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
Helen [10]
3 years ago
5

1. Barry Cain invested $38,000 cash to start an appliance repair business. 2. Hired an employee to be paid $500 per week, starti

ng tomorrow. 3. Paid two years' rent in advance, $10,800. 4. Paid the worker's weekly wage. 5. Recorded revenue earned and received for the week, $2,900.
Business
1 answer:
attashe74 [19]3 years ago
8 0

Answer:

No.    Account Titles & Explanation             Debit          Credit

1.

       Cash                                                  $38,000

       Barry Capital Account                                         $38,000

2.

       No Entry Requires as Employee are only Hired there id no financial transaction involved in hiring the employees only.

3.

       Prepaid Rent                                     $10,800

       Cash                                                                     $10,800

4.

       Wages Expense                                $500

       Cash                                                                     $500

5.

       Cash                                                  $2,900

       Revenue                                                               $2,900

Explanation:

1. Cash paid is the capital contribution in the business so cash account will be debited and capital account will be credit as per their nature.

2. Hired an employee does not need any transaction as there is no financial  involvement in just hiring an employee.

3. Prepaid expense is actually an asset for us as we paid expenses in advance which is not incurred yet. It will be recognized as expense with passage of time.

4. Payment to worker is an expenses against a credit to cash as wage is paid in cash.

5. Revenue earned should be recorded and also received so cash will be debited for the receipt from sales and revenue shold be debited due to its nature of account.

You might be interested in
A good rule of thumb is to limit consumer credit payments to ____________ percent of your net monthly income.
frutty [35]
<span>A good rule of thumb is to limit consumer credit payments to 20% percent of your net monthly income.</span>
6 0
3 years ago
What is not an example of money?
melamori03 [73]
B. credit because credit is just how well you pay bills
<span />
7 0
3 years ago
On January 2, 2020, Pronghorn Company sells production equipment to Fargo Inc. for $52,000. Pronghorn includes a 2-year assuranc
Yanka [14]

Answer:

January 2, 2020

Dr Cash $52,000

Cr Sales Revenue $52,000

December 31, 2020

Dr Warranty expense $890

Cr Cash $890

December 31, 2020

Dr Warranty expense$640

Cr Warranty Liabiltiy $640

Explanation:

Preparation of the journal entry to record this transaction on January 2, 2020, and on December 31, 2020.

January 2, 2020

Dr Cash $52,000

Cr Sales Revenue $52,000

December 31, 2020

Dr Warranty expense $890

Cr Cash $890

December 31, 2020

Dr Warranty expense$640

Cr Warranty Liabiltiy $640

6 0
2 years ago
The growth rate is a measure of the rate at which a countrya's population is increasing. Please select the best answer from the
Bond [772]

The growth rate is a measure of the rate at which a country's population is increasing.

The growth rate of a population measures the percentage increase in the value of a quantity.

For example, if the growth rate of a population is 10%, if the town currently has 1000 people, next year population would be: 1000(1.1) = 1100 people.

Factors that leads to increases in a population

  • Migration
  • Birth

To learn more, please check: brainly.com/question/15133607

3 0
2 years ago
Jackson Implements, Inc. uses straight-line depreciation for an item of equipment that cost $135,000, had a salvage value of $15
ch4aika [34]

Answer:

the depreciation that should be charged over the useful life each year is $20,000

Explanation:

The computation of the depreciation expense using the straight line method is shown below:

= (Purchase cost of an equipment - residual value) ÷ (useful life)

= ($135,000 - $15,000) ÷ 6 years

= $120,000 ÷ 6 years

= $20,000

hence, the depreciation that should be charged over the useful life each year is $20,000

3 0
2 years ago
Other questions:
  • In calculating the unemployment rate, "discouraged" workers who are not actively seeking employment are
    9·1 answer
  • What commodity has the united states recently focused on producing domestically?
    14·2 answers
  • Guys I need HELP!!!<br> What is investing?
    7·1 answer
  • Motonous Corporation has completed its fiscal year and reported the following information. The company had current assets of $15
    12·1 answer
  • The Matterhorn Corporation is trying to choose between the following two mutually exclusive design projects:
    9·1 answer
  • Why should you treat savings as an expense in your budget?
    15·1 answer
  • Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $60 in advance for a
    5·1 answer
  • How can we make a village or locality as beautiful as sarangkot ​
    8·1 answer
  • On January 1, 2021, Red Flash Photography had the following balances: Cash, $17,000; Supplies, $8,500; Land, $65,000; Deferred R
    12·1 answer
  • A lot of points give away
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!