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3 years ago

Journalize the July transactions.

Business

1 answer:

xxMikexx [17]3 years ago

8 0

Answer:

Transactions :

July 1

Cash $39,870 (debit)

Cleaning Equipment $2,500 (debit)

Capital $42,370 (credit)

July 1

Truck $10,500 (debit)

Cash $2,500 (credit)

Accounts Payable $8,000 (credit)

July 3

Cleaning Supplies $1,794 (debit)

Accounts Payable $1,794 (credit)

July 5

Prepaid Insurance $1,800 (debit)

Cash $1,800 (credit)

July 12

Trade Receivable $4,813 (debit)

Service Revenue $4,813 (credit)

July 15

Cash $1,650 (debit)

Deferred Revenue $1,650 (credit)

July 18

Accounts Payable $1,200 (debit)

Cash $1,200 (credit)

July 20

Cash $3,632 (debit)

Accounts Receivable $3,632 (credit)

July 25

Trade Receivables $6,275 (debit)

Service Revenue $6,275 (credit)

July 31

Utilities : Gasoline $297 (debit)

Cash $297 (credit)

July 31

Capital $1,000 (debit)

Cash $1,000 (credit)

Adjustments:

July 31

Cash $2,476 (debit)

Deferred Revenue $2,476 (credit)

July 31

Depreciation $175 (debit)

Accumulated Depreciation $175 (credit)

July 31

Deferred Revenue $450 (debit)

Revenue $450(credit)

July 31

Insurance Expense $150 (debit)

Insurance Prepaid $150 (credit)

July 31

Supplies Inventory $521 (debit)

Income statement $521 (credit)

July 31

Wages $287 (debit)

Wages Payable $287 (credit)

Explanation:

Journal entries have been made for both the transactions and adjustments that occurred during the period.

Note : Revenue earned but not billed is recorded as a Liability known as Deferred Revenue. The liability is de-recognized later as the customers or service is billed.

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Prior to the 1997 federal tobacco settlement a pack of cigarettes sold for $2.48. The terms of the settlement required a decreas

makkiz [27]

Answer:

$3.62

Explanation:

Elasticity of demand = percentage change in quantity demanded/ percentage change in price

1.3 = 60% / percentage change in price

Percentage change in price = 60/1.3

=46.15%

Price has to rise by 46.15% or 0.4615

0.4615 = (x - 2.48) / 2.48

1.14 = x - 2.48

X = 3.62

Price has to rise to $3.62 to achieve a 60% reduction.

I hope my answer helps you

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3 years ago

Explain Labour turnover

koban [17]

Answer:

Labor turnover, also known as staffing turnover, refers to the ratio of a number of employees who leave a company through attrition, dismissal or resignation to the total number of employees on the payroll in that period. It's used for measuring employee retention.

Explanation:

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3 years ago

A sole proprietorship that began business's May 1, 2018, incurred $9000 of startup expenses. If the business elects to report th

labwork [276]

Answer:

Option (C) $178

Explanation:

Data provided in the question:

Startup expense incurred by the business = $9,000

Now,

The start-up costs and organizational expenses are deducted over a time period of 180 months

also,

$5,000 can be deducted in the first year by the startup expense.

Therefore,

Amortization amount reported as a "other expense" on Schedule C per month

= [ Startup expense - $5,000 ] ÷ 180

= [ $9,000 - $5,000 ] ÷180 = $22.22

for the year = $22.22 × Number of months left in the year from May

= $22.22 × 8

= 177.78 ≈ $178

Hence,

Option (C) $178

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3 years ago

Imperfect markets: do not exist in democracies. always result in supply exceeding demand. always result in demand exceeding supp

Korolek [52]

Answer:

The correct answer is: when buyers and sellers have influence on price.

Explanation:

The imperfect market situations exist when there are few buyers or sellers such that they are able to influence the market. For instance, in a perfectly competitive market, there is a large number of buyers and sellers. So, any single buyer or seller is not able to influence the market. The price and output are determined by the market forces.

In an imperfect market such as monopoly or oligopoly, few firms exist so they are able to fix output and price on their own.

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3 years ago

Sewtfi861 Corporation makes an extra large part to use in one its fabulous products. A total of 16,000 units of this extra large

LenKa [72]

Answer:

The annual financial disadvantage is $62,560

Explanation:

Analysis of the Costs of Producing Internally and Buying from External Supplier.

Producing Internally External Supplier

Direct materials $3.50 $0

Direct labor $8.10 $0

Variable manufacturing overhead $8.60 $0

Supervisor's salary $4.00 $0

Depreciation of special equipment $2.40 $0

Allocated general overhead $7.60 $7.60

Extra contribution $0 ($2.19)

Purchases Cost $0 $32.70

Product Cost $34.20 $38.11

Conclusion :

We can see that the Product Cost to produce the part internally costs $3.91 less than the cost to purchase from external supplier. Therefore Sewtfi861 Corp has a disadvantage.

Annual disadvantage = 16,000 units × $3.91

= $62,560

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3 years ago