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FinnZ [79.3K]
2 years ago
7

On September 18, 2019, Afton Company purchased $2,475 of supplies on account. In Afton Company’s chart of accounts, the supplies

account is No. 15, and the accounts payable account is No. 21.
Required:
A. Journalize the September 18, 2019, transaction on page 87 of Afton Company’s two-column journal.
B. Prepare a four-column account for Supplies. Enter a debit balance of $840 as of September 1, 2019. Enter "Balance" in the Item column and place a check mark (?) in the Posting Reference column.
C. Prepare a four-column account for Accounts Payable. Enter a credit balance of $10,900 as of September 1, 2019.. Place a check mark (?) in the Posting Reference column. Enter "Balance" in the Item column and place a check mark (?) in the Posting Reference column.
D. Post the September 18, 2019, transaction to the accounts.
E. Do the rules of debit and credit apply to all companies?
Business
1 answer:
butalik [34]2 years ago
8 0

Answer:

Supplies   2,475 debit

 Account Payables   2,475 credit

Supplies             Transactions             Balance

                      DEBIT     CREDIT   DEBIT   CREDIT

Sep 1st               --          --          840      --

Sep 18th         2,475                 3,315

Acc. Payable       Transactions             Balance

                      DEBIT     CREDIT   DEBIT   CREDIT

Sep 1st               --          --              --         10,900

Sep 18th                        2,475                   13,375

The rules of debit and credit applies to all companies. If company's for incompetence or lack of moral qualms do not follow these rules the result of the accounting will be tained and not useful for the decision making process until the mistakes or ommision are fixed.

Explanation:

The firs is the journal entry.

We debit the supplies as they are assets

and credit the account payable which is a liability.

Then the four column stand for the ledger.

We post the transaction of each account and the balance after the event occur

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Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro
Virty [35]

Answer:

Scarbrough will receive and record cash of $538,685

The journal entry to record this transaction would be:

                             Debit        Credit  

Cash                 $2,900,300  

Interest Expense $89,700  

Notes Payable                 $2,990,000

Debit Cash for $2900300, debit Interest Expense for $89700, and credit Notes Payable for $2990000

Explanation:

In order to calculate the amount Scarbrough will receive and record cash we would have to make the following calculation:

Scarbrough will receive and record cash=Receivables-Amount of the hold back-Withheld as fee income-Less: Withheld as interest expense

Receivables= $600,000  

Amount of the hold back=$600,000 x 5%=$30,000  

Withheld as fee income=$600,000 x 3%=$18,000  

Withheld as interest expense=$600,000 × 15% × 54/365=$13,315  

Therefore, Scarbrough will receive and record cash=$600,000- $30,000-$18,000-$13,315=$538,685

Scarbrough will receive and record cash of $538,685

According to the given data to journal entry to record this transaction would be the following:

 

                              Debit        Credit  

Cash                 $2,900,300  

Interest Expense $89,700  

Notes Payable                 $2,990,000

Interest Expense=$2,990,000 x 3%=$89,700

5 0
2 years ago
Personal finance skills have the most significant impact on an individual's
ryzh [129]

Answer:

Quality of life.

Explanation:

Financial skills can be defined as those skills that are used to tackle an unpredictable financial situation. It requires knowledge and understanding to manage such situations. Using these skills one is able to turn this tough situation in favor of ownself.

Such skills are used in the professional line by accountants, financial analysts, etc.

<u>Having personal financial skills helps in enhancing the quality of life. Having financial skills in personal life helps in many things such as savings, bargaining, able to distinguish between what they need and what they want, etc</u>.

So, the correct answer is quality of life.

7 0
3 years ago
Pasadena Candle Inc. projected sales of 37,000 candles for January. The estimated January 1 inventory is 1,900 units, and the de
Vsevolod [243]

Answer:

Explanation:

The preparation of the production budget report in units for Pasadena Candle Inc. is shown below:

Projected sales                                                           37,000

Add: Desired January 31 inventory                           4,000

Available units                                                            41,000

Less: Estimated January 1 inventory                        -$1,900

Units produced                                                          $39,100

6 0
3 years ago
Assume that the economy grows by 3 percent, total factor productivity grows by 2 percent, and the labor force grows at 2 percent
RideAnS [48]

Answer:

correct option is A. True

Explanation:

given data

economy grows = 3 percent

total factor productivity grows = 2 percent

labor force grows = 2 percent

labor contributes = 40 percent

stock of capital rise = 0.33 percent

solution

we apply here Economy growth % formula that is

Economy growth % = total factor productivity + labor contributes × labor force grows + ( 1- labor contributes ) stock of capital   .............1

put here value

3% = 2% + 40% (2%) + 60% C

3% = 2.8 + 0.6 × C

C = \frac{0.2}{0.6}  

C = 33.33 %

so given statement is true

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gtnhenbr [62]

Answer:

Yes, there is a violation of the Equal Pay Act because Hank's salary ($14 per hour) is higher than Marjorie's ($12 per hour).

Explanation:

The Equal Pay Act of 1963 basically establishes that no employer can pay a higher salary to an employee of one sex and pay a lower salary to an employee of the opposite sex. Theoretically this law protects both women and men, since the provision doesn't establish a specific sex that is protected.

In this case, it is OK for Ellen to earn a higher salary than Hank because she has more experience and she was transferred to the New York facility. But Hank shouldn't earn a higher salary than Marjorie because she is a more experienced worker.

This law doesn't consider the differences between Ellen's salary and Marjorie's.

3 0
3 years ago
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