1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zubka84 [21]
2 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]2 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.

You might be interested in
When the price of a good rises, consumers buy a smaller quantity because of the ________ effect and the ________ effect?
VladimirAG [237]
When the price of a good rises, consumers buy a smaller quantity because of the substitution effect and the income effect.  A change in the relative prices of goods results in change in consumption of that goods and that is denoted as the substitution effect. T<span>he change in purchasing power on the other hand which also result in change in consumption is referred to as the income effect.</span>
4 0
3 years ago
A firm conducted a market analysis and determined that a new wo
forsale [732]
The answer is A the firm should increase output!!!!
4 0
3 years ago
In macroland potential gdp equals $20 billion and real gdp equals $19.2 billion. macroland has a(n) ______ gap equal to ______ p
Jet001 [13]
Potential GDP = $20 
Real GDP =$19.2  
so an output gap is measured relative to potential output and it is calculated according to the formula [( X - Y ) Ă· Y] Ă—100. In this case, the output gap is [($10 billion - $8 billion) Ă· $8 billion] Ă—100 = 25%.
6 0
3 years ago
Why are adjusting entries necessary?
qwelly [4]

Answer:

Option A) To record revenues and expenses

Explanation:

The accounting accrual is an accounting method, it means that the company must record the revenues and expenses in the moment that the transactions occur and not when the payment is done.

By this method is always necessary to make adjustment entries to the accounting system if not it's impossible reflect all the transactions occured at this moment.

3 0
2 years ago
The cost C and the revenue R for a brokerage firm depend on the number T of transactions executed. (Both C and R are measured in
marusya05 [52]

Answer:

C(T) = $730 + $25T

R(T) = $35T

T = 193 transactions

Explanation:

Given that:

C = cost ; R = revenue ; T = number of transactions

Amount paid per transaction = $25

Cost keeping office open = $730

Amount collected on each transaction = $35

(a) Find a formula that gives C as a function of T.

C(T) = Cost of keeping office open + (cost per transaction × number of transactions)

C(T) = $730 + $25T

(b) Find a formula that gives R as a function of T.

R(T) = (Amount collected per transaction * number of transactions)

R(T) = $35T

(c) Find the number of daily transactions that are needed to make the revenue $1200 more than the cost.

R = C + 1200

Substitute the value of R and C into the equation:

35T = 730 + 25T + 1200

35T - 25T = 730 + 1200

10T = 1930

T = 1930 / 10

T = 193 transactions

6 0
3 years ago
Other questions:
  • A success biologists main interest area would be
    6·1 answer
  • How do you get brainlist
    10·1 answer
  • You have an idea for a company that sources fruits from local farms and makes fresh juices on a daily basis. You want to start a
    7·1 answer
  • Sales $ 2,000,000 100 % $ 500,000 100 % $ 2,500,000 100 % Variable expenses 800,000 40 % 250,000 50 % 1,050,000 42 % Contributio
    5·1 answer
  • A Whopper combo meal costs $3.00 and gives you an additional 15 units of utility; a meal at the Embassy Suites costs $29.00 and
    12·1 answer
  • SwiftyCompany is considering two capital investment proposals. Estimates regarding each project are provided below:
    5·1 answer
  • When the price of a product increases, a consumer is able to buy less of it with a given money income. This describes the
    12·1 answer
  • ABC Corp. has a market capitalization of $300 million and a beta of 0.75. It has $75 million in outstanding debt and its debt be
    7·1 answer
  • In this section you will name the functions of the Machine. Function: Winds on bobbin, for lower thread. Function: Holds the spo
    11·1 answer
  • A team that runs their own operation and has total control of a specific work project is called a ______.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!