_____ is an acronym for an effective study method.

Paid Rs.700 as rent of the house occupied by the proprietor for personal use

Pani-rosa [81]

Answer:

see below

Explanation:

In this transaction, Rs. 700 is used to pay for rent that the proprietor uses for personal use. The transaction will be captured in the drawings account. A drawing account is used to track all the money owners take from a business for personal use. The amount taken to pay rent, Rs. 700 will be debited Drawings A/c.

The transaction will decrease cash ( asset account) by Rs. 700. A decrease in assets is credited. Therefore, the cash account will be credited by Rs.700

The journal entry will be

Drawings A/c Dr. Rs.700

Cash A/c. Cr Rs.700

4 0

3 years ago

The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accou

musickatia [10]

Answer:

Cash $426,800.00

Debit side $6,500,000.00

Credit side $6,500,000.00

Explanation:

Preparation of the Unadjusted trial balance

SEASIDE Unadjusted Trial Balance

DEBIT SIDE

Cash 426,800.00

Accounts Receivable 660,500.00

Prepaid Insurance 21,600.00

Supplies 11,200.00

Land 1,850,000.00

Dividends 36,000.00

Wages Expense 2,950,000.00

Utilities Expense 82,000.00

Rent Expense 390,000.00

Supplies Expense 23,700.00

Insurance Expense 18,000.00

Miscellaneous Expense 30,200.00

TOTAL $6,500,000.00

CREDIT SIDE

Notes Payable 75,000.00

Accounts Payable 118,600.00

Unearned rent 12,000.00

Common stock 150,000.00

Retained Earnings 1,814,400.00

Fees Earned 4,330,000.00

TOTAL $6,500,000.00

CASH will be the balancing figure since the total of both Debit and Credit columns of trial balance must equal.

Therefore the Unadjusted trial balance be:

Debit side $6,500,000.00

Credit side $6,500,000.00

8 0

3 years ago

Suppose a carton of hockey pucks sell in Canada for 105 Canadian dollars, and 1 Canadian dollar equals 0.71 U.S. dollars. If pur

bija089 [108]

Answer:

The price of Hockey Pucks in the United States is 74.55 U.S dollars.

Explanation:

Purchasing Power Parity (PPP) is said to hold when two currencies are in equilibrium (at par), and it is an economic theory that compares different currencies through an approach known as 'basket of goods approach'.

A PPP is said to exist when the same unit of good is priced the same in two different countries, taking into consideration the exchange rate of both currencies. PPP rates are considered more accurate measures than market exchange rates, because market exchange rates are influenced by several factors such as government intervention, different interest rates, speculation trading and edging.

PPP are also quite difficult to determine because of differences in purchasing habits, unequal qualities of the goods in the countries and differences in each country's economy, but once PPP is determined, it remains relatively constant over a long run.

Mathematically PPP is calculated as;

$S=\frac{P_1}{P_2}$ where;

S = exchange rate of currency 1 to currency 2 =

P₁ = cost of good X in currency 1

P₂ = cost of good X in currency 2

currency 1 = Canadian dollars

Currency 2 = U.S dollars

S = currency 1 : currency 2 = 1 : 0.71 = 1.4085

P₁ = 105 Canadian dollars

P₂ = ???

∴ $S=\frac{P_1}{P_2}$

$P_2=\frac{P_1}{S}$

P₂ = $\frac{105}{1.4085} \\$ = 74.55 U.S dollars.

3 0

4 years ago

If the economy is at potential output, and the Fed _____ the money supply, in the long run, the price level will likely _____.

serg [7]

Answer:

If the economy is at the potential output and the Fed increases the money supply, in the long run real GDP will likely remain the same.

Explanation:

hoped this helped

4 0

3 years ago

Use the information to calculate the GDP deflator for both years and the inflation rate. The base year is 1970. Assume that ther

padilas [110]

Answer: 107.97

Explanation:

Nominal GDP for 1975 = 1975 quantity × 1975 prices

= (21 × 0.50) + ( 11 × 10.5 ) + ( 1 × 130 )

= 10.5 + 115.5 + 130

= 256.0

Real GDP for 1975 = 1975 quantity × 1970 prices

= (21 × 0.10) + ( 11 × 15 ) + ( 1 × 70 )

= 237.1

$GDP\ delator=\frac{Nominal\ GDP}{Real\ GDP}\times100$

$GDP\ delator=\frac{256.0}{237.1}\times100$

= 1.079 × 100

= 107.97

7 0

3 years ago