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
makvit [3.9K]
3 years ago
14

Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explan

ations of the transactions.
1. Stockholders invest $40,000 in cash in starting a real estate office operating as a corporation.
2. Purchased $500 of supplies on credit.
3. Purchased equipment for $25,000, paying $3,500 in cash and signed a 30-day, $21,500, note payable.
4. Real estate commissions billed to clients amount to $4,000.
5. Paid $700 in cash for the current month's rent.
6. Paid $250 cash on account for office supplies purchased in transaction 2.
7. Received a bill for $800 for advertising for the current month.
8. Paid $2,500 cash for office salaries.
9. Paid $1,200 cash dividends to stockholders.
10. Received a check for $2,000 from a client in payment on account for commissions billed in transaction 4.
Business
1 answer:
andreyandreev [35.5K]3 years ago
3 0

Answer:

General Ledger

1.

Cash $40,000 (debit)

Capital $40,000 (credit)

<em>Owners Invest In the business</em>

2.

Supplies $500 (debit)

Accounts Payable $500 (credit)

<em>Supplies purchased on credit</em>

3

Equipment $25,000 (debit)

Cash $3,500 (credit)

Note Payable $21,500 (credit)

<em>Equipment purchased partly in cash and in credit</em>

4.

Accounts Receivable $4,000 (debit)

Commission Earned $4,000 (credit)

<em>Commission earned not yet received</em>

5.

Rent Expense $700 (debit)

Cash $700 (credit)

<em>Rent paid in cash</em>

6.

Accounts Payable $250 (debit)

Cash $250 (credit)

<em>Settlement of Accounts Payable</em>

7.

Advertising Expense $800 (debit)

Accounts payable $800 (credit)

<em>Advertising Bill due</em>

8.

Salaries Expenses $2,500 (debit)

Cash $2,500 (credit)

<em>Salaries paid</em>

9.

Dividends $1,200 (debit)

Cash $1,200 (credit)

<em>Dividends paid to owners of the company</em>

10.

Cash $2,000 (debit)

Accounts Receivable $2,000 (credit)

<em>Accounts Receivables settle their debts</em>

Explanation:

See the journal entries prepared including narrations (for your learning and understanding)

You might be interested in
HELP!
DiKsa [7]

Answer:

A. Partnership

Explanation:

Based on the description of this scenario it can be said that the best option for Mary would be a Partnership. This means that she will share ownership and profit with those involved but at the same time will also share the  liabilities. This will make sure that the other tattoo artists will do their utmost best since they will have to deal with the consequences as well if they do not. Which in term protects Mary.

8 0
3 years ago
Read 2 more answers
In 2003, Congress passed a substantial cut in income taxes. The Federal Reserve also substantially lowered interest rates. How c
s344n2d4d5 [400]

Answer:

D. The tax cut can be categorized as fiscal policy and the lowering of interest rates can be categorized as monetary policy.

Explanation:

Fiscal policy is when the government uses either taxes or government spending to influence the economy.

Contractionary fiscal policy is when the government increases taxes or reduces spending.

Expansionary fiscal policy is when the government decreases taxes or increases spending.

Monetary policy are policies enacted by central bank of a country to control money supply or interest rest.

Contractionary monetary policy is reducing money supply or increasing interest rates.

Expansionary monetary policy is increasing money supply or decreasing interest rate.

I hope my answer helps you.

8 0
3 years ago
Mary knits sweaters for sale. Her fixed costs are $100. When she makes 10 sweaters in one month, Mary must spend $15 on wool. To
34kurt

Answer:

$2

Explanation:

Given that

The fixed cost = $100

Cost on wool if 10 sweater are made in a month = $15

Cost on wool if 11 sweater are made in a month = $17

Since it involves no other cost

So, the marginal cost of the eleventh sweater is

= Cost on wool when 11 sweater made in one month - Cost on wool when 10 sweater made in one month

= $17 - $15

= $2

4 0
3 years ago
Bonnie's employer provides her with an annual dinner club membership costing $5,000. Her marginal tax rate is 24 percent. Her em
Nikolay [14]

Answer:

$3,800

Explanation:

The computation of the after-tax benefit is shown below:

= Annual dinner club membership cost - annual dinner club membership cost × her marginal tax rate

= $5,000 - $5,000 × 24%

= $5,000 - $1,200

= $3,800

We simply deduct her tax expense from the annual dinner club membership cost so that the accurate amount can come.

All other information which is given is not relevant. Hence, ignored it

8 0
3 years ago
Product X-547 is one of the joint products in a joint manufacturing process. Management is considering whether to sell X-547 at
Sphinxa [80]

<u>Solution and Explanation:</u>

The correct answer is I, II, III, and IV

The reason behind is that joint cost is always related to the multifarious products.  Joint expense is the assembling cost brought about on a joint creation process which takes regular sources of info however at the same time delivers various items called joint-items, for example, preparing of raw petroleum at the same time yields gas, diesel, stream fuel, greases and different items.  

So, as to apportion expenses to such joint items, bookkeepers need to utilize an appropriate cost portion technique on a predictable premise. The joint cost alludes to that cost which is brought about before the split-off point on the creation or assembling of numerous items, by expending similar data sources or factors of creation.

5 0
2 years ago
Other questions:
  • A buyer who needs a significant amount of trust with the seller is looking for a(n) _____. transactional relationship strategic
    12·1 answer
  • a. What is the price​ (expressed as a percentage of the face​ value) of a​ one-year, zero-coupon corporate bond with a AAA​ rati
    5·1 answer
  • Which of the following is not an advantage of budgeting? a.It forces managers to plan. b.It provides information for decision ma
    14·2 answers
  • What type of insurance policy would somone get to protect others?
    9·2 answers
  • When people engage in activities that help others, their brain releases endorphins, the brain’s natural opiates, which induce in
    5·1 answer
  • A rational economic decision: a) may or may not result in the largest economic payoff. b) is concerned with efficiency but not w
    8·1 answer
  • Suppose the tax rate on the first​ $10,000 income is 0​ percent; 10 percent on the next​ $20,000; 20 percent on the next​ $20,00
    8·1 answer
  • Clearly establishing responsibilities and assigning all accounting activities to one person is an important principle of interna
    13·1 answer
  • Question 8 of 15
    5·1 answer
  • How can financial risks in a supply chain be managed?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!