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3 years ago

7

Rocky industries received its telephone bill in the amount of $300 and immediately paid it. rocky's journal entry to record this

transaction will include a:

1 answer:

loris [4]3 years ago

8 0

Hi there

The journal entry would be

debit to telephone expense for $300
Credit to cash for $300

Good luck!

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Hawke Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $

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Answer:

2019:- 62000 Income ; 2020:- 24000 loss ; 2021:- 43000 Income

Explanation:

Assets - Liabilities = Capital (Closing / Opening both)

Profit = Closing Capital - Opening Capital + Drawings - Additional Capital

(Opening Capital = 1st Jan , Closing Capital = 31st Dec) here

2019

Closing Capital = Closing Assets - Closing Liabilities

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Profit = Closing Capital - Opening Capital + Drawings - Additional Capital

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2020

2020 Opening Capital = 2019 Closing Capital = 150000

Closing Capital = Closing Assets - Closing Liabilities

460000 - 300000 = 160000

Profit = Closing Capital - Opening Capital + Drawings - Additional Capital

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2021

2021 Opening Capital = 2020 Closing Capital = 160000

Closing Capital = Closing Assets - Closing Liabilities

590000 - 400000 = 190000

Profit = Closing Capital - Opening Capital + Drawings - Additional Capital

190000 - 160000 + 25000 - 12000 = 43000 Income

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Answer:

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