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serious [3.7K]
3 years ago
10

Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions

occurred.
April 1 Invested $20,000 cash in her business.

1 Hired a secretary-receptionist at a salary of $700 per week payable monthly.
2 Paid office rent for the month $1,500.
3 Purchased dental supplies on account from Dazzle Company $4,000.
10 Performed dental services and billed insurance companies $5,100.
11 Received $1,000 cash advance from Leah Mataruka for an implant.
20 Received $2,100 cash for services performed from Michael Santos.
30 Paid secretary-receptionist for the month $2,800.
30 Paid $2,600 to Dazzle for accounts payable due.

Required:
Journalize the transactions.
Business
1 answer:
liberstina [14]3 years ago
6 0

Answer:

April 1 Invested $20,000 cash in her business.

Dr Cash 20,000

    Cr Vera, Ernst, capital 20,000

1 Hired a secretary-receptionist at a salary of $700 per week payable monthly.

no journal entry required

2 Paid office rent for the month $1,500.

Dr Rent expense 1,500

    Cr Cash 1,500

3 Purchased dental supplies on account from Dazzle Company $4,000.

Dr Supplies 4,000

    Cr Accounts payable 4,000

10 Performed dental services and billed insurance companies $5,100.

Dr Accounts receivable 5,100

    Cr Service revenue 5,100

11 Received $1,000 cash advance from Leah Mataruka for an implant.

Dr Cash 1,000

    Cr Deferred revenue 1,000

20 Received $2,100 cash for services performed from Michael Santos.

Dr Cash 2,100

    Cr Service revenue 2,100

30 Paid secretary-receptionist for the month $2,800.

Dr Wages expense 2,800

    Cr Cash 2,800

30 Paid $2,600 to Dazzle for accounts payable due.

Dr Accounts payable 2,600

    Cr Cash 2,600

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5 0
3 years ago
Lorenzo, who works as a supervisor at Travelus Corp., notices that one of the employees, Maya, takes very long coffee breaks whi
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Answer:

From the given information, we can infer that Lorenzo has decided to give Maya a warning.

Explanation:

The warning is the statement which indicates any unpleasant situation which may arise if not taken any precaution. Although it is unpleasant to hear and to contemplate, it gives sufficient time for any situation to be covered up within the time. In the above case, Lorenzo decided to warn Maya about her activity. By doing this he would be able to draw Maya's attention towards her behavior.

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3 years ago
In 2007, Terry Inc. provided the following items in their footnotes. Their cost of goods sold was $22 billion under FIFO costing
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Answer:

$22.2 billion

Explanation:

Calculation to determine How much would they report as LIFO cost of goods sold

Cost of goods sold=$22 billion + ($0.8 billion ­ $0.6 billion)

Cost of goods sold=$22 billion + $0.2 billion

Cost of goods sold= $22.2 billion

Therefore How much would they report as LIFO cost of goods sold would be $22.2 billion

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3 years ago
Omega Corp. has entered into a transaction with Lively Inc. Omega Corp will give its equipment to Lively Inc. in exchange for Li
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Answer:

Explanation:

A.

Equipment-from Lively    $260,000

   Accumulated Depreciation  Dr.$80,000

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       Gain on Exchange                Cr.$60,000

B.    

Equipment-from Lively (212,000-35,000)      Dr.$177,000

Accumulated Depreciation                             Dr.$80,000

Loss on exchange (balancing figure)            Dr.$23,000

Equipment old                                                  Cr.$250,000

Cash                                                                   Cr.$30,000                                

7 0
3 years ago
Bonnie Austin, age 30, used to work part time in a local restaurant. This year she quit her job to take care of her five-month-o
sergiy2304 [10]

Answer:

The survey conducted by the Bureau of Labor Statistics today will count Bonnie as not in the labor force .

Explanation:

" not in the labor force " -

The people who are not employed and even are not unemployed are called the " not in the labor force " .

The people who are present in this category are the -

  • retired peoples ,
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All of them fall in this category .

Hence , according to the survey , Bonnie is under the category of " not in the labor force " .

3 0
3 years ago
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