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Lunna [17]
3 years ago
12

The following transactions occurred during January 2021:

Business
1 answer:
Fiesta28 [93]3 years ago
7 0

Answer and Explanation:

According to the scenario, journal entry of the given data are as follow:-

Journal Entry

On Jan 1  

Cash A/c      Dr.   $2,600

   To Sales revenue A/c     $2600

(Being the sales is recorded)

  Cost of goods sold A/c     Dr.   $1,100

   To Merchandise Inventory A/c      $1,100

(Being the cost of goods sold is recorded)

On Jan 2  

Equipment A/c         Dr.  $4,600

   To Accounts payable A/c     $4,600

(Being the purchase of equipment on account is recorded)

On Jan 4

  Advertisement expenses A/c      Dr.   $200

   To Accounts payable A/c     $200

(Being the advertising expense is recorded)

On Jan 8

Accounts receivable A/c     Dr.   $4,800

    To Sales revenue A/c     $4,800

(Being the sales is recorded)

Cost of goods sold A/c      Dr.    $2,600

   To Merchandise  Inventory A/c      $2,600

(Being the cost of goods sold)

On Jan 10

Merchandise  Inventory A/c       Dr.    $9,400

   To Accounts payable A/c    $9,400

(Being the purchase of merchandise on account)

On Jan 13

Equipment A/c         Dr.    $800

     To cash A/c      $800

(Being purchase of equipment is recorded)

On Jan 16

 Accounts payable A/c         Dr.   $4,600

      To Cash A/c      $4,600

(Being the cash paid is recorded)

On Jan 18  

Cash A/c          Dr.   $3,800

       To Accounts receivable A/c    $3,800

(Being the cash received is recorded)

On Jan 20

Rent expense A/c          Dr.   $800

       To cash A/c      $800

(Being the rent expense is recorded)

On Jan 30

Salaries and wages expense A/c    Dr.  $2,800

        To cash A/c      $2,800

(Being the salaries and wages expense is recorded)

On Jan 31

Dividends A/c            Dr.  $1,000  

         To cash A/c      $1,000

(Being the cash dividend is paid)

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Answer:

Bob Katz and Sally Mander

Taxable Income for 2018:

= $78,200

Explanation:

a) Data and Calculations:

Total wages =                  $102,400

Gain from sale of stock =     5,200

Interest income =                      100

Total income =                 $107,700

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b) Bob Katz and Sally Mander will have taxable income of $78,200 when the appropriate rate of tax is applied and the tax liability obtained, then the $1,500 tax credit will be deducted before arriving at the tax liability due.  

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3 years ago
Impact of new vendor with zero opening balance
Marianna [84]

The impact of the vendor with the zero opening balance is to show that the account has been correctly set up.

<h3>What is the vendor opening balance?</h3>

This is the term that is used to refer to the amount of money that is in an account at the particular time that the account is newly opened.

The way that the vendor balance can be gotten is when the opening balances that are in a new year are carried forwards and the customers are done. In order to track this, the code that is to be used is F. 07.

The opening balance is what would have to be brought forward at the end of an accounting period and it is usually what the vendor would have to use as they try to keep a track of the cash flow that is in their account.

Hence we would say that the impact of the new vendor with this balance that is 0 is to help to determine how correct the set up of the account has been done.

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1 year ago
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Answer:

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Explanation:

Based on the information given the concepts or principles of accounting that was being violated is called STABLE MONETARY UNIT CONCEPT reason been that this type of accounting principle believe that the dollar purchasing power should often be stable or fixed regardless of the increase or rise in market price which is inflation which is why an accountant will often ignore the impact of inflation on goods and services based on the assumption of the principle of STABLE MONETARY UNIT CONCEPT.

Therefore Tate corporation has violated the accounting principle of STABLE MONETARY UNIT CONCEPT by adjusting the building amount that was purchase in 1970 in the Accounting record from the amount of $30,000 to the amount of $75,000 due to the effect of inflation.

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