All categories

3 years ago

Purchases and Cash Payments Journals

Business

1 answer:

aniked [119]3 years ago

4 0

Answer and Explanation:

The preparation is shown below:

PURCHASES JOURNAL

DATE Account Post. Accounts Cleaning Other Post. Amt

Credited Ref Payable Cr. Supplies Dr. Accounts Dr. Ref.

20Y5

May 3 Brite N' Shine Products Inc. ✔ $130 $130 No entry required

May 12 Porter Products Inc. ✔ $180 $180 No entry required

May 18 Bio Safe Supplies Inc. ✔ $240 $240 No entry required

May 20 Bowman Electrical Service ✔ $90 Electrical Service Expense 53 $90

May 31 Total $640 $550

$90

($21) ($14)

CASH PAYMENT JOURNAL

DATE Ck. No Account Post. Other Account Cash

Debited Ref Accounts Dr. Payable Dr. Cr.

May 1 57 Bio Safe Supplies Inc. ✔ $210 $210

May 8 58 Equipment 18 $2,140 $2,140

May 15 59 Bowman Electrical Service ✔ $110 $110

May 26 60 Brite N' Shine Products Inc. ✔ $130 $130

May 31 61 Salary Expense 51 $4,110

May 31 Total $6,250 $450 $2,590

(21) (11)

You might be interested in

The feature that differentiates monopolistic competition from monopolies and oligopolies is that monopolistically competitive fi

Georgia [21]

Monopolistically competitive firms (A) cannot influence the market price by virtue of their size alone while monopolies and oligopolies can.

<h3>What is a monopoly?</h3>

A monopoly occurs when there is a single seller in the market.
The monopoly case is considered the polar opposite of perfect competition in conventional economic theory.
The demand curve facing the monopolist is, by definition, the industry demand curve, which is downward sloping.

<h3>What is oligopoly?</h3>

Oligopolistic markets are characterized by a small number of suppliers.
They can be found in all nations and in a wide range of industries.
Some oligopoly markets are very competitive, whereas others are substantially less so, or appear to be.

Monopolistically competitive enterprises, unlike monopolies and oligopolies, cannot influence market prices only through their size.

Therefore, monopolistically competitive firms (A) cannot influence the market price by virtue of their size alone while monopolies and oligopolies can.

Know more about monopoly here:

brainly.com/question/13113415

#SPJ4

Correct question:

The feature that differentiates monopolistic competition from monopolies and oligopolies is that monopolistically competitive firms.

(A) cannot influence the market price by virtue of their size alone.

(B) are price takers.

(C) do not have a price as a decision variable.

(D) benefit from barriers to entry.

7 0

1 year ago

The price of good B has a pattern such that P = $20 on Monday through Thursday of every week, and P = $25 on Fridays. If specula

Andru [333]

Answer:

The correct answer is D. increase; decrease.

Explanation:

Speculation consists of the purchase (or sale) of goods with a view to their subsequent resale (repurchase), when the reason for such action is the expectation of a change in the prices affected with respect to the dominant price and not the gain derived from its use, or of some kind of transformation carried out on these or of the transfer between different markets.

A speculative operation seeks not to enjoy the good or service involved, but to obtain a benefit from the price fluctuation based on the theory of arbitration. In an extensive sense, every form of investment that a medium entails is speculative; However, the term is usually applied to that investment that does not entail any kind of commitment to the management of the assets in which it is invested, and is limited to the movement of capital (financial market), usually in the short or medium term.

The speculation is based on the forecast and the perception, so that the speculator can also be wrong if he does not correctly anticipate the evolution of future prices, so he will have to sell cheap something he bought expensive. The speculative market therefore rewards those who know how to predict.

3 0

3 years ago

Granfield Company is considering... Granfield Company is considering eliminating its backpack division, which reported an operat

torisob [31]

Answer:

$275,700 Decrease

Explanation:

Calculation to determine what The impact on Granfield's operating income for eliminating this business segment would be:

Using this formula

Impact on Operating income=Saving in Relevant fixed cost -Loss of Contribution Margin of backpack division

Let plug in the morning

Impact on Operating income=($530,000*40%)-($965,700-$478,000)

Impact on Operating income=$212,000-$487,700

Impact on Operating income=$275,700

Decrease in net Operating income

Therefore The impact on Granfield's operating income for eliminating this business segment would be:$275,700 Decrease

7 0

3 years ago

12-3. (Break-even point and selling price) Simple Metal Works, Inc. will manufacture and sell 300,000 units next year. Fixed cos

aev [14]

Answer:

Selling price= $5.08

Explanation:

Giving the following information:

Number of units= 300,000

Fixed costs= $350,000

Desired profit= $250,000

Variable cost rate= 0.65

<u>First, we need to calculate the unitary contribution margin using the break-even point formula:</u>

Break-even point in units= (fixed costs + desired profit)/ contribution margin per unit

300,000 = (350,000 + 250,000) / contribution margin per unit

300,000 contribution margin per unit = 600,000

contribution margin per unit= 600,000/300,000

contribution margin per unit= $2

<u>If the variable cost rate is 0.65, then:</u>

Unitary varaible cost= 2/0.65= $3.08

Selling price= contribution margin per unit - unitary varaible cost

Selling price= 2 - (-3.08)

Selling price= $5.08

5 0

3 years ago

Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Inc. During 2017, he was issued a company car with a fair marke

nlexa [21]

Answer:

Check the explanation

Explanation:

As per publication 15-b Of employers tax guide fringe benefits provides you how to use lease value rules and when to use , The following question is answered according to it

Employee Name : Malcolm Figueroa

Annual Lease Method :

1 Fair market value of vehicle 35000

2 Annual lease value : 9250

3 Prorated Annual lease percentage 3600 / 22000 = 16.3636%

4 Prorated Annual lease Value: Annual lease value * Prorated Annual lease percentage = $

9250 * 16.3636% = 1513.633$

5 iF FUEL PROVIDED BY EMPLOYER ENTER MILE 3600 * 5.5cents = 198$

Total fuel charges = 198$

6 Total personal Use Taxable income 1513.633 + 198 = $1711.633

Kindly check the attached image below to see the well arranged accounting entry above.

First we will find the annual lease value from table given by using fmv of automobile i.e for 35000 its 9250

Now we will Multiple annual lease value by % of personal driven by employee

which is calculated by 3600/22000*100= 16.3636%

9250*16.3636%= 1513.633

So this the personal usage vehicle which will be added = $1513.633

And we will add the fuel cost to this amount which is = 3600*5.5cents= $198

total personal use taxable = $1711.633

3 0

3 years ago

Read 2 more answers