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
Leokris [45]
3 years ago
6

The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances:

Business
1 answer:
sergejj [24]3 years ago
4 0

Answer:

<u>Journal entries</u>

1. January 24 Provide plumbing services for cash, $18,000, and on account, $63,000.

Dr Cash 18,000

Dr Accounts receivable 63,000

   Cr Service revenue 81,000

2. March 13 Collect on accounts receivable, $51,000.

Dr Cash 51,000

    Cr Accounts receivable 51,000

3. May 6 Issue shares of common stock in exchange for $10,000 cash.

Dr Cash 10,000

    Cr Common stock 10,000

4. June 30 Pay salaries for the current year, $32,600.

Dr Wages expense 32,600

    Cr Cash 32,600

5. September 15 Pay utilities of $6,200 from 2020 (prior year).

Dr Utilities payable 6,200

    Cr Cash 6,200

6. November 24 Receive cash in advance from customers, $9,200.

Dr Cash 9,200

    Cr Unearned revenue 9,2000

7. December 30 Pay $2,600 cash dividends to stockholders.

Dr Dividends 2,600

    Cr Cash 2,600

<u>Adjusting entries </u>

Depreciation for the year on the machinery is $7,200.

Dr Depreciation expense 7,200

    Cr Accumulated depreciation, equipment 7,200

Plumbing supplies remaining on hand at the end of the year equal $1,000.

Dr Supplies expense 2,500

    Cr Supplies 2,500

Of the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year.

Dr Unearned revenue 6,600

    Cr Service revenue 6,600

Accrued utilities at year-end amounted to $6,400.

Dr Utilities expense 6,400

    Cr Utilities payable 6,400

You might be interested in
The original cost of a product is 75$. Inflation for the first year is 8 percent; for the second year, inflation is 10 percent.
jonny [76]

Answer:

Answer 25 questions from  an A,B

Explanation:

4 0
3 years ago
Suppose that political upheaval in argentina has sparked rampant inflation. a. explain how this unexpected inflation would impac
ankoles [38]

All consumers including banks, even retirees, are directly impacted by inflation in terms of their income, savings, and spending.

How Inflation affects retirees?

  • When determining whether to boost the qualified retirement plan contribution limits or the monthly Social Security benefits, the federal government utilizes inflation as a baseline.
  • Pensions, on the other hand, may or may not increase in value with inflation, and private businesses frequently have internal guidelines for how and when to make cost-of-living adjustments.
  • The main worry for retirees is how inflation would influence their ability to spend their money on essentials like healthcare, travel, and recreation, all of which are expected to be more expensive during inflationary periods.
  • To guard against rising prices, retirees can diversify their sources of income, manage their savings, and make prudent spending decisions.

How will inflation impact banks?

Central banks, including the Federal Reserve, may raise interest rates in an effort to reduce inflation if it is rising while the economy is expanding. Consumer borrowing may slow down as a result of higher interest rates as they take out fewer loans.

Learn more about Inflation with the help of the given link:

brainly.com/question/28190771

#SPJ4

3 0
1 year ago
If a business person wants to get information about a special product to a wide variety people across a large geographic range,
Westkost [7]

Answer: Internet.

Explanation:

The internet is the fastest way a business can advertise it's products to a global audience. The internet is a wireless interconnection of computers across the Earth, where communication is made easier and information is shared.

4 0
3 years ago
What is the difference between real property and real estate...? real property consists of the land, while real estate consists
enyata [817]

Answer:

Real property consists of the land, land rights, and anything permanently attached to the land, while real estate consists of a structure attached to the land

Explanation:

Real estate refers to land that has a physical existence and the resources, structures are attached to it also it expands with respect to the rights of ownership and usage

While on the other hand the real property comprises fo land, rights of the land, and the thing that is permanently attached with respect to the land

Therefore the last second option is correct

6 0
3 years ago
Which Type of Investment Income Happens When a Company Shares Profits With It's Investors?
Ipatiy [6.2K]
Dividends is the answer
8 0
2 years ago
Other questions:
  • Two portfolio managers use different procedures to estimate alpha. one uses a single index model regression, the other the fama-
    13·1 answer
  • Common accounting anomaly fraud symptoms involve problems with various data and books of accounts. Which of the following is NOT
    10·1 answer
  • Direct Materials and Direct Labor Variances At the beginning of June, Bezco Toy Company budgeted 5,000 toy action figures to be
    14·1 answer
  • Which concept do businesses Which professional source provides entrepreneurs with expertise and knowledge about buying an existi
    9·1 answer
  • Dante, an operations manager at Therma-Pro Insulation, has been put on a big project with a tight deadline. He distributes half
    13·1 answer
  • holdy Inc's bonds currently sell for $1,275. They pay a $120 annual coupon and have a 20-year maturity, but they can be called i
    10·1 answer
  • If real GDP increased from $10 billion to $11 billion from the first quarter of 2016 to the first quarter of 2017, but had incre
    8·1 answer
  • I NEED HELP PLZ PLZ PLZ I NEED NOW!!!!!!!!!!!
    14·1 answer
  • The risk-free rate is 3%. MCD currently prices at $25. The Delta of a 1-year at-the-money European call on MCD is 0.5. John has
    7·1 answer
  • Credit and debit
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!