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
Rom4ik [11]
3 years ago
5

1 Madison Harris, the owner, invested $7,800 cash and $34,800 of photography equipment in the company in exchange for common sto

ck. 2 The company paid $3,400 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,010 cash. 20 The company received $4,631 cash in photography fees earned. 31 The company paid $805 cash for August utilities. Prepare general journal entries for the above transactions.
Business
1 answer:
Dvinal [7]3 years ago
3 0

Answer:

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $7,800

  Photography equipment A/c Dr $34,800

                To Common stock A/c $42,600

(Being common stock is issued for cash and photography equipment )

2. Prepaid insurance A/c Dr $3,400

           To Cash A/c $3,400

(Being prepaid insurance is recorded)

3. Office supplies A/c Dr $1,010

           To Cash A/c $1,010

(Being office supplies are purchased for cash)

4. Cash A/c Dr $4,631

        To Photography fees earned A/c $4,631

(Being cash is received)

5. Utilities A/c Dr $805

        To Cash A/c $805

(Being utilities are paid in cash)

You might be interested in
"in year 1, costello company performed $14,000 of services for a customer who paid immediately. it also incurred $6,000 of wage
valina [46]

Answer: revenue of $14,000 and expense of $6,000 in Year 1.

Explanation:

In accrual accounting, it should be noted that for this accounting method, the revenue or expenses that are made by the individual or company will be recorded as at the time that the transaction took place and not when the payment for the transaction was gotten.

Since Costello company performed $14,000 of services and also incurred $6,000 of wage expenses, then Costello will report revenue of $14,000 and expense of $6,000 in Year 1.

7 0
3 years ago
Which of the following describe the product in the marketing mix?
Elza [17]

Answer:

a

Explanation:

3 0
3 years ago
Read 2 more answers
Essay of circular flow
Setler79 [48]
Circular flow is a model of economy in which major exchanges are showed as flow of money, food, goods, services and etc between economic agents. In circular flow, the flows of money and goods exchanges in a closed circuit but runs oppositely. Circular flow analysis is the basis of national accounts.
5 0
3 years ago
In the Spotlight on Small Business box titled, "Let's Go to the Movies," we learned about a recent marketing idea for movie thea
densk [106]

Answer:

"To differentiate your movie theatre from others" is the correct answer.

Explanation:

  • The small company Spotlight, actually named the smaller biz Spotlight, seems to be a succession of fast, interactive conversations that highlight prominent small business owners.
  • Published the Wikipedia pages but instead, continue the screening process to submit to see your own company featured throughout a spotlight section.

So that the above would be the correct answer.

7 0
3 years ago
Citibank need to borrow $1 million for 6 months starting in 2 years. Citibank is concerned about the interest rate would like to
Shkiper50 [21]

Answer:

"$ 15,000" is the correct solution.

Explanation:

The given values are:

Agreed fixed rate,

= 0.04

LIBOR rate,

= 0.01

No. of borrowing months,

= 6

National amount,

= 1000000

Now,

The net payment will be:

= National \ principal*(Floating \ rate - Fixed \ rate)\times \frac{No. \ of \ months}{12}

On substituting the above values, we get

= 1000000\times (0.01-0.4)\times \frac{6}{12}

= 1000000\times (-0.03)\times 0.5

= -15,000 ($)

3 0
3 years ago
Other questions:
  • Annual starting salaries for college graduates with degrees in business administration are generally expected to be between 3000
    14·1 answer
  • Bonita Beauty Corporation manufactures cosmetic products that are sold through a network of sales agents. The agents are paid a
    12·1 answer
  • The competitive strategy of a firm pursuing a "think global, act local" approach to strategy making: Select one: a. Entails litt
    5·1 answer
  • Last year Martha could grow 20 bushels of basil or 25 bushels of cilantro on each acre of land that she farmed. This spring, she
    9·1 answer
  • Which case best represents a case of price discrimination?
    8·1 answer
  • According to Levitt, which of the following statements is true? A. Technology drives the world toward a converging commonalty B.
    5·1 answer
  • In 2020, Sandhill Co. reported a discontinued operations loss of $1160000, net of tax. It declared and paid preferred stock divi
    7·2 answers
  • Swifty Inc. and Blossom Co. have an exchange with no commercial substance. The asset given up by Swifty Inc. has a book value of
    6·1 answer
  • You own some land at the edge of Blacksburg. An individual wants to sign a contract where she rentsthe land from you for 10 year
    5·1 answer
  • What was the innovative way pears’ soap marketed its product?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!