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zubka84 [21]
3 years ago
5

Flounder Architects incorporated as licensed architects on April 1, 2022. During the first month of the operation of the busines

s, these events and transactions occurred:
Apr. 1 Stockholders invested $21,420 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $446 per week, payable monthly.
2 Paid office rent for the month $1,071.
3 Purchased architectural supplies on account from Burmingham Company $1,547.
10 Completed blueprints on a carport and billed client $2,261 for services.
11 Received $833 cash advance from M. Jason to design a new home.
20 Received $3,332 cash for services completed and delivered to S. Melvin.
30 Paid secretary-receptionist for the month $1,784.
30 Paid $357 to Burmingham Company for accounts payable due.
Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Business
1 answer:
Kisachek [45]3 years ago
3 0

Answer:

Flounder Architects

General Journal

Apr. 1

Cash $21,420 (debit)

Common Stock $21,420 (credit)

<em>Cash Received in Exchange of Common Stock</em>

Apr. 1

Salaries Expense $1,784 (debit)

Salaries Payable $1,784 (credit)

<em>Secretary-receptionist salary due at end of month</em>

Apr. 2

Rent Expenses $1,071 (debit)

Cash $1,071 (credit)

<em>Paid for Rent</em>

Apr. 3

Supplies $1,547 (debit)

Accounts Payable ; Burmingham Company $1,547 (credit)

<em>Architectural supplies purchased on credit</em>

Apr. 10

Accounts Receivable $2,261 (debit)

Service Revenue $2,261 (credit)

<em>Services completed but not yet paid for</em>

Apr. 11

Cash $833 (debit)

Deferred Revenue $833 (credit)

<em>Received cash for services to be completed</em>

Apr. 20

Cash $3,332 (debit)

Service Revenue $3,332 (credit)

<em>Cash received for services completed </em>

Apr. 30

Salaries Payable $1,784 (debit)

Cash $1,784 (credit)

<em>Secretary-receptionist salary paid</em>

Apr. 30

Accounts Payable :  Burmingham Company $357 (debit)

Cash $357 (credit)

<em>Partial settlement of account payable</em>

Explanation:

See the Journal Entries and Narrations that i have prepared above.

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Answer:

D) Yes, as long as he actually communicates the revocation to Hal and Sophia (or their agent) prior to acceptance.

Explanation:

In contract law, an offer can always be taken back as long as the other party hasn't accepted it yet. In this case, Jack agreed to make an offer about the restaurant and he even included certain details that apparently were important (non-competition agreement), but since Hal and Sophia haven't accepted it yet, Jack can take it back without fear of any claim being made against him. All he has to do is communicate his decision of taking back his offer to either Hal or Sophia, or their agent (if there is one).

3 0
3 years ago
using a perpetual inventory system, what is recorded when a customer returns a product and gets the cash back and the product is
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A credit to cash, a debit to sales returns and allowances, a credit to inventory, and a debit to cost of goods sold are all recorded.

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3 0
1 year ago
On January 1, Greene Inc. issued $5,000,000, 9% bonds for $4,685,000. The market rate of interest for these bonds is 10%. Intere
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Answer:

b.$296,500.

Explanation:

Calculation to determine what Greene should report as unamortized bond discount

First step is to calculate the discount amount

Discount Amount= ($5,000,000 × .09) - ($4,685,000 × .10)

Discount Amount= $18,500

Now let determine the unamortized bond discount

Unamortized bond discount=$315,000 - $18,500 Unamortized bond discount= $296,500

Therefore Greene should report unamortized bond discount of $296,500

5 0
3 years ago
On October 1, Company B records 1 year of prepaid rent in an income statement account then adjusts for the unexpired prepaid ren
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Answer:

The first journal entry was not the most appropriate, but since the mistake was correctly adjusted at the end of the year, both assets and expenses will be the same whether they did it correctly the first time or they had to adjust a mistake at the end of the year.

E.g. something like this happened

October 1, rent expense for 1 year

Dr Rent expense 12,000

    Cr Cash 12,000

December 31, adjustment to rent expense

Dr Prepaid rent 10,000

    Cr Rent expense 10,000

they should have recorded it as:

October 1, prepaid rent for 1 year

Dr Prepaid rent 12,000

    Cr Cash 12,000

December 31, adjustment to rent expense

Dr Rent expense 2,000

    Cr Prepaid rent 2,000

Whichever way you recorded the transactions, the balances a the end of the year would be:

prepaid rent (asset) $10,000

rent expense (expense) $2,000

6 0
3 years ago
"A(n) _________________________ involves the free flow of products and factors of production among member-countries and the adop
melisa1 [442]

Answer:

"An economic and monetary union involves the free flow of products and factors of production among member-countries and the adoption of a common external trade policy, but it also requires a common currency, harmonization of members tax codes, and a common monetary and fiscal policy."

Explanation:

A monetary and economic union is a common market with a common currency. Monetary unions have not necessarily created a common market; in fact, the only monetary and economic union in the world is the Eurozone of the European Union, made up of members of the Union who have adopted the euro as their state currency. It is considered one of the most advanced stages of economic integration.

3 0
3 years ago
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