All categories

3 years ago

For each item below, indicate whether a debit or credit applies.

Business

1 answer:

Mandarinka [93]3 years ago

8 0

Answer and Explanation:

The indication of each transaction is as follows

a. Note payable contains credit balance so if there is decrease so it would be shown on the debit side

b. Dividend contains debit balance so if there is an increase so it would be shown on the debit side

c. Common stock contains credit balance so if there is an increase so it would be shown on the credit side

d. Unearned rent revenue contains credit balance so if there is an increase so it would be shown on the credit side

e. Interest payable contains credit balance so if there is decrease so it would be shown on the debit side

f. Prepaid insurance contains debit balance so if there is an increase so it would be shown on the debit side

g. Expense contains debit balance so if there is an decrease so it would be shown on the credit side

h. Supplies contains debit balance so if there is an decrease so it would be shown on the credit side

i. Revenue contains credit balance so if there is an increase so it would be shown on the credit side

j. Account receivable contains debit balance so if there is an decrease so it would be shown on the credit side

You might be interested in

Cullumber Company received proceeds of $1176000 on 10-year, 6% bonds issued on January 1, 2019. The bonds had a face value of $1

Alik [6]

Answer:

$74,880

Explanation:

The computation of the amount of interest Cullumber must pay the bondholders is shown below:

= Face value of the bond × interest rate

where,

Face value of the bond is $1,248,000

And the interest rate is 6%

So, the amount of interest paid is

= $1,248,000 × 6%

= $74,880

We simply multiplied the face value of the bond with the interest rate so that the amount of interest expense could come

6 0

3 years ago

A registered representative says in a conversation with a prospect that a certain mutual fund "has no initial sales load." The f

slava [35]

Answer:

C. The RR must explain the contingent deferred sales load to the prospect

Explanation:

7 0

3 years ago

Which of these groups of workers is not a part of Handy's Shamrock organization?

kolezko [41]

Answer:

#1 Outsourced workers

Explanation:

Outsourced workers are not employees of Handy's Shamrock organization. They are workers who have been contracted by Handy Shamrock to carry out specific functions.

In most cases, outsources workers are employed by a company that specializes in certain tasks. For example, Handy Shamrock may need cleaning workers. Instead of hiring cleaners, they may contract a cleaning company to do the job for them. The cleaning company workers that will be cleaning at Handy Shamrock will be outsourced workers.

4 0

3 years ago

For volume and lift in a blowdry style, similar to a roller set, the recommended tool is a:

weqwewe [10]

For volume and lift in a blow dry style, a round brush can be used.

8 0

3 years ago

On December 31, 2020, Ayayai Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Ayay

Fiesta28 [93]

Answer:

Ed Abbey Co. (Ayayai Co.)

Journal Entries:

1. December 31, 2020:

Debit Accounts receivable $296,600

Credit Consulting revenue $296,600

To record consulting services performed on account.

December 31, 2020:

Debit Notes receivable $296,600

Credit Accounts receivable $296,600

To record the acceptance of notes.

December 31, 2021:

Debit Interest receivable $35,592

Credit Interest revenue $35,592

To accrue interest on notes receivable.

December 31, 2022:

Debit Interest receivable $35,592

Credit Interest revenue $35,592

To accrue interest on notes receivable.

Debit Cash $367,784

Credit Notes receivable $296,600

Credit Interest receivable $35,592

To record the full settlement of principal and interests.

Explanation:

a) Data and Analysis:

December 31, 2020: Accounts receivable $296,600 Consulting revenue $296,600

December 31, 2020: Notes receivable $296,600 Accounts receivable $296,600

December 31, 2021:

Interest receivable $35,592 Interest revenue $35,592

December 31, 2022:

Interest receivable $35,592 Interest revenue $35,592

Cash $332,192 Notes receivable $296,600 Interest receivable $35,592

8 0

3 years ago