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wlad13 [49]
3 years ago
5

TRANSACTIONS1. John Amos started the business with a cash investment of $60,000.2. Purchased equipment for $22,000 on credit.3.

Performed services for $3,100 in cash.4. Purchased additional equipment for $4,600 in cash.5. Performed services for $5,050 on credit.6. Paid salaries of $4,450 to employees.7. Received $3,200 cash from charge account customers.8. Paid $13,000 to a creditor onaccount.show how each transaction would be recorded in the accounting equation. (enter decreases to account balances with a minus sign.)
Business
1 answer:
Tanya [424]3 years ago
6 0

Answer:

Cash  44,250      

Receivables  $1,850      

Equipment $26,600        

Accounts payable 9,000    

Capital 60,000    

Revenue 8,150  

Expenses 4,450

Explanation:

The question is to determine the recording of the transactions above on the Accounting equation

The accounting equation says Assets = Liabilities + Owners' Equity

In this context assets = Cash, Receivables and Equipment

Liabilities = Payables

Owners' Equity = Capital + Revenue - Expenses

The Accounting Equation

ASSETS                                            = LIABILITIES       +     OWNERS EQUITY

 Cash      + Receivables + Equip.           payable   + Capital + Rev -  Expens

1. $60,000                                                                      60,000

2.                                            $22,000     $22,000

3. $3,100                                                                                        3,100

4. -4,600                                    4,600

5                      $5,050                                                                  5,050

6. -4,450                                                                                                    4,450

7. 3,200           -3,200

8. -13,000                                                    -13,000

<u>     44,250        $1,850        $26,600         9,000    60,000     8,150   4,450</u>                  

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Assume that the Assembly Department allocates overhead based on machine hours, and the Finishing Department allocates overhead b
kap26 [50]

Answer:

$9.2 0

Explanation:

The calculation of the Finishing Department is shown below:-

Plant - wide overhead rate = Total overhead ÷ Total machine hour

= ($470,000 + $737,900) ÷ ($470,000 + 133,950)

Plant wide overhead rate = $2 per machine hour

Machine hour for product = 4.2 + 0.4

= $4.6 machine hour

Applied overhead = Machine hour for product × Plant wide overhead rate

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6 0
3 years ago
Dec. 1 Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10, n/30. The seller prepaid
spayn [35]

Explanation:

The Journal entry is shown below:-

a. Merchandise inventory Dr,       $4,700

          To accounts payable                 $4,700

(Being Purchase of merchandise is recorded)

b. Accounts payable Dr,                $1,600

           To Merchandise inventory       $1,600

(Being Return of merchandise is recorded)

c.  Accounts payable Dr,                $3,100

             To Merchandise inventory        $31

                                                           ($3,100 × 1%)

              To cash account                        $3,069

(Being the amount paid)

5 0
3 years ago
The Wayne City Council approved and adopted its budget for 2016. The budget contained the following amounts: Estimated revenues
Vilka [71]

Answer: The budgetary fund balance is $10,000

Explanation: When calculating budgetary fund balance, the best method is given as:

The available fund balance (from previous audit) + current year revenues = Total available funds - expenditures = current year ending fund balance

What we can see from the above expression is that we add the fund from the previous year balance to the current year revenues. This will give us amount of total funds available. Now we will minus the current year expenditures from the total funds available to give us the budgetary fund balance of the current year.

From the question above, we have the following:

Estimated revenues = $700,000

Appropriations (expenditures) = $660,000

Debt service = $30,000

Total expenditures = $660,000 + $30,000 = $690,000

Therefore budgetary fund balance will be:

Estimated revenues - total expenditures

= $700,000 - $690,000

= $10,000

Therefore, the budgetary fund balance is $10,000.

4 0
3 years ago
On January 1, 2020, Klosterman Company issued $500,000, 10%, 10-year bonds at face value. Interest is payable annually on Januar
Ede4ka [16]

Answer and Explanation:

Journal entry to record the issuance of the bonds.

A.

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Cr bonds payable $500,000

B. Journal entry to record the accrual of the interest

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Dr Interest expense $25,000

Cr Interest Payable $25,000

C. Journal entry to record the payment of interest on January 1, 2021.

Dr Interest expense $25,000

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3 0
3 years ago
Which action will be least helpful if you’ve been the victim of identity theft?
lina2011 [118]

<u>Ordering your latest credit report</u> is the action that appeared to be the least helpful if you’ve been the victim of identity theft. Therefore, <u>the correct answer is D. </u>

If anyone has been a victim of identity theft, then it is important for such a person to officially report or contact any of the credit reporting companies to place a fraud alert on their credit report.

<h2>Further Explanation</h2>

Identity theft is when someone intentionally steals your information and uses such information without taking your permission. In the US, identity theft has become a booming business for fraudsters

In the US, 15.4 million Americans were a victim of theft, also identity theft tops complain of the consumer to the Federal trade commission. Regardless of how careful you seem to be, you can still fall victim to identity theft.

If you are a victim of identity theft, there are things you do immediately.

Some of the steps you can take to prevent an identity thief to further commit fraud with your details include

  1. Report any issues concerning identity theft to the federal trade commission (FTC)
  2. Ensure you clean up your entire account
  3. Immediately contact the credit Report Company and officially place a fraud alert
  4. In case of Tax-related identity theft, report to the IRS
  5. Place a block on your credit report
  6. Contact the company or the backs where the fraud occurred.

LEARN MORE:

  • Which action will be least helpful if you've been the victim of identity theft  brainly.com/question/1359436
  • Which action will be least helpful if you’ve been the victim of identity theft brainly.com/question/3968427

KEYWORDS:

  • victim
  • identity theft
  • irs
  • fraud
  • companies
  • account
5 0
3 years ago
Read 2 more answers
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