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umka2103 [35]
3 years ago
8

Wagner & Sons, Inc. perform property appraisals for commercial real estate transactions. The following transactions were com

pleted in July 2013. July 1 Purchased $345 in office supplies on account. July 2 Wrote a check for a $700 utility bill for the current month. July 3 Paid $875 in salaries to employees for the current month. July 8 Received $4,015 on customer accounts for bills sent in prior month. July 12 Conducted five appraisals and invoiced SLL Commercial Real Estate, Inc. for $11,000. Prepare journal entries using the transaction analysis above. If no journal entry is required, indicate that in the account description. The company has the following Chart of Accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Notes Payable, Common Stock, Retained Earnings, Service Revenue, Rent Expense, Furniture, Prepaid Insurance, Advertising Expense,Unearned Revenue, Wages Expense, Interest Expense, Utilities Expense, Salaries Expense -OR- "No journal entry needed"
Business
1 answer:
crimeas [40]3 years ago
8 0

Answer:

Date   Account Title                  Debit     Credit

1-Jul    Supplies                           $345

                Accounts Payable                   $345

2-Jul   Utilities expense               $700

                 Cash                                        $700  

3-Jul    Salaries expense             $875

                 Cash                                         $875

8-Jul     Cash                               $4,015

                  Accounts Receivable            $4,015

12-Jul    Accounts Receivable   $11,000

                   Revenue earned                   $11,000

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The nominal rate of interest is comprised of: both the real rate of interest and compensation for inflation. compensation for in
Alexandra [31]

Answer:

The correct answer is both the compensation for inflation as well as the real rate of interest.

Explanation:

Nominal rate of interest is the one which is described as the rate of interest before taking or considering the inflation into the account. The nominal could also defined as to advertised or state the rate of interest on the loan, without considering the account of any fees or any interest which is compounding.

So, the nominal rate of interest is the one which involve or comprise of the compensation for inflation and the real interest rate of the interest.

8 0
3 years ago
Comparing how many dollars it takes you to run your car each year to annual earnings on a job insteadof keeping track of costs i
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Answer:

B

Explanation:

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This means that the amount of gasoline gallons bought and quarts of oil has been essentially replaced by the cost of these purchases and hence avail is the power to use money as a unit of account

5 0
3 years ago
Todd has made total contributions of $75,000 to his traditional IRA of which $15,000 were nondeductible contributions. Todd is 6
Over [174]
The answer is C
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3 0
3 years ago
Nếu GDP = $1000, tiêu dùng = $600, thuế = $100, và chi tiêu chính phủ = $200, thì:
Digiron [165]

Answer:

Saving = $200

Investment = $100

Explanation:

Given;

Gross Domestic Production = $1000

Consumption = $600

Taxes = $100

Government spending = $200

Find:

Saving and investment

Computation:

Saving = Gross Domestic Production - Consumption - Government spending

Saving = 1,000 - 600 - 200

Saving = $200

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3 0
3 years ago
A company reports the following information for the year: Net credit sales $ 120,000 Average accounts receivable 20,000 Cash col
Alborosie

Answer:

receivable turnover ration = 6

Explanation:

credit sales = 120000

Credit sales =As we know that: Receivables turnover ration = Net credit sales /Average account receivable.

                                 =    120000/ 20000

                                 = 6.

it indicates that company convert its receivable to cash 6 times that year.

7 0
3 years ago
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