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3 years ago

Journalize the following five transactions for Nexium & Associates, Inc. Omit explanations.

Business

2 answers:

-BARSIC- [3]3 years ago

8 0

Answer:

Nexium & Associates Journal entries

March 1

Dr Accounts Receivable800

Cr Service Revenue 800

March 9

Dr Office Furniture1,060

Cr Office Supplies 160

Cr Accounts Payable1,220

March 15

Dr Accounts Payable1,220

Cr Cash1,220

March 23

Dr Electricity Expense430

Cr Accounts Payable430

March 31

Dr Salaries Expense850

Cr Cash850

Explanation:

The details given about Nexium & Associates are straight forward and required no further

adjustment.

marshall27 [118]3 years ago

8 0

Answer:

Explanation:

Journal to record the five transactions for Nexium and Associates, Inc.

Account Particulars Debit Credit

March 1

Accounts Receivable $800

Services Revenue $ 800

March 9

Office Furniture $1,060

Office Supplies 160

Accounts Payable 1,220

March 15.

Accounts Payable 1,220

Cash 1,220

March 23.

Electricity Expense $430

Accounts Payable $430

March 31

Salaries Expense $850

Cash $850

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The lower the market price,

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D the lower the taxes(I searched it up)

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1 year ago

Dmitri is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: B

kondaur [170]

Answer:

Decision on the margins

Explanation:

Pool time seems to be having a greater effect at the moment, it makes sense for his to spend a bit more time in the pool and a bit less time on the bike.

However, this does not mean that it makes sense for her to spend all his time in the pool and no time on the bike. If he cut out all training on the bike, the value of a little bit of bike training might be higher than the value of the last hour of pool training. Dimitri does not treat biking versus swimming as an all-or-nothing decision. He makes small changes at the margin in the number of hours spent training for each activity.

Also they both realise that his time is fixed (20hrs) and anytime he wants to spend extra on one activit, is time he cannot spend on another (opportunity cost).

They are both trying to improve Dimitri's total time (exploiting opportunities to makes themselves better off).

An assumption that Dimitri realises that as he spends more time in the pool improving his swim time, his run and cycle times will suffer. As he swims more, his improvement is likely to slow down, while spending less time on cycling and running will cost him progressively more in terms of time.

Conclusion Dimitri is looking at the margins. His wife on the other hand, is not, she is ignoring the interaction, may be forgetting the decreasing improvements in swim and increasing deterioration in the other 2 legs.

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3 years ago

Read 2 more answers

Pettit Ice Cream Company produces various ice cream products for which demand is highly seasonal. The company sells more ice cre

Rashid [163]

Answer:

a) Fixed costs = $22,000

b) $70,000

c) The high low cost method is generally inaccurate because it only considers the extremes, the highest and lowest costs and activity levels. Generally costs are not linear, but they might follow a certain tendency. The advantages of the high low cost method is that it is fairly accurate when costs are stable, plus it is much simpler to calculate.

d) Assuming that costs follow a certain tendency, regression analysis is much more exact since it analyses the relationship between different data and different variables. When you analyze only 2 variables, a linear regression analysis will serve you. but if you need to analyse more than two variables, then you must use a multiple regression analysis.

The R² statistic basically measures how one variable's variance is affected by other variables. E.g. if R² is 0.75, then 75% of the variance of A will be explained by the variance of B.

Explanation:

variable cost using high low cost method = (highest activity cost - lowest activity cost) / (highest activity level - lowest activity level) = ($82,000 - $46,000) / (50,000 - 20,000) = $36,000 / 30,000 gallons of ice cream = $1.20 per gallon of ice cream

fixed costs = $82,000 - (50,000 x $1.20) = $22,000

40,000 gallons

$22,000 + (40,000 x $1.20) = $70,000

how regression analysis improves accuracy of high low cost method

3 0

3 years ago

Which of the following is the last step in creating budget

Zolol [24]

<span>Answer D, determining savings or debt, is correct. The first step is identifying and writing down your financial goal(s). The second one is to start writing down every single one of your transactions, this is the most important because it shows you your spending habits. The third step is to create the actual budget. Set aside a certain amount of money for each bill/necessity. The last step is to determine what your savings are.</span>

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3 years ago

Read 2 more answers

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving s

horsena [70]

Answer:

1). Account receivables A/c Dr. $1,345,000

To sales revenue A/c $1,345,000

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $975,700

To merchandise inventory A/c $975,700

(Being the cost is recorded)

2. Allowance for doubtful accounts A/c Dr. $19,400

To accounts receivable A/c $19,400

(Being the written off is recorded)

3. Cash A/c Dr. $670,800

To accounts receivables A/c $670,800

(Being cash received is recorded

1. .Account receivable A/c Dr. $1,529,400

To sales A/c $1,529,400

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $1,332,100

To merchandise inventory A/c $1,332,100

(Being the cost of goods sold is recorded)

2. Allowance for doubtful accounts A/c Dr. $27,000

To Account receivable A/c $27,000

(Being the written off amount is recorded)

3. Cash A/c Dr. $1,391,600

To account receivable A/c $1,391,600

(Being the cash received is recorded)

4. Bad-debts expense A/c Dr. $28,000

(765,600 × 1% + 20,344)

To allowance for doubtful accounts A/c $28,000

(Being the bad debt expense is recorded)

Working note:

Ending Receivables = (654800 + 1529400 - 27,000 - 1,391,600) = $765,600

Total Receivables of 1st Year = 1,345,000 - 19,400 - 670,800 = $654,800

Before Adjustment Ending Allowance Balance = 65,4800 × 1% - 27,000

= 6,548 - 27,000

= 20,344 Debit BalanceThe journal entries are shown below:

According to the scenario, computation of the given data are as follows:-

Journal Entries for 1st year

1). Account receivables A/c Dr. $1,345,000

To sales revenue A/c $1,345,000

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $975,700

To merchandise inventory A/c $975,700

(Being the cost is recorded)

2. Allowance for doubtful accounts A/c Dr. $19,400

To accounts receivable A/c $19,400

(Being the written off is recorded)

3. Cash A/c Dr. $670,800

To accounts receivables A/c $670,800

(Being cash received is recorded)

4. Bad-debts expense A/c Dr. $38,389

(1,345,000-19,400-670,800) × 2.90+ $19,400

To allowance for doubtful accounts A/c $38,389

(Being the bad debt expense is recorded)

Journal Entries for 2nd year

1. .Account receivable A/c Dr. $1,529,400

To sales A/c $1,529,400

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $1,332,100

To merchandise inventory A/c $1,332,100

(Being the cost of goods sold is recorded)

2. Allowance for doubtful accounts A/c Dr. $27,000

To Account receivable A/c $27,000

(Being the written off amount is recorded)

3. Cash A/c Dr. $1,391,600

To account receivable A/c $1,391,600

(Being the cash received is recorded)

4. Bad-debts expense A/c Dr. $28,000

(765,600 × 1% + 20,344)

To allowance for doubtful accounts A/c $28,000

(Being the bad debt expense is recorded)

Working note:

Ending Receivables = (654800 + 1529400 - 27,000 - 1,391,600) = $765,600

Total Receivables of 1st Year = 1,345,000 - 19,400 - 670,800 = $654,800

Before Adjustment Ending Allowance Balance = 65,4800 × 1% - 27,000

= 6,548 - 27,000

= 20,344 Debit Balance

Explanation:

8 0

3 years ago