The journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid and added to the invoice is debit Purchases $2,750, debit Freight in $125, credit Accounts Payable $2,875. To accurately record the journal entry for each part of the transaction it is imperative to make sure each go into their designated section.
Answer:
$2,000
Explanation:
The dividend here can be calculated using the following formula:
Dividend paid = (Closing Retained Earnings - Opening Retained Earnings + Profit for the year)
Here,
Closing Retained Earnings is $157,000
Opening Retained Earnings is $65,000
And
Profit for the year is $94,000
By putting values, we have:
Dividend paid = $65,000 + $94,000 - $157,000
= $2,000
Answer:
Explanation:
a. The preparation of the retained earnings statement for the month ended November 30, 2018 is presented below:
Healthy Products Company
Retained Earning statement
For the month ended November 30, 2018
Beginning balance of retained earning $2,940,000
Add: Net income $93,500
Less: Cash Dividend paid -$7,000
Ending balance of retained earning $3,026,500
b. As the trial balance, income statement, and the statement of the stockholder equity that comprise of common stock and the retained earning is prepared before preparing the balance sheet. Because the amounts are required to preparing the balance sheet
Answer:
The correct answer is C
Explanation:
Money is the term which is described as something which serves as exchange medium, store of value and a unit of accounting. It is a exchange medium in the terms, that the person will agree to receive it by making a transaction.
In short, when depositing the money into any financial institution like banks, then this states the store of value function of the money.
Therefore, the one which is not the function of money is that it has the operations in the open market.