1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ainat [17]
3 years ago
8

Journalize the following transactions for Pharoah Company. (If no entry is required, select "No Entry" for the account titles an

d enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Sept. 1 Purchased supplies for $1,050 cash. 5 Paid $440 cash dividend to stockholders. 7 Received $5,800 down payment from customer for services to be provided in the future. 16 Received $800 cash from a previously billed customer for payment of services provided in the prior month. 22 Purchased equipment for $3,300 by paying $1,250 cash and issued a note payable for the balance.
Business
2 answers:
chubhunter [2.5K]3 years ago
8 0

Answer:

Sep 1

Dr Supplies                     1,050

Cr Cash                          1,050

(to record purchase of supplies by cash)

Sep 5

Dr Retained Earnings             440

Cr Cash                                   440

(to record cash dividend payment)

Sep 7

Dr Cash                              5,800

Cr Unearned revenue      5,800

(to record cash receipt from unearned revenue)

Sep 16

Dr Cash                                 800

Cr Account Receivable       800

( to record collection of receivable)

Sep 22

Dr Equipment                  3,300

Cr Cash                            1,250

Cr Note payable              2,050

(to record the purchase of equipment)

Explanation:

Sep 1: Supplies goes up by 1,050 or Debit 1,050; Cash goes down by the same amount or Credit 1,050 as supplies are purchased by cash;

Sep 5: Dividend is paid from Retained earning account so Retained earning account goes down (Dr) by 440; Cash goes down (credit) as it is distributed as dividend to shareholders at the same amount 440;

Sep 7: Cash increases (Dr) by 5,800 followed the cash receipt while Unearned revenue (Liability account) increases (credit) as the revenue is not earned.  

Sep 16: This is the account receivable's collection activities as revenue had already been delivered and billed last period. So Cash increases (Dr) by $800 and Account receivable decreases (Cr) by the same amount.

Sep 22: Equipment goes up (Dr) by $3,300 while Cash goes down (Cr) 1,250 and Note Payable goes up (Cr) by $2,050 (3,300-1,250) to finance for the purchase.

alexandr1967 [171]3 years ago
6 0

Answer:

Journalize the following transactions for Pharoah Company.

Explanation:

1.  

Supllies                             1050  

Cash                                  1050

5.  

Retained earnings              440  

dividen Payable                  440

7.  

Cash                            5800  

deferred revenue                 5800

16.  

Cash                             800  

Account receivable           800

33.  

Equipment                    3300  

cash                                    1250

Account  payable                   2050

You might be interested in
The Ziltech Consulting Group reported net income of $1,000,000 for its fiscal year ended December 31, 2021. In addition, during
grigory [225]

Answer:

$1,240,000

Explanation:

Given that,

Net income = $1,000,000

Pretax foreign currency translation adjustment = $400,000

Unrealized pretax loss on debt securities = $80,000

Effective tax rate = 25%

Total other comprehensive income:

= Foreign currency translation adjustment - Loss on debt securities

= [$400,000 × (1 - 25%)] - [$80,000 × (1 - 25%)]

= ($400,000 × 0.75) - ($80,000 × 0.75)

= $300,000 - $60,000

= $240,000

Comprehensive income:

= Net income + Total other comprehensive income

= $1,000,000 + $240,000

= $1,240,000

7 0
3 years ago
The following are the account balances in the ledger of Metcaffe Manufacturing Company compiled at the end of fiscal-year 6/31/2
Marina86 [1]

Answer:

tanong mo sa crush mo joooook

5 0
2 years ago
Milton is the sales manager of a cosmetics company that offers a wide range of face creams, lipsticks, and eye makeup. some of t
posledela
To carry out this process of division of the <span>company's vast customer base into distinct segments so that the company's sales people can specialize in one line of business only</span>, it is necessary for Milton to possess sound market knowledge. Sound market knowledge involves knowledge, data and information about the product and about the customers.  With this type of market knowledge Milton will be able to meet external users wants and needs and to present them the product on a suitable way.  <span />
5 0
3 years ago
What is a main problem with determining the social benefits of a public good like a community fireworks show?
nexus9112 [7]
The main problem will arise when it has to be with converting the public good to numbers where it can be interpreted and studied. The number of people can also be something difficult to deal with because it deppends on the distance of the people seeing the fireworks show and if the distance is ok for the number of people looking at the fireworks
8 0
3 years ago
he Triffin paradox warned that the gold-exchange system of the Bretton Woods agreement was programmed to collapse in the long ru
Zarrin [17]

Answer: all of the options

Explanation:

Triffin paradox simply explains the economic interests conflicts that are faced by the countries that have their currencies been used as standards for global currencies.

The Triffin paradox was first proposed by Professor Robert Triffin. He also

warned that the gold-exchange system of the Bretton Woods agreement was programmed to collapse in the long run and was also responsible for the eventual collapse of the dollar-based gold-exchange system in the early 1970s.

7 0
3 years ago
Other questions:
  • 1.
    15·1 answer
  • EDP is trying to decide between two different conveyor belt systems. System A costs $438,000, has a six-year life, and requires
    10·1 answer
  • How would you illustrate the impact of a rise in cost of production in a free market economy on both the equilibrium price and t
    13·2 answers
  • A chemical company that produces fertilizer for farms is partnering with an eco-friendly products group to brand an animal-frien
    14·1 answer
  • On March 1, Wright Company purchased new equipment for $58,500 by paying cash. Other costs associated with the equipment were: t
    9·1 answer
  • Accounts receivable balances are required to be reflected at net realizable value as of the balance sheet date. Use of the allow
    12·1 answer
  • Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle? (
    11·1 answer
  • The accounts payable account is listed in the chart of accounts as an asset.<br> True<br> False
    10·1 answer
  • What can you add to your presentation from the Insert tab?
    10·2 answers
  • Clover finance wants to increase the usefulness and accessibility of
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!