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Gre4nikov [31]
2 years ago
9

The following transactions are July 2014 activities of Craig�s Bowling, Inc., which operates several bowling centers (for games

and equipment sales).a. Craig�s collected $15,000 from customers for games played in July.b. Craig�s sold bowling equipment inventory for $8,000; received $3,000 in cash and the rest on account. [The cost of goods sold (expense) related to these sales is $6,800.]c. Craig�s received $4,000 from customers on account who purchased merchandise in June.d. The men�s and ladies� bowling leagues gave Craig�s a deposit of $2,500 for the upcoming fall season.Prepare the journal entry for the above transactions
Business
1 answer:
ololo11 [35]2 years ago
5 0

Answer:

Explanation:

The journal entries are shown below:

a. Cash A/c Dr $15,000

         To Games revenue A/c   $15,000

(Being cash collected)

b. Cash A/c Dr $3,000

   Accounts receivable A/c Dr $5,000

                   To Sales revenue $8,000

(Being cash received for selling of equipment)

c. Cash A/c Dr $4,000

      To Account receivable  $4,000

(Being cash received for merchandise sold by the company)

d. Cash A/c Dr $2,500

       To Unearned revenue A/c $2,500

(Being deposit received for the upcoming fall season)

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Answer:

E. It may encourage a sense of entitlement among employees.

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Ordinary simple interest brings increased revenue to the lender. The general practice
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Answer:

Exact = $34.5

Ordinary = $35

Explanation:

Given that :

Principal, P = $1500

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For exact :

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For ordinary simple interest :

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Simple interest = $1500 * 0.14 * 60 / 360 = $35

6 0
3 years ago
Yo<br>please solve this journal entries <br> as soon as possible ​
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Answer:

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To Cash A/c. 15,000

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3. Drawings A/c. Dr. 12,000

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The options to the question are:

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Answer:

Since Ajax Computer company is an accrual method calender-year tax payer, the computer company would recognize the expenses only when such expenses are incurred and not at the time that cash is being paid for the the expenses

Ajax computer company already paid in advance for both advertisements the following year even though the advertisement eanst taking place that year. Therefore, the payments will not be considered to be an expense until advertisements has actually taken place. Because of this, Ajax cannot deduct the amounts paid for the advertisements next year and hence, no deduction will be claimed this year.

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romanna [79]

Answer:

Decreases; increasing

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