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vodomira [7]
3 years ago
12

Reed, a 15-year-old, has run out of money while on a trip away from home. Martha gives him food, a place to sleep, and his bus f

are home, in exchange for Reed's promise to pay $200 after he got home. Is Reed's promise enforceable?
Business
1 answer:
OLEGan [10]3 years ago
5 0

Answer:

Explanation:

Food, clothing, housing, and medical care are needed. Bus fares are probably also considered necessary, although it can be controversial depending on the distance of a minor. Rules are essential for adolescents to pay for the value of the benefit received. In other words, Reed can reject the contract, but he must take responsibility for any benefit he received from Martha.

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Received $13,000 cash from the issue of common stock. Performed services on account for $45,000. Paid the utility expense of $1,
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Answer:

Please see explanation

Explanation:

The transactions shall be recorded in the general ledger in the following way:

                                                                   Debit                      Credit

Cash                                                          $13,000

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(Received $13,000 cash from the issue of common stock)

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(Performed services on account for $45,000)

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Cash                                                                                             $1,100

(Paid the utility expense of $1,100)

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Accounts receivable                                                                   $33,000

(Collected $33,000 of the accounts receivable)

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Salaries payable                                                                          $6,250

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Retained Earnings                                    $1,000

Cash                                                                                              $1,000

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6 0
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