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3 years ago

This information relates to Monty Real Estate Agency.

Business

1 answer:

kotykmax [81]3 years ago

3 0

Answer:

Journal Entries

Date Account Titles and Explanation Debit Credit

Oct. 1 Cash $34,040

Common Stock $34,040

(To record the cash is invested in the business)

Oct. 2 No Journal Entry $0

Oct. 3 Office Furniture $4,110

Accounts Payable $4,110

(To record the purchase of office furniture on account)

Oct. 6 Accounts Receivable $10,780

Service Revenue $10,780

(To record the services provided but cash is not yet collected)

Oct. 10 Cash $165

Service Revenue $165

(To record the services provided by cash)

Oct. 27 Accounts Payable $690

Cash $690

(To record the payment made on accounts payable

relating to office furniture)

Oct. 30 Salaries Expense $2,740

Cash $2,740

(To record the payment of salaries to the assistant)

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When a firm or store offers a price reduction to customers who buy during off-peak periods throughout the year, we say the firm

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Seasonal.

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Shanna Engel started up a new nonprofit organization in 2013 named Concern for Animal Shelter and Habitats (CASH). The organizat

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Answer:

Net Assets = Total Liabilities - Total Assets

Transaction # 1

Cash comes under Permanantly Restricted Net Assets

Hence -

Net Assets = $50,000 - $50,000 = $0

Transaction # 2

As there was no transaction took place hence nothing to be reported.

Transaction # 3

Inventory comes under supply & its temporarily restricted net assets

Hence

Net Assets = $1750 - $1750 = $0

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Net Assets = $0 - (-$5000) = $0 + $5000 = $5000

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Office Equipments comes under Temporarily Restricted Net Assets

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Explanation:

See attached file for table

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