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
zepelin [54]
3 years ago
11

Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entr

y accounting system. March 24 Owner deposits $26,000 in business bank account as an initial investment. September 8 Morris Company receives $6,500 payment from a customer on account.
Business
1 answer:
olga_2 [115]3 years ago
6 0

Answer:

A MS Excel file is attached for the Journal general , please find it.

Explanation:

Entries to be Journalized

Date                Account                    DR.          Cr.

March 24         Cash                   $26,000    

                        Owner's Capital                  $26,000

September 8   Cash                   $6,500    

                        Account receivable           $6,500

Download xlsx
You might be interested in
Oregon Outfitters issues 1,300 shares of $1 par value common stock at $21 per share. Later in the year, the company decides to r
Molodets [167]

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $27,300

(1,300 × $21)  

      To Common Stock $1,300  

       To Paid in capital in excess of par-Common Stock $26,000

(Being issue of common stock is recorded)

2.Treasury stock Dr, $5,000

(250 × $20)

        To Cash  $5,000

(Being repurchase of treasury stock is recorded)

3. Cash Dr, $6,750

(250 × $27)

      To Treasury stock $5,000

(250 × $20)

      To Paid in capital-Treasury stock $1,750

(Being reissue of treasury stock is recorded)

3 0
3 years ago
Reddit, Digg, and StumbleUpon are examples of popular
Arte-miy333 [17]

Answer:

social bookmarking sites

Explanation:

Reddit, Digg and StumbleUpon are all Web sites dedicated to social bookmarking.

They fetch the contents from other Web sites and encourage their users to share their preferences on what they like and see all over the Internet with their friends.

They're not social networks per say because people aren't directly in contact with each other, only through their shared contents.

They're not tech blogs, because they rarely have any original contents and they're not targeting only technologies.

They're not video sites either, because they're sharing all kinds of contents.

8 0
3 years ago
Marx would most likely support a plan for (5 points)
alekssr [168]
Marx would most likely support A, government ownership of most production
8 0
3 years ago
The graph above shows how the price of video games varies with the demand quantity. Suppose that the price of video games is set
ira [324]
Price floor.
A floor, in real life, is at the bottom, below you — this then makes sense in business to say that a ‘floor’ represents the minimum value of something — in this case the price of video games.
In real life, a ceiling is above you, indicating that it could be used as a representative of a maximum value of something, like the price of a video game.

So, if we were to say that $120 was the ‘price ceiling’ for video games, then we would basically be saying that $120 is the most a video game could cost. If we were to say that $100 was the ‘price floor’ for video games, we would be saying that $100 is the minimum value that the price of a video game could assume.
6 0
3 years ago
Segmented Income Statement Gorman Nurseries Inc. grows poinsettias and fruit trees in a green house/nursery operation. The follo
bija089 [108]

Answer:

Poinsettias records a loss of $118,125            

Fruit Trees records a profit of $92,325        

The company therefore records an overall $25,800 loss

NB: See the workings below see the assumption mad to allocate common expenses since none is given in the question.

Explanation:

Variable costing income statement is a type of income statement that records variable cost separately first to determine the contribution margin and thereafter record the fixed cost which is further split into direct fixed expenses and common expenses.

The segmented income statement for Gorman Nurseries for the coming year can therefore be presented as follows:

Gorman Nurseries Inc.

Segmented Income Statement

For the coming year

Particulars                        Poinsettias ($)     Fruit Trees ($)    Total ($)

Sales                                         970,000           3,100,000        4,070,000

Variable COGS                       (460,000)         (1,630,000)     (2,090,000)

Variable selling exp. (w1.)  <u>       (38,800)  </u>     <u>     (124,000) </u>    <u>    (162,800)  </u>

Contribution margin                 471,200            1,346,000      1,817,200

Direct fixed overhead             (160,000)          (200,000)       (360,000)

Direct fixed S $ Admn exp.  <u>   (146,000) </u>     <u>       (87,000) </u>    <u>    (233,000) </u>

Segment margin                       165,200           1,059,000      1,224,200

Common fixed overh. (w2a)     (176,077)           (623,923)     (800,000)

Common S $ Admn ex (w2b)  <u> (107,248)  </u>      <u>   (342,752) </u>    <u>  (450,000) </u>

Segment Net Income (loss)   <u> (118,125)  </u>       <u>       92,325 </u>    <u>    (25,800) </u>

Workings:

w1. Variable selling expenses = Sales * Commission percentage

Poinsettias = $970,000 * 4% = $38,8000

Fruit Trees = $3,100,000 * 4% = $124,000

w2. Allocation of common expenses using the following assuptions:

a) Use cost of goods sold (COGS) to allocate Common fixed overhead:

Poinsettias = (460,000 / 2,090,000) * $800,000 = $176,077

Fruit Trees = (1,630,000 / 2,090,000) * $800,000 = $623,923

b) Use common selling and administrative expense using Sales:

Poinsettias = (970,000 / 4,070,000) * $450,000 = $176,077

Fruit Trees = (3,100,000 / 4,070,000) * $450,000 = $623,923

4 0
3 years ago
Other questions:
  • Scenario 10 Suppose that in Country A, one worker per day can produce either 120 units of food or 50 units of capital goods; whi
    6·1 answer
  • Given that gabby is looking for a budget-priced flight home for the holidays, she will need to find out what various options exi
    6·1 answer
  • When a company issued 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would in
    11·1 answer
  • Following are transactions for Valdez Services, a company owned by Brina Valdez. A. Brina Valdez invested $20,000 cash in the co
    15·1 answer
  • City Bus Corporation provides school bus transportation to private and public schools in Lancaster County. City Bus owns 50 buse
    6·1 answer
  • Choose appropriate term from the list below for each of the following descriptions.
    10·1 answer
  • According to the traditional approach to capital​ structure, the value of a firm will be maximized when​ ________. A. the financ
    6·2 answers
  • Bud exchanges land with an adjusted basis of $ 22,000 and a fair market value of $ 30,000 for another parcel of land with a fair
    8·1 answer
  • Product, price, place, and promotion are the four elements in the
    6·1 answer
  • A customer is attempting to return some merchandise that you believe was purchased elsewhere at a competitors what would you do
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!