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Sati [7]
3 years ago
6

Journalise the followung transactions.

Business
1 answer:
katovenus [111]3 years ago
3 0

Answer:

Explanation:

S/No        Date        Transaction          Dr($)          Cr($)

1             Oct.1         Rent Expense      3,600

                                    Cash                                 3,600

2.           Oct.3        Advert. Expenses  1,200

                                    Cash                                   1,200

3.            Oct.5           Supplies              750

                                     Cash                                      750

4             Oct.6       Office equipment     8000

                                Accounts Payable                       8,000

5             Oct.10               Cash                1 4,800

                                Accounts receivable                    14,800

6              Oct.15    Accounts payable      7,110

                                      Cash                                         7,110

7.              Oct.27    Miscellaneous             400

                                        Cash                                        400

8               Oct.30    Utilities Expenses      250

                                       Cash                                          250

9               Oct 31     Accounts receivable   33,100

                                       Fees earned                             33,100

10              Oct.31          Utility Expense       1,050

                                           Cash                                        1050

11               Oct.31                Drawings           2,500

                                              Cash                                    2,500

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Define liquidity. Rank the following assets in terms of liquidity, from most to least liquid: money market mutual fund, savings
valina [46]

Answer:

Liquidity: amount of cash or cash equivalents and its primary feature of converting quickly into money without losing any of it current value.

1)_ Dollar bill

2)_ Saving account

3)_ Checking account

4)_ Gold bar

5)_ Corporate stock

6)_ Money market mutual fund

7)_ House

Explanation:

To begin with, the liquidity is the feature of those assets to converting the most quickly as possible in cash and therefore the the most liquid asset is properly the dollar bill and the less liquid asset is the house due to the fact that it could take years to sell by a proper offer and becoming actual cash. In conclusion, it works that way with all the other assets, the liquidity of each one is higher or lower depending on the quickness of converting into cash.

3 0
2 years ago
I
svlad2 [7]

Answer:

Allocative efficiency is about distributing or allocating resources in the best possible manner. E.g. in order to fight the current pandemic, more resources ($) is allocated to different health care institutions.

Productive efficiency is about how a company or a person uses the resources that it has in order to produce the greatest amount of benefits at the lowest possible cost. E.g. in a hospital, if a doctor is able to treat 15 patients per day, his/her productive efficiency will be higher than another doctor that only treats 10 patients per day.

3 0
3 years ago
An economist makes an assumption that each additional year of education causes future wages to rise by 7 percent. In this​ model
ladessa [460]

Answer:

Wage year 4= $12222.19

Explanation:

Giving the following information:

Each additional year of education causes future wages to rise by 7 percent.

A person with 12 years of education makes ​$21 000 per​ year.

A person with 4 years of education=$?

We will use the present value formula to calculate the wage in year 0. Then with the final value formula calculate the year 4 wage.

PV= FV/[(1+r)^n]

FV=final value at t time

r= rate

n= period of time

PV= 21000/(1,07^12)= $9324. 2511

Final Value= PV*(1+r)^t

Final Value year 4= 9324.2511*(1,07^4)= $12222.19

8 0
3 years ago
You are planning to save for retirement over the next 30 years. To do this, you will invest $750 per month in a stock account an
Alex

Answer:

The withdrawals will be of  $ 11,379.014 per month

Explanation:

Future value of the annuities:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C         750.00

time 360(30 years x 12 monhs per year)

rate 0.008333333 (10% / 12 months)

750 \times \frac{1-(1+0.00833)^{-360} }{0.008333} = PV\\

PV $1,695,365.9436

C \times \frac{(1+r)^{time} -1}{rate} = PV\\

C         250.00

time 360 (30 years x 12 monhs per year)

rate             0.005 (6% / 12 months)

250 \times \frac{(1+0.005)^{360} -1}{0.005} = PV\\

PV $251,128.7606

Total 1,695,365.84 + 251,128.76 = 1.946.494,6‬

and from here we withdraw for 25 years:

PV \div \frac{1-(1+r)^{-time} }{rate} = C\\

PV 1,946,495

time 300 (25 years x 12 months)

rate 0.004166667 (5% / 12 months)

1946494.6 \div \frac{1-(1+0.004167)^{-300} }{0.004167} = C\\

C  $ 11,379.014

6 0
3 years ago
Momentous Occasions is a photography business that shoots videos at college parties. The freshman class pays $1,000 in advance o
KatRina [158]

Answer:

a. The Date on which Revenue was earned is April 2.

The Cash was received on March 3 and Revenue was earned on April 2 so no the earnings were not received on the same date the cash was received.

b. The date revenue was earned was February 28.

The Cash was received on the February 28 and the Services were given on the February 28. So yes the earnings occur the same date the cash was received.

Explanation:

a.

To understand this let us create a Journal Entry for the transaction on March 3 first:

Debit: Cash $1,000

Credit: Services Payable $1,000

To record cash earned from the services payable.

At this time Momentu Occasions have earned the Cash but it cannot be recorded as revenue as the services are still a liability which are yet to be given.

Now lets record the Journal Entry from April 2:

Debit: Services Payable $1,000

Credit: Service Revenue $1,000

To record Revenue earned.

Now the Services Payable account will be canceled out and the revenue entry will be generated. Hence we can come to conclusion and drive our answers from it;

b.

For Sophomore Class the Journal entry can be recorded as follows on the February 28:

Debit: Cash $4,100

Credit: Service Revenue $4,100

To record Service given at Cash.

4 0
3 years ago
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