years ago

5 0

Answer:

March 1

Cash $195,000 (debit)

Office equipment $29,000 (debit)

Common Stock $224,000 (credit)

March 2

Prepaid Rent $8,000 (debit)

Cash $8,000 (credit)

March 3

office equipment $4,200 (debit)

office supplies $2,400 (debit)

Accounts Payable $6,600 (credit)

March 6

Cash $3,500 (debit)

Revenue $3,500 (credit)

March 9

Trade Receivable $9,200 (debit)

Revenue $9,200 (credit)

March 12

Accounts Payable $6,600 (debit)

Cash $6,600 (credit)

March 19

Prepaid Insurance $4,700 (debit)

Cash $4,700 (credit)

March 22

Cash $3,900 (debit)

Trade Receivable $3,900 (credit)

March 25

Trade Receivable $3,760 (debit)

Revenue $3,760 (credit)

March 29

Dividend $6,200 (debit)

Cash $6,200 (credit)

March 30

Office supplies $1,600 (debit)

Cash $1,600 (credit)

March 31

Utility Bill $700 (debit)

Cash $700 (credit)

Explanation:

Identify the two Accounts Affected and place them in the respective given titles then record the journal.

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Which of the following is a fixed cost?

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Answer:

The answer is d. payment to hire a security worker to guard the gate to the factory around the clock.

Explanation:

Let re-visit to the concept of Fixed cost before applying to the questions.

Fixed costs are costs which are unchanged given changes in production level.

a. payment to a electric utility is not fixed cost because higher level of production required higher electricity consumption which leads to higher cost of electricity.

b. cost of raw material is not fixed cost because the higher the production level, the higher the raw material required for production.

c. wages to hire assembly line workers is not fixed cost because the higher the production level, the more workers required and the higher the wages will be.

d. payment to hire a security worker to guard the gate to the factory around the clock is fixed cost because regardless of the production level, the security worker will work for the same amount of time and receive the same level of payment as his workload is much likely to remain the same.

So, d is the correct choice.

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3 years ago

What type of rule defines how much time can pass between an illegal act and when an individual is prosecuted for that act?

Anton [14]

Answer: Statue of limitations is the correct answer

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2 years ago

Which of the following steps of the strategy development process for exports involves performing market research and interpretin

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Answer:

the correct answer is

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3 years ago

If a bank invested $75 million in a two-year asset paying 12 percent interest per year and simultaneously issued a $75 million o

hammer [34]

Answer:

The net interest income in two years would $1,500,000 and $375,000

Explanation:

In order to calculate the net interest income in two years, we have to calcuate the following:

First we have to Calculate the interest income:

Year 1 = $ 75,000,000*12% = 9,000,000

Year 2 = $75,000,000*12% = 9,000,000

Also, we have to Calculate the interest expense

Year 1 = ·$75,000,000 * 10% = $7,500,000

Year 2 = $75,000,000 * (10%+1.5%) = $8,625,000

Finally we can calculate the Net Interest Income which is = Interest income - Interest expense

Hence interest income of Year 1 = $9,000,000 - $7,500,000 = $1,500,000

interest income of Year 2 = $9,000,000 - $8,625,000 = $375,000

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3 years ago

The cost of direct materials transferred into the Filling Department of Eve Cosmetics Company is $91,050. The conversion cost fo

kupik [55]

Answer:

Cost of Direct material per unit = $1.50 per unit
Cost of Conversion = $7.30 per unit

Explanation:

Cost of Direct material per unit is:

= Total cost of direct material / Total equivalent units for direct materials

= 91,050 / 60,700

= $1.50 per unit

Cost of conversion

= Total cost of Conversion / Total equivalent units for Conversion

= 497,860 / 68,200

= $7.30 per unit

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3 years ago