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3 years ago

Last month, Price Company purchased supplies on account, $5,000. Today, Price Company pays the amount that is owed.

Business

1 answer:

xenn [34]3 years ago

7 0

Answer:

Asset Account is decreased.

Liability Account is also decreased.

No effects on Capital Stock.

No effects on Retained Earnings.

Explanation:

Asset Account is decreased by $5000 because Cash is paid for the purchases made on account last month.

Liability Account is decreased by $5000 because accounts payable for the purchases made In the last month is now paid.

This transaction will have no effects on Capital Stock Account and Retained Earnings Account.

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1) Nelson Company began operations on December 1, Year 1. The following transactions and adjustments were recorded in December a

Levart [38]

The total of the debit account balances that will be reported on the company's adjusted trial balance at December 31, Year 1 is B) $9,000

Nelson Company Adjusted trial balance at December 31, Year 1

Debit side

Cash $3,600

($3,800+$1,700-$1,900)

Account Receiveble $1,600

($3,300-$1,700)

Supplies $500

Land $1,900

Salaries expenses $1,400

Total debit balance $9,000

Credit side

Account payable $500

Salaries payable $1,400

Common stock $3,800

Service revenue $3,300

Total Credit balance $9,000

Inconclusion The total of the debit account balances that will be reported on the company's adjusted trial balance at December 31, Year 1 is B) $9,000

Learn more here:

brainly.com/question/15104337

7 0

2 years ago

Wind damage occurs to your car costing $800 to repair. If you have a $500 deductible for collision and full coverage for compreh

Igoryamba

Answer:

$300

Explanation:

Deductible referred to as the amount paid from one's pocket to join the amount of one's loss, while the insurance company balance up the remaining.

The loss which is $800 is a little bit more than deductibles.

Damage=$800

Deductibles=$500

The damages is just $300 more than deductibles.

As stated in the question there is a collision and comprehensive insurance for the driver , therefore the driver will pay $500 from his own pocket.

THE PORTION OF CLAIM THE INSURANCE COMPANY PAY =($800-$500)=$300

$300 will only be received from the company.

In Higher deductibles the premium insurance is reduced in cost.

In lower deductibles there is higher premium but with the cost from one's pocket is low.

Deductible has influence on

one's claim.

Comprehensive insurance is one of automobile insurance,it covers damages or event that occurs to a car that is out of one's control.It covers for replacement or repairment of one's car if damaged by something or to repair bit, other a collision.

Comprehensive insurance can cover up for

theft ,natural disasters or from fire incident.

5 0

3 years ago

Read 2 more answers

Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of busin

lutik1710 [3]

Answer:

c.$209,160

Explanation:

Given that the cash received from each sale will be collected over 2 months. If 30% of mechanize is to be sold for cash, then 70% will be sold on account. Further more, 80% of the credit/sale on account will be collected in the month of sale and 20% in the following month.

Hence for October, cash collection will include 20% of credit sale from September and 80% of the credit sale in the month.

Given that sales in September is $250,000

Amount expected to sold on account

= $250,000 - (30% × $250,000)

= $175,000

Amount expected to be collected from this sale in October

= 20% × $175,000

= $35,000

Amount of credit sale in October

= $311,000 - (30% × $311,000)

= $217,700

Amount of this credit sale to be collected in October

= 80% × $217,700

= $174,160

Total collected from accounts receivable in October

= $174,160 + $35,000

= $209,160

6 0

3 years ago

Question 8 of 10

Nesterboy [21]

Answer:

Explanation:

If you're going to solve it ur going to need to know how it's going to effectively help don't just do it first think.

5 0

3 years ago

A product-focused process is commonly used to produce "A. high-volume, high-variety products" "B.low-volume, high-variety produc

polet [3.4K]

Answer: Option C

Explanation: In simple words, product focused process refers to the processes that focuses on producing the batch of similar products. These processes are usually used to manufacture products like paper rolls and light bulbs.

Under this process large units are produced of a similar product. Such processes require high fixed cost and low variable cost.

From the above we can conclude that the correct option is C.

6 0

3 years ago