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3 years ago

Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March.

Business

1 answer:

GrogVix [38]3 years ago

8 0

Answer:

a. Journal Entries

March 1

Cash $150,000 (debit)

Office Equipment $22,000 (credit)

Capital $ 172,000

March 2

Prepaid Rent $6,000 (debit)

Cash $6,000 (credit)

March 3

Office equipment $3,000 (debit)

Office supplies $1,200 (debit)

Accounts Payable $4,200 (credit)

March 6

Cash $4,000 (debit)

Service Revenue $4,000 (credit)

March 9

Accounts Receivable $7,500 (debit)

Service Revenue $7,500 (credit)

March 12

Accounts Payable $4,200 (debit)

Cash $4,200 (credit)

March 19

Prepaid Insurance $5,000 (debit)

Cash $5,000 (credit)

March 22

Cash $3,500 (debit)

Accounts Receivable $3,500 (credit)

March 25

Accounts Receivable $3,280 (debit)

Service Revenue $3,280 (credit)

March 29

Drawings $5,100 (debit)

Cash $5,100 (credit)

March 30

Office Supplies $600 (debit)

Accounts Payable $600 (credit)

March 31

Utilities Expenses $500 (debit)

Cash $500 (credit)

b.Ledger Account Balances

Cash ($150,000 - $500 - $5,100 + $3,500 - $5,000 - $4,200 + $4,000 - $6,000) = $136,700

Office Equipment ($22,000 + $3,000) = $25,000

Capital = $ 172,000

Prepaid Rent = $6,000

Office supplies ($1,200 + $600) = $1,800

Accounts Payable ($4,200 + $600 - $4,200) = $600

Service Revenue ($4,000 + $3,280 + $7,500) = $14,780

Accounts Receivable ($7,500 - $3,500 + $3,280) = $7,280

Prepaid Insurance = $5,000

Utilities Expenses = $500

c. Trial Balance

Debit Credit

Cash $136,700

Office Equipment $25,000

Capital $ 172,000

Prepaid Rent $6,000

Office supplies $1,800

Accounts Payable $600

Service Revenue $14,780

Accounts Receivable $7,280

Prepaid Insurance $5,000

Utilities Expenses $500

Totals $187,380 $187,380

Explanation:

The above show the journals recorded, posting to ledger accounts and determination of account balances and trial balance as at April 30.

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Yes, Linda earns a 16% rate of return.

To support this statement, calculations are provided below:

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Dividends paid (6% x $30,000 x 3 years)

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Loss on sale ($27,000 - $30,000)

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<h3>What do you mean by the term investments?</h3>

A purchase made with the intention of creating income or capital growth is known as an investment. An asset's value increasing over time is referred to as appreciation. When a person invests in a good, they do not intend to utilize it as a source of immediate consumption, but rather as a tool for future wealth creation. An investment always entails the expenditure of some capital—time, effort, money, or an asset—today with the expectation of a future return higher than the initial investment. For instance, an investor might buy a financial asset right away with the hope that it would provide income later on or that it can be sold for a profit at a higher price.

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2 years ago

Suppose sellers of perfume are required to send $1.00 to the government for every bottle of perfume they sell. Further, suppose

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Answer:

a. The effective price received by sellers is $0.40 per bottle less than it was before the tax.

Explanation:

When government imposes tax on a product, a seller's margin on such a product falls which the seller tries to recover from the buyer by raising the price of the product.

In the given case, $1 is tax payable to government out of which the seller recovers $0.60 from the buyer via increased price. So, the remaining $0.4 tax is being paid by the seller out of his own pocket.

Effective price received refers to net amount received by the seller after deducting expenses and taxes. So, in the given case, the seller now receives $0.4 less per bottle than the receipts before such tax was imposed.

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3 years ago

Rosario, a department manager, has been dealing with two workers in her department who do not get along. Due to family problems

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Answer:

The correct answer would be option C, Disturbance Handler.

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I hope my answer helps you

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