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
zloy xaker [14]
3 years ago
13

The Stores and Service Fund of the City of Monroe had the following account balances as of January 1, 2017:

Business
1 answer:
aleksklad [387]3 years ago
5 0

Answer and Explanation:

The Journal entry is shown below:-

1. No Journal entry is required

2. Cash Dr, $27,000

          To Due from other funds $27,000

(Being the cash collected which is due from others is recorded)

3. Inventory of suppliers Dr, $307,000

            To Accounts payable $307,000

(Being purchase of supplies is recorded)

4. Advance from water utility fund Dr, $15,000

           To Cash $15,000

(Being repayment of advance of water utility fund is recorded)

5. Operating expenses Dr, $296,960

($250,560 + $46,400)

           To Inventory of supplies $296,960

(Being issue of supplied is recorded)

5. Due from other funds Dr, $371,200

($313,200 + $58,000)

            To Revenue charged for services and sales $371,200

(Being the charge of supplies is recorded)

6. Operating expenses of sale and services Dr, $49,400

($15,000 + $16,900 + $17,500)

Operating expenses of administrative Dr, $9,000

            To Accounts payable $58,400

(Being operating expenses is recorded)

7. Cash Dr, $350,000

($310,000 + $50,000)

          To Due from others $350,000

(Being cash received from general fund is recorded)

8. Accounts Dr,$365,000

          To Cash  $365,000

(Being the payment of accounts payable is recorded)

9. Operating expenses cost of depreciation Dr, $14,600

          To Accumulated Dep - Building $10,000

           To Accumulated Dep - Equipment $4,600

(Being depreciation expenses is recorded)

Revenue charged for sales and services Dr, $444,200

          To operating expenses cost of depreciation $14,600

          To operating expenses cost of administrative $9,000

          To operating expenses cost of sale and services $49,400

          To operating expenses cost of sale $371,200

(Being transfer the operating expenses is recorded)

You might be interested in
What ways can land contribute to production
wel

Answer:

yes land can contribute to production.

Land is the only place to grow crops and to do farming. if we do good to land by using organic fertilizers then production will also be good. so land is the only source for the production of crops as land provides minerals and vitamins to the plants for the production of crops.

8 0
3 years ago
A negative oil price shock: It is common to blame some of the poor macroeconomic per- formance of the 1970s on the rise in oil p
Yanka [14]

Answer:

A negative shock to oil prices will mean that now production becomes cheaper. This will cause the aggregate supply curve to shift rightwards and cause prices to fall and the output level to increase. The fall in prices will be short term however as over time the prices will adjust upwards to the point A which is the original market price.

7 0
3 years ago
According to the video, did the Federal Reserve pursue
zaharov [31]

Answer:

The Federal Reserve took an expansionary approach during the crisis. This was done by expanding the money supply and boosting liquidity. This can be seen in the Fed's actions of lending to banks, purchasing securities, and lowering the federal funds rate in order to lower overall interest rates. The Fed's goal was to increase consumer spending and overall liquidity within the system, and they pursued this by expanding the supply of liquid money.

Explanation:

5 0
3 years ago
Read 2 more answers
TJ's and Corner Grocery are all-equity firms. TJ's has 2,500 shares outstanding at a market price of $16.70 a share. Corner Groc
valentina_108 [34]

Answer:

$1.3 per share

Explanation:

Data provided in the question:

Number of shares outstanding of TJ = 2,500

Market price = $16.70

Number of shares outstanding of Corner Grocery = 3,000

Price per share of Corner Grocery = $22.50

Cost of acquiring TJ's share = $45,000

Now,

Merger Premium per share = [ Cost of acquiring TJ's share - Market price of TJ's shares ] ÷ Number shares TJ's outstanding

= [ $45,000 - ( $16.70 × 2,500)] ÷ 2,500

=  [ $45,000 - $41,750 ] ÷ 2,500

= $3,250 ÷ 2,500

= $1.3 per share

4 0
3 years ago
Sellers of a good bear the larger share of the tax burden when a tax is placed on a product for whicha.the supply is more elasti
Roman55 [17]

Answer:

B. The demand is more elastic than supply .

Explanation:

Demand & supply are buyers & sellers ability , willingness to buy & sell respectively .

Elasticity means responsiveness of demand & supply to prices.

'Tax burden' can be forwarded / shared only in case of Indirect taxes , whose burden & incidence lie on different people.

The burden falls on the party (consumers / suppliers) whose market element (demand / supply) is inelastic i.e less responsive to prices.

So , if sellers are bearing larger burden : It means demand is relatively elastic & supply is relatively inelastic.

6 0
3 years ago
Other questions:
  • An investment firm recommends that a client invest in bonds rated​ AAA, A, and B. The average yield on AAA bonds is 4​%, on A bo
    14·1 answer
  • If your oil is low when you check it, add __________ of oil to your engine.
    5·1 answer
  • The five forces are not meant to replace __________ and __________ economic philosophies, which are part of making thorough deci
    15·1 answer
  • McMurphy Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the produ
    13·1 answer
  • A negative supply​ shock, such as the OPEC oil price increases of the early​ 1970s, can be illustrated by a shift to the​ ______
    6·1 answer
  • 5. What has made California a particularly good place for entrepreneurs
    5·1 answer
  • A corporation's board of directors are - the sole owners of the corporation. - control the day-to-day activities of the corporat
    5·1 answer
  • What are the three main goals of monetary policy?
    12·1 answer
  • What people used before paper money was created
    13·2 answers
  • The regulatory authority will hold you responsible for ensuring that a. guests use clean tableware when returning to self-servic
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!