1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
The First Bank of Flagstaff has issued perpetual preferred stock with a $100 par value. The bank pays a quarterly dividend of $1
Olegator [25]

Answer:

$56.89

Explanation:

The computation of the current price of this preferred stock is shown below:

= Annual dividend ÷ required rate of return

where,

Annual dividend equal to

= Quarterly dividend × number of quarters in a year

= $1.65 × 4 quarters

= $6.6

And, the required rate of return is 11.6%

Now put these values to the above formula  

So, the price would equal to

= $6.6 ÷ 11.6%

= $56.89

5 0
3 years ago
Which of the following statements about transportation in the United States is NOT true?
yaroslaw [1]

Answer:

The cost of gasoline is higher in the U.S. than anywhere else in the world.

Explanation:

3 0
3 years ago
A firm engages in a new type of financial transaction that has a material effect on its earnings. An analyst should most likely
slega [8]

Answer:

management has not explained its business purpose

Explanation:

Since in the question it is mentioned that the firm is engaged in the new financial transaction that contains the material impact on the earnings so this represents that it could be come under the pre existed accounting standards.

Also everyone should be aware of the business purpose plus it is not established for changing off the financial statements

So it would be suspicious because the purpose of the business could not be explained

4 0
3 years ago
A favorable direct materials price variance might lead to an unfavorable direct materials quantity variance because the company
Lemur [1.5K]
25 is ur answer good ser
3 0
3 years ago
Recent rains increase the demand for kayaks, as paddlers want to take advantage of the exciting river conditions on the Oconee R
Lunna [17]

Answer:

Equilibrium price to be indeterminate from the information given, but equilibrium quantity to rise.

Explanation:

The recent rains resulted in an increase in demand for kayaks so the equillibrum quantity demanded will rise. Supply will also rise to meet the increased demand.

However we are unable to determine if the price will rise or fall with the given information.

Plastic is cheaper now so kayaks will also be cheaper. On the other hand increase in demand naturally causes an increase in price. So the cheaper price of kayaks will need to be compared with price increases as a result of increased demand to determine if equillibrum price will rise or fall.

5 0
2 years ago
Other questions:
  • The ____ theory argues that individuals analyze three relationships: effort - performance, performance- rewards, and rewards-per
    7·1 answer
  • What flexibility assessment requires a partner?
    15·2 answers
  • Study five research papers published in 2019-2020 and analyze their conclusion.
    10·1 answer
  • Blossom Company began the year with retained earnings of $390000. During the year, the company recorded revenues of $489000, exp
    14·1 answer
  • The nurse is teaching a student nurse about Covey’s eight characteristics of effective leaders. Which statement of the student n
    7·1 answer
  • Suppose that velocity is 3 and the money supply is $600 million. According to the quantity theory of money, nominal output equal
    12·1 answer
  • Cash flows from operations may not be sufficient for a firm to keep up with growth-related financing needs, or the firm may not
    9·1 answer
  • What are some ways that people might describe themselves?
    15·2 answers
  • Sandhill Co. began operations on January 2, 2020. It employs 13 people who work 8-hour days. Each employee earns 11 paid vacatio
    12·1 answer
  • HELP ME PLEASE!!!
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!