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Bas_tet [7]
3 years ago
8

On January 1, 2018, Red Flash Photography had the following balances: Cash, $21,000; Supplies, $8,900; Land, $69,000; Deferred R

evenue, $5,900; Common Stock $59,000; Retained Earnings, $34,000. During 2018, the company had the following transactions:
(1) Issue additional shares of common stock, $29,000.
(2) Provide services to customers for cash, $44,000, and on account, $39,000.
(3) Pay salaries to employees for work in 2018, $32,000.
(4) Purchase rental space for one year, $21,000.
(5) Purchase supplies on account, $31,000.
(6) Pay dividends, $2,900.

The following information is available on December 31, 2021:

Employees are owed an additional $4,900 in salaries.
Three months of the rental space has expired.
Supplies of $5,900 remain on hand.
All of the services associated with the beginning deferred revenue have been performed.
(1) Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.
Business
1 answer:
Nutka1998 [239]3 years ago
7 0

Answer:

See explanation

Explanation:

Red Flash Photography

Journal Entries

1. Debit     Cash                 $29,000

Credit       Common Stock               $29,000

(issuing common stock for cash that will increase the cash)

2. Debit    Cash                               $44,000

   Debit    Accounts Receivable    $39,000

 Credit           Service Revenue                   $83,000

(Provided services on account and cash)

3. Debit    Salaries expense            $32,000

Credit               Cash                                     $32,000

(Paid salaries to workers)

4. Debit    Prepaid Rent                   $21,000

Credit               Cash                                     $21,000

(Paid rent in advance for cash)

5. Debit    Supplies                          $31,000

Credit                  Accounts payable            $31,000

(Purchase supplies on account means liability will increase)

6. Debit    Dividends                        $2,900

Credit                   Cash                                 $2,900

(Paid cash dividends to the shareholders)

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Suppose that three firms make up the entire wig manufacturing industry. One has a 60% market share, and the other two have a 20%
mr_godi [17]

Answer:

4400

Increase

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Explanation:

Here are the options to the last question

Why is the largest possible value of the Herfindahl index 10,000 ?

a. An index of 10,000 corresponds to 100 firms with a 1% market share each

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2 years ago
The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of Medicare tax withheld on total
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Answer:

From the information provided

Federal rate tax of earnings = 30000 × 0.6%

= 30000 × 0.006

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State rate tax of earnings = 30000 × 5.4%

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THUS,

JOURNAL ENTRY

___Accounts_______Debit ($)____Credit ($)

Payroll Tax Expense__ 14925

Social Security Payable___________ 10,500

Medicare Payable________________2625

FUTA Payable ___________________180

SUTA Payable ___________________1620

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Answer:

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To begin with, a company and its employees take into account the political, economic, societal and natural systems when taking actions that are legal and ethical due to the fact that these are the sytems that comprehends the environment or external context of the organization and represents the factors that tend to change the curse of action or even the situation that the business is going through. Therefore that when the company must look after its image regarding the subject of law and ethics, then it must take into account those particular systems that can vary the accounts of the organization.

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