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3 years ago

Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June:

Business

1 answer:

gayaneshka [121]3 years ago

7 0

Answer:

Required 1 : Journal Entries

6/1

Cash $12,000 (debit)

Capital $12,000 (credit)

6/3

Equipment $1,800 (debit)

Accounts Payable $1,800 (credit)

6/4

Insurance Prepaid $360 (debit)

Cash $360 (credit)

6/6

Office Supplies $300 (debit)

Cash $300 (credit)

6/9

Computer $7,500 (debit)

Cash $1,500 (credit)

Account Payable $6,000 (credit)

6/10

Trade Receivable : Fiona Smith $40 (debit)

Service Revenue $40 (credit)

6/14

Accounts Payable $1,800 (debit)

Cash $1,800 (credit)

6/25

Cash $35 (debit)

Service Revenue $35 (credit)

6/30

Cash (debit)

Trade Receivable : Fiona Smith $40 (credit)

6/30

Drawings $500 (debit)

Cash $500 (credit)

Required 2

Professor Quark have $7,615 at the end of June in his Cash Account

Explanation:

For determination of cash on hand at end of June, prepare a Cash Book.

Cash Book - Cash Columns Only

Debit :

Capital $12,000

Trade Receivable : Fiona Smith $40

Service Revenue $35

Totals $12,075

Credit :

Insurance Prepaid $360

Office Supplies $300

Computer $1,500

Accounts Payable $1,800

Drawings $500

Balance c/d (Balancing figure) $7,615

Totals $12,075

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Answer:

A demand schedule

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Clancy should, therefore, prepare the demand schedule for her boss. It will give the same information regarding the relationship between price of televisions and the quantity demanded.

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3 years ago

Journalize the following merchandise transactions, using the net method under a perpetual inventory system.

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Answer:

Part a

Debit : Accounts Receivable $18,000

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Part c

Debit : Accounts Receivable $600

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Explanation:

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See the journals prepared as above

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Answer:

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Answer:

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1. How is inflation measured? Fill in the blanks to complete the passage about the CPI and the GDP deflator. The Consumer Price

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Answer:

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