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Zielflug [23.3K]
3 years ago
8

If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are used, indicate the journal in

which each of the following transactions should be recorded: (a) Investment of additional cash in the business by the owner.(b) Rendering of services for cash.(c) Rendering of services on account.(d) Receipt of cash on account from a customer.(e) Sale of office supplies for cash, at cost, to a neighboring business. (f) Adjustment to record supplies used at the end of the year.(g) Closing of drawing account at the end of the year.
Business
1 answer:
Nutka1998 [239]3 years ago
3 0

Answer:

Explanation:

A. Investment of additional cash into the business by owner is recorded in the general Journal

B. Rendering service for cash is recorded in the cash receipt Journal

C. Rendering of service on account is recorded in the revenue journal

D. Receipt of cash on account from a customer is recorded in the cash receipt Journal

E. Sale of office supplies for cash, at cost, to a neighboring business is recorded in the general journal

F. Adjustment to record supplies used at the end of the year is recorded in the general journal

G. Closing of drawing account at the end of the year is recorded in the general journal

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Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning
wolverine [178]

Answer:

$6.7 per direct labor hour

Explanation:

Given:

Direct labor-hours = 20,000

Fixed manufacturing overhead cost = $94,000

variable manufacturing overhead = $2.00 per direct labor-hour

Actual manufacturing overhead cost for the year = $123,900

Actual total direct labor = 21,000 hours

Now,

Total Estimated Manufacturing Overhead

= 94000 + ( 2 × 20000 )

= $134,000

And,

Predetremined Overhead Rate = \frac{\textup{Estimated Maufacturing Overhead}}{\textup{Estimated Direct Labor Hours.}}

or

Predetremined Overhead Rate = \frac{\textup{134,000}}{\textup{20000}}

or

Predetremined Overhead Rate = $6.7 per direct labor hour

5 0
3 years ago
. Dolores used to work as a high school teacher for $40,000 per year but quit in order to start her own catering business. To bu
VladimirAG [237]

Answer:

The correct option is B

Explanation:

In order to compute the profit, the accountant consider the Explicit cost so,

Explicit Cost = Borrowed amount × Interest rate + Ingredients amount

                     = $30,000 ×  3% + $25,000

                     = $259,000

Where Revenue is $60,000

Profit = Revenue - Explicit Cost

        = $60,000 - $259,000

        = $34,100

Economic Profit is computed as:

Economic Profit = Total Profit - Implicit Cost

                          = $34,100 - $40,600

                          = - $6,500

where

Implicit Cost = Salary + Interest

                = $40,000 + ($20,000 × 3%)

                =  $40,000 + $600

                = $40,600

Therefore, Louis says profit is $34,100 and Greg says she lost $6,500

5 0
3 years ago
ABC stock has just closed at $70.50. A customer has an open order on the Specialist's book (DMM's book) to sell short 100 shares
Rudiy27

Answer:

A) Sell short 100 ABC at 69.45 Stop

Explanation:

When an order is placed below the market (OBLOSS - Open Buy Limits Open Sell Stops) it will be adjusted on the specialist's book for distributions on ex date. This open sell stop order = $70 - $0.55 (dividend) = $69.45

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7 0
3 years ago
In a SWOT analysis, increasing gasoline prices would represent a potential __________ for manufacturers of electric cars.
tester [92]

Answer: Opportunity

Explanation:

SWOT analysis measures the strength, weakness, opportunities and threats of an individual/organization in the areas they operate in. Manufacturers of electric cars would see increase in gasoline prices as an opportunity, as people would want to buy more electric cars.

4 0
3 years ago
Public goods represent a market failure because
JulsSmile [24]
Public goods are available everywhere and are <span>both non-excludable and non-rivalrous</span>
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7 0
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