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Amanda [17]
3 years ago
9

Stylist Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been

adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Stylist Services Co.: Marlena Fenton, Capital $880,000 Marlena Fenton, Drawing 11,000 Fees Earned 520,400 Wages Expense 488,000 Rent Expense 65,000 Supplies Expense 11,200 Miscellaneous Expense 13,900 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
docker41 [41]3 years ago
7 0

Answer:

Date General Journal            Debit ($)    Credit ($)

July 31 Fees Earned                    520,400    

               Wages Expense                          488,000  

               Rent Expense                                    65,000  

               Supplies Expense                              11,200  

               Miscellaneous Expense             13,900  

               Marlena Fenton, Capital            (57,700)

(To close Revenue and Expense accounts)    

July 31 Marlena Fenton, Capital 11,000  

               Marlena Fenton, Drawing             11,000

Explanation:

Marlena Fenton, Capital = $880,000

Marlena Fenton, Drawing = $11,000

Fees Earned = $520,400

Wages Expense = $488,000

Rent Expense = $65,000

Supplies Expense = $11,200

Miscellaneous Expense = $13,900

Marlena Fenton, Capital =  $520,400  -($488,000 + $65,000 + $11,200 + $13,900) = ($ 57,700)

You might be interested in
How does the Ricardian model differ from the H-O theory in explaining international trade patterns among nations.
svetlana [45]

Answer:For example, the Ricardian model of trade, which incorporates differences in technologies between countries, concludes that everyone benefits from trade, whereas the Heckscher-Ohlin model, which incorporates endowment differences, concludes that there will be winners and losers from trade.

5 0
3 years ago
In one nation, life expectancy is in the high 50s. Few citizens have access to modern technology, and the average yearly income
NARA [144]

Answer:

Developing

Explanation:

A developing country is one where,

  • Per capita income is lower which means individuals earn money for basic survival. There are no means of investment and savings.
  • Life expectancy is higher due to absence of modern medical facilities in all areas.
  • Technology is still reaching people in rural areas. Not everybody has access to modern technology.
  • High rates of population and unemployment.

Here, the country has all features of a developing world nation.

8 0
2 years ago
Wholemark is an Internet order business that sells one popular New Year greeting card once a year. The cost of the paper on whic
Kay [80]

Answer:

≈ 9644 quantity of card

Explanation:

given data:

n = 4 regions/areas

mean demand = 2300

standard deviation = 200

cost of card (c) = $0.5

selling price (p) = $3.75

salvage value of card ( v ) = $ 0

The optimal production quantity for the card can be calculated using this formula below

= <em>u</em> + z (0.8667  ) * б

= 9200  +  1.110926 * 400

≈ 9644 quantity of card

First we have to find <em>u</em>

u = n * mean demand

 = 4 * 2300 = 9200

next we find the value of Z

Z = ( \frac{p-c}{p-v} )

   = ( 3.75 - 0.5 ) / 3.75   = 0.8667

Z( 0.8667 ) = 1.110926 ( using  excel formula : NORMSINV (0.8667 )

next we find б

б = 200\sqrt{n} = 400

7 0
3 years ago
A company has quick assets of $ 300,000 and current liabilities of $ 150,000 . The company purchased $ 50,000 in inventory on cr
anzhelika [568]

A company has quick assets of $ 300,000 and current liabilities of $ 150,000. The company purchased $ 50,000 in inventory on credit. After the purchase, the quick ratio would be d. 1.75.

Inventory refers to all of the gadgets, items, products, and materials held with the aid of a commercial enterprise for selling within the marketplace to earn a profit. instance: If a newspaper supplier makes use of an automobile to supply newspapers to the customers, handiest the newspaper may be taken into consideration in inventory. The vehicle can be dealt with as an asset.

Inventory is an asset due to the fact a company invests money in it that it then converts into sales while it sells the inventory. stock that doesn't promote as quickly as anticipated may become a liability.

The principle feature of stock is to offer operations with ongoing delivery of materials. To gain this feature correctly, your enterprise has to attempt to discover a sweet spot between an excessive amount and too little, without ever going for walks out of inventory.

quick assets = 300000

quick liablities= 150000

inventory on credit

quick assets = 350000

quick liablities= 200000

quick ratio = 350000/200000

                   = 1.75

Learn more about inventory here brainly.com/question/25947903

#SPJ4

6 0
1 year ago
Hey um hi if you need help leeme know ig ·ω·
choli [55]
Answer: Okay that’s good lol and same here too
5 0
2 years ago
Read 2 more answers
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