Answer:
Required 1 : General journal entries
A.
Cash $100,750 (debit)
Capital ; K. Spade $100,750 (credit)
B.
Office Equipment $10,050 (debit)
Trade Payable $10,050 (credit)
C.
Trade Payable $10,050 (debit)
Cash $10,050 (credit)
D.
Trade Receivable $2,700 (debit)
Fees Earned $2,700 (credit)
E.
Rent Expense $1,225 (debit)
Cash $1,225 (credit)
F.
Cash $1,125 (debit)
Trade Receivable $1,125 (credit)
Required 2 : Posting Journal Entries to T - Accounts
Cash Account
<u>Debit</u>
Capital ; K. Spade $100,750
Trade Receivable $1,125
Totals $101,875
<u>Credit</u>
Trade Payable $10,050
Rent Expense $1,225
Balance c/d $90,600
Totals $101,875
Capital Account
<u>Debit</u>
Balance c/d $100,750
Totals $100,750
<u>Credit</u>
Cash $100,750
Totals $100,750
Office Equipment Account
<u>Debit</u>
Trade Payable $10,050
Totals $10,050
<u>Credit</u>
Balance c/d $10,050
Totals $10,050
Trade Payable Account
<u>Debit</u>
Cash $10,050
Totals $10,050
<u>Credit</u>
Office Equipment $10,050
Totals $10,050
Trade Receivable Account
<u>Debit</u>
Fees Earned $2,700
Totals $2,700
<u>Credit</u>
Cash $1,125
Balance c/d $1,575
Totals $2,700
Rent Expense Account
<u>Debit</u>
Cash $1,225
Totals $1,225
<u>Credit</u>
Profit and Loss Account $1,225
Totals $1,225
Fees Earned Account
<u>Debit</u>
Trading Account $2,700
Totals $2,700
<u>Credit</u>
Trade Receivable $2,700
Totals $2,700
Explanation:
All transaction are first record in the journal. Be careful to use the account titles provided by the question.
The Posting to general account is the second stage in accounting. Here account balances to be transferred into the trial balance are established.
Answer:
The correct answer is A. Account payable 750 Cash 750.
Explanation:
This problem requires us to tell the accounting entry a business will make when making payment against offices supplies puchased on credit.
When the business has bought it it would have made following entry
Offices supplies debit 750
to payable credit 750
On settlement the business will make entry as mentioned in option A.
Answer: The digital bank is depository bank.
Explanation:
A depository bank or depositary bank is a specialist financial entity which, inventories and helps with the act of trading securities depending on jurisdiction, facilitates investment in securities markets.
Answer:
The depreciation for 2006 will be $5,411 as per double declining balance method;
Explanation:
Cost of Furniture $57,617
Installation cost $14,316
Total cost $71,933
The asset purchased in 2002 and will have salvage value of $2,500 in 2017.It means useful life of furniture is 15 years
Depreciation in 1st year as per double decline method=($71,933/15)*2=$9,591
Depreciation in 2003=$62,342*(1/15)*2=$8,312
Depreciation in 2004=$62,342-$8,312=$54,029*1/15*2=$7,203
Depreciation in 2005=$54,029 -$7,203=$46,826*1/15*2=$6,243
Depreciation in 2006=$46,826-$6,243=$40,582*1/15*2=$5,411
Answer:
$1000
Explanation:
Given the policy coverage = $30000
The amount of deductible = $1000
Total damage of the car when the accident occurred = $6200
Below is the calculation to find the amount that Frank has to pay:
The amount payable by Frank out of pocket = Deductible amount
The amount payable by Frank out of pocket = $1000
