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
mariarad [96]
3 years ago
14

Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month.

Business
1 answer:
mariarad [96]3 years ago
6 0

Answer:

1. Jay BradFord invested $40,000 cash in the company, as its sole owner.

Account                     Debit          Credit

Cash                          $40,000

Capital                                          $40,000

2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month.

Account                     Debit          Credit

Wage Expense         $3,050

Wages Payable                           $3,050

3. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year.

Account                     Debit          Credit

Prepaid Rent             $24,000

Cash                                              $24,000

4. Purchased furniture and equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months.

Account                                Debit          Credit

Furniture and Equipment   $30,000

Cash                                                        $10,000

Accounts Payable                                  $10,000

5. Paid $1,800 cash for a one-year insurance policy on the furniture and equipment.

Account                                Debit          Credit

Prepaid Insurance               $1,800

Cash                                                        $1,800

6. Purchased basic office supplies for $420 cash.

Account                                Debit          Credit

Office supplies                    $420

Cash                                                         $420

7. Purchased more office supplies for $1,500 on account.

Account                                Debit          Credit

Supplies                               $1,500

Accounts Payable                                   $1,500

8. Total revenues earned were $20,000—$8,000 cash and $12,000 on account.

Account                                Debit          Credit

Revenue                                                  $20,000

Cash                                     $8,000

Accounts Receivable          $12,000

9. Paid $400 to suppliers for accounts payable due.

Account                                Debit          Credit

Accounts Payable                $400

Cash                                                         $400

10. Received $3,000 from customers in payment of accounts receivable.

Account                                Debit          Credit

Accounts Receivable                              $3,000

Cash                                     $3,000

11. Received utility bills in the amount of $380, to be paid next month.    

Account                                Debit          Credit

Utility Expense                    $380

Accounts Payable                                   $380

12. Paid the monthly salaries of the two employees, totaling $6,100.

Account                     Debit          Credit

Wage Expense                            $3,050

Wages Payable         $3,050

You might be interested in
When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to $70, the quanti
katen-ka-za [31]

Answer:

total revenue  for 500 is $2500

total revenue  for 400 is $2800

Explanation:

given data

price of good A = $50

quantity demanded of good A = 500 units

price of good A rises = $70

quantity demanded of good A falls = 400 units

solution

we get here Elasticity of demand that is express as

Elasticity of demand = (change in quantity ÷ average quantity) ÷ (change in price ÷ average price)   .......................1

here

Change in quantity is = 400 - 500 = -100  

and average quantity is =  \frac{400+500}{2} = 450

and change in price is = 70 - 50 = 20

average price is = \frac{70+50}{2} = 60

so now we put all value in equation 1

Elasticity of demand  = \frac{\frac{-100}{450} }{\frac{20}{60} }

Elasticity of demand  = -0.67

as here the elasticity of demand is inelastic because elasticity is above -1

so about total revenue when price will increases as elasticity is inelastic

so increase in price will cause increase in revenue because revenue is maximum when elasticity = -1

and increase in price will cause increases elasticity in the absolute term and revenue will increase

total revenue = price × quantity

so

total revenue  for 500 = 500 × 5 = $2500

total revenue  for 400 = 400 × 7 = $2800

5 0
3 years ago
The economic situation of Rutenia is characterized by the following facts: GDP. Strong economic growth, of about 4%. Unemploymen
True [87]

Answer:

See below

Explanation:

Although a great GDP of 4% gives the impression of a strong economy, as is the case here, the inflation rate is much higher than desired. So, economic policies need to be reviewed in order to determine where the problem lies and what steps can be taken to remedy this situation.

3 0
3 years ago
Nell, a member of a protected class, applies for a job with Origami Paper Corporation, but fails the company's employment test a
11111nata11111 [884]

Answer:

<em>Disparate-impact discrimination</em>

Explanation:

As we can see in the given scenario, that Nell believes that the test has an unintentionally discriminatory effect as he fails in the test taken by the company, so this discriminating act that was made by the Origami Paper Corporation is a <u>disparate-impact discrimination</u>.

<em>Because as we know that if someone is been discriminated unintentionally, then it comes under disparate-impact discrimination.</em>

8 0
3 years ago
Question 6 of 10 When making an ad, avoid using:
Alexeev081 [22]

Answer:

Its A

Explanation:

Because people dont like wierd ads and sketchy things

3 0
3 years ago
Read 2 more answers
Coca-Cola produces and distributes products under the brand names Coke, Minute Made, Dasani, and many others. This collection of
kolbaska11 [484]
Answer is conglomerate
7 0
3 years ago
Other questions:
  • Executives who make assumptions about what an adversary can and cannot do put their organization's performance in jeopardy. Grou
    12·1 answer
  • A customer sells short 100 shares of ABC stock at $30 as an initial transaction in a margin account. The customer must deposit:
    11·1 answer
  • Which One of the following is true about intraperiod tax allocation?
    9·1 answer
  • Calvin purchased a 40% partnership interest for $43,000 in February 2017. His share of partnership income in 2017 was $22,000, i
    14·1 answer
  • Madison Inc. reported sales of $1,000,000, a debit balance in Accounts Receivable of $80,000, and a credit balance of $5,000 in
    15·2 answers
  • In the B2B buying process, ________ can provide tremendous cost savings for firms because they eliminate periodic negotiations a
    5·2 answers
  • The asset's book value is $70,000 on June 1, Year 3. On that date, management determines that the asset's salvage value should b
    10·1 answer
  • Domestic Market for Steel, Alpha
    5·1 answer
  • Imagine that you are reading one of your favorite magazines. if you see a logo and recognize the brand as it is being presented
    14·1 answer
  • Your first job is to settle the dispute between the owners. To settle the dispute, you need to ensure that both owners understan
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!