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olga_2 [115]
3 years ago
14

Prepare Journal Entries in a Revenue Journal Horizon Consulting Company had the following transactions during the month of Octob

er: Oct. 2 Oct. 3 Oct. 14. Oct. 24 Oct. 29 Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $380 Issued Invoice No. 322 to Armor Inc. for services rendered on account, $540. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $190. Issued Invoice No. 324 to Rose Co. for services rendered on account, $790 Collected Invoice No. 321 from Pryor Corp.
a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format revenue journal Accounts Rec. Dr DATE Invoice No. Account Debited Post. Ref Fees Earned Cr Oct. 2 Oct. 3 Oct. 14 Oct. 24 Oct. 31
b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October? Accounts receivable Fees earned c. What is the October 31 balance of the Pryor Corp, customer account assuming a zero balance on October 1?
Business
2 answers:
alekssr [168]3 years ago
6 0

Answer:

idk what you njust said

Explanation:

Alexeev081 [22]3 years ago
5 0

Answer and Explanation:

The recording and the computations are as follows

a. The recording of the October revenue transactions are shown below:

DATE INVOICE NO. ACCOUNT DEBITED POST.REF.  

ACCOUNT REC. DR.  FEES EARNED CR.

Oct 2       321        Pryor Co.  

380

Oct 3        322         Armor Co.  

540

Oct 14        323         Pryor co.  

190

Oct 24        324        Rose co.  

790

Oct 31    1900

b) Now the total amount for account receivable and fees earned is

Account receivable = 1900

Fees earned = 1900

c) The October 31 balance is

October 31 balance

= $380 + $190 - $380

= $190

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The company's total cash payments in May is $195,500 and this can be determined by preparing a cash budget.

<h3>What is a cash budget?</h3>

A cash budget is a company's estimation of its cash inflows and outflows over a specified period of time. A cash budget provides a company with financial insight into its cash requirements, including shortages and surpluses.  The preparation of a cash budget helps the company to determine an efficient use of its available cash.

Data and Calculations:

                                                April            May           June            July

Anticipated sales             $300,000   $300,000   $300,000    $300,000

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Labor costs                           16,000        19,000         16,000          21,000

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General and admin. exp.      2,000          2,000          2,000           2,000

Interest expense                                       2,500

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Total cash payments in May             $195,500

Thus, the company's total cash payments in May is $195,500.

Learn more about cash budgets at brainly.com/question/8707644

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When the price of paintings is set at $500, the local art gallery supplies 20 paintings per week. When the price of paintings in
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Answer:

the  price elasticity of supply is 0.555

Explanation:

The computation of the price elasticity of supply is given below:

= Percentage change in quantity supplied ÷ percentage change in price

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= 5 ÷45 ÷ 250 ÷ 125

= 0.555

Hence, the  price elasticity of supply is 0.555

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