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slava [35]
3 years ago
13

Bank deposits help the nation’s economy by

Business
2 answers:
allochka39001 [22]3 years ago
7 0

Bank deposits help the nation’s economy by giving banks the money to loan to other people and to invest. When people make deposits into a bank, the bank has more money to lend other epople when they come make a withdraw, need a loan for personal or business use or to invest in stocks and bonds to grow the company and their weath. Banks run on the money poeple deposit into them.

makkiz [27]3 years ago
5 0

b. giving banks the money to loan and invest.

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Amy takes her car to Better Fix-It, Inc., which repairs the car and bills Amy for $500. Amy writes out a check drawn on Capital
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On February 20, services valued at $60,000 relating to the organization of a corporation were performed in exchange for 1,000 sh
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Answer:

Explanation:

The journal entry is shown below:

On February 20

Organization expense A/c Dr     $60,000

          To  Common Stock A/c $25,000       (1,000 shares × $25)

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Calculate 2007-03-04-00-00_files/i0080000.jpg% tax on $1,540. a. $11.17 b. $109.34 c. $111.65 d. $113.96
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3 years ago
The Accounts Receivable balance for Lake​, Inc. at December​ 31, 2017​, was $ 20 comma 000. During 2018​, Lake earned revenue of
elena-s [515]

Answer:

The required journals are:

Debit Bad debt expense                                          $10,070

Credit Allowance for doubtful accounts                 $10,070

<em>(To record bad debt for the year)</em>

Explanation:

To understand the effects of the transactions, we need to journalize as follows:

Debit Accounts receivable                                    $454,000

Credit Sales revenue                                             $454,000

<em>(To record sales transaction on account)</em>

Debit Cash                                                             $325,000

Credit Accounts receivable                                  $325,000

<em>(To record collections on account)</em>

Debit Allowance for doubtful accounts                   $5,600

Credit Accounts receivable                                     $5,600

<em>(To record write-off of accounts receivable)</em>

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The effect of the write-off was to throw the unadjusted allowance for doubtful account into debit as $2,700 - $5,600 = $2,900. The required bad debt expense will $10,070 ($7,170 + $2,900).

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