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Serga [27]
3 years ago
7

Simmons Consulting Co. has the following accounts in ts ledger Cash: Accounts Receivable Supplies: Office Equipment Accounts Pay

able, Michael Short, Capital; Michael Short, Drawing Fees Eamed, Rent Expense; Advertising Expense: Utilities Expense; Miscellaneous Expense.
Transactions
Oct 1 Paid rent for the month, $4,800.
3 Paid advertising expense, $2,500.
5 Paid cash for supplies, $1,390
6 Purchased office equipment on account, $10,670
10 Received cash from customers on account, $19,730
15 Paid creditors on account, 59,480
27 Paid cash for miscellaneous expenses, S530.
30 Paid telephone bill (utility expense) for the month. $220.
31 Fees earned and billed to customers for the month, 538,620
31 Paid electricity bill (utility expense) for the month, S1540
31 Withdrew cash for personal use, 56,700.
Journalize the above selected transactions for October 20Y3 in a two-column journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Business
1 answer:
Alchen [17]3 years ago
8 0

Answer:

Simmons Consulting Co

<u><em>General Journal</em></u>

Oct 1

Rent Expense $4,800 (debit)

Cash $4,800 (credit)

<em>Paid Rent Expense</em>

Oct 3

Advertising expense $2,500 (debit)

Cash $2,500 (credit)

<em>Paid Advertising Expense</em>

Oct 5

Supplies  $1,390 (debit)

Cash $1,390 (credit)

<em>Paid for Supplies</em>

Oct 6

Office equipment $10,670 (debit)

Office Equipment Accounts Payable $10,670 (credit)

<em>Bought Office equipment on credit</em>

Oct 10

Accounts Receivable $19,730 (debit)

Cash $19,730 (credit)

<em>Received payment from accounts</em>

Oct 15

Cash $59,480 (debit)

Accounts Payable $59,480 (credit)

<em>Made payment to Accounts Payable</em>

Oct 27

Miscellaneous Expenses $530 (debit)

Cash $530 (credit)

<em>Paid for Miscellaneous Expenses</em>

Oct 30

Utilities expense $220 (debit)

Cash $220 (credit)

<em>Paid for telephone bill</em>

Oct 31

Cash $538,620 (debit)

Fees Earned $538,620 (credit)

<em>Cash received for Fees Earned</em>

Oct 31

Utilities expense $1,540 (debit)

Cash $1,540 (credit)

<em>Paid for electricity bill</em>

Oct 31

Drawings $56,700 (debit)

Cash $56,700(credit)

<em>Cash drawings by owner</em>

Explanation:

I have prepared the journals and their narrations, see the above.

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6 0
3 years ago
In the long run equilibrium, a monopolistic competitor will produce to the point at which A) actual average total costs are at t
Artemon [7]

Monopolistic competition is the economic market model with many sellers selling similar, but not identical, products. The demand curve of monopolistic competition is elastic because although the firms are selling differentiated products, many are still close substitutes, so if one firm raises its price too high, many of its customers will switch to products made by other firms. This elasticity of demand makes it similar to pure competition where elasticity is perfect. Demand is not perfectly elastic because a monopolistic competitor has fewer rivals then would be the case for perfect competition, and because the products are differentiated to some degree, so they are not perfect substitutes.

Monopolistic competition has a downward sloping demand curve. Thus, just as for a pure monopoly, its marginal revenue will always be less than the market price, because it can only increase demand by lowering prices, but by doing so, it must lower the prices of all units of its product. Hence, monopolistically competitive firms maximize profits or minimize losses by producing that quantity where marginal revenue equals marginal cost, both over the short run and the long run.

3 0
3 years ago
Suppose the price of salt increases by 25 percent​ and, as a​ result, the quantity of pepper demanded​ (holding the price of pep
Lisa [10]

Answer:

Option (C)

Explanation:

As per the data given in the question,

Price of salt increases by = 25%

Quantity of pepper demanded increases by = 4%

Cross price elasticity = Quantity of demand increases ÷ Price of salt increases

= 4% ÷ 25%

=0.16  

Hence Cross-price elasticity of demand between salt and pepper would be positive.

So option (C) is answer

8 0
3 years ago
In a recent year Sunland Company had net income of $360000, interest expense of $72000, and a times interest earned of 10. What
Otrada [13]

Answer:

$648,000

Explanation:

Given that;

Net income = $360,000

Interest expense = $72,000

Times interest earned = 10

Net Income + Interest expense + Tax expense ÷ Interest expense = Times interest earned.

($360,000 + $72,000 + Tax expense) /$72,000 = 10

Tax expense = $288,000

Therefore;

Sunderland's income before taxes for the year

= Net income + Tax expense

= $360,000 + $288,000

= $648,000

4 0
3 years ago
In a firm's external environment, _____ primarily capture population characteristics related to age, gender, family size, ethnic
Tpy6a [65]

Answer:

demographic trends

Explanation:

Demographic trends cover statistics such as age, gender, religion and socioeconomic class.

I hope my answer helps you

4 0
3 years ago
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