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
Several years ago, The Wall Street Journal reported that the winner of the Massachusetts State Lottery prize had the misfortune
Contact [7]

Answer:

a. If the interest rate was 8%, how much would you have been prepared to bid for the prize?

this is an ordinary annuity:

annual payment = $9,420,713 / 20 = $471,035.65

number of periods = 19 periods

interest rate = 8%

therefore, the present value annuity factor = 9.6036

the present value of the annuity = $471,035.65 x 9.6036 = $4,523,637.97 ≈ $4,523,638

b. Enhance Reinsurance Company was reported to have offered S4.2 million. Use Excel to find the return that the company was looking for.

using the IRR function in Excel, the return that Enhance was looking for was 9.05%

3 0
2 years ago
identify a correct statement according to those who believe that regulation of discrimination and other areas of employment rela
Firdavs [7]

An accurate statement according to individuals who trust that regulation of discrimination and other areas of the employment relationship is vital: financial forces do not have the funds for absolute safety against employment discrimination on the basis of race, gender, nationality, or different covered categories.

Employment is described as what you do as a paying job. An instance of employment is running for an espresso save. The definition of employment is the quantity or percent of humans who've jobs. An instance of employment is the share of citizens with paying jobs indexed kingdom by means of the country.

A career by way of which someone earns a dwelling; paintings; enterprise. the full quantity of people gainfully hired or running. an activity or the like that occupies someone's time: She located knitting a comforting employment for her idle hours. Paints and employment may be used indistinctly in normal language, however, for the labor marketplace, they imply very different things. Employment is a totally particular form of work. other styles of work consist of personal-use production work, volunteer paintings, and unpaid trainee paintings.

Learn more about employment here:

brainly.com/question/1991900

#SPJ4

7 0
1 year ago
On December 31, 1991, Jet Co. received two $10,000 notes receivable from customers in exchange for services rendered. On both no
aleksklad [387]

Answer:

Hart Corp.'s note should be reported at $10,000

Maxx Inc.'s note should be reported at $7,883

Explanation:

Interest bearing notes that represent current accounts (due within one year) should be reported at face value. Hart Corp.'s note is due in nine months, so it should be reported at = $10,000

Maxx Inc.'s note must be recorded at present value because it is due in 5 years.

FV = $10,000 x 1.03⁵ = $11,592.74

now we must determine its present value using an 8% discount rate:

PV = $11,592.74 x 0.680 = $7,883

3 0
3 years ago
About 35 percent of online consumers are interested in customizing product features or in purchasing build-to-order products tha
yaroslaw [1]

Answer: (D) Form Utility

Explanation:

  The form utility is one of the type of concept that helps in increasing the actual value of the products in the market and in the form utility following example are the type of finished product that the customers are willing to purchase are as follows:

  • Electronics products
  • Furniture type goods
  • Parts of vehicle

According to the given question, the given situation is helps in demonstrating that the electronic commerce plays an important contribution to the consumers value by the creating of the form utility.

 Therefore, Option (D) is correct answer.        

5 0
3 years ago
Golden years vitamin corporation targets consumers living in florida who are over age 65. golden years is using __________ segme
aalyn [17]
The answer is geodemographic segmentation. This is a multivariate measurable characterization strategy for finding whether the people of a populace fall into various gatherings by making quantitative examinations of numerous attributes with the presumption that the distinctions inside any gathering ought to be not as much as the contrasts between gatherings.
7 0
3 years ago
Other questions:
  • A private university offers graduate assistantships to qualified students each year. In exchange for the waiver oftuition, gradu
    6·1 answer
  • For complex models, analysts can choose computer-based modeling tools that use _____, which includes standard shapes and symbols
    13·1 answer
  • Vhat expenses do you need to budget for if you choose to rent a home? Check all that apply.
    13·2 answers
  • Which of the following is a claim against sporting goods giants such as Adidas, Puma, and Nike and the conditions in their inter
    12·1 answer
  • Suppose the U.S. Treasury issued $50 billion of short-term securities and sold them to the public. Other things held constant, w
    7·1 answer
  • Describe three scenarios in which you might utilize mathematics to investigate a crime scene, accident scene, or to make decisio
    9·1 answer
  • If Starbucks raises its price by 5 percent and McDonald’s experiences a 0.5 percent increase in demand for its coffee, what is t
    13·1 answer
  • As the marketing vice president of her firm, Jana is considering implementing a companywide pricing policy that all products mus
    14·1 answer
  • When 100% peak effort from the most skilled and efficient workers is assumed, the direct labor hours required per unit is being
    7·1 answer
  • A new car sells for $25,000. The value of the car decreases by 15% each year. What is the approximate value of the car 5 years a
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!