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3 years ago

On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:

Business

1 answer:

Usimov [2.4K]3 years ago

4 0

Answer:

1) JOURNAL ENTRIES

1 Debit Bank $27,000 Credit Capital $27,000

2 Debit Rent expense $5,050 Credit Bank $5,050

3 Debit Supplies Account $1,490 Credit Accounts payable $1,490

4 Debit Accounts payable $550 Credit Bank $550

5 Debit Bank $22,950 credit Service Revenue $22,950

6 Debit Debit Automobile Expenses $1,400 Debit Miscellaneous expenses $940 Credit Bank 2,340

7 Debit Office salaries $2,940 Credit Bank $2,940

8 Supplies expense $830 Credit Supplies Account $830

9 Debit Drawings $1,350 Credit Bank $1,350

2 T ACCOUNTS

Capital

01 bank $27,000

Drawings

09 Bank $1,350

Bank

01 Capital $27,000 02 Rent expense $5,050

04 Accounts payable $550

05 Service revenue $22,950 06 Automobile expense $1,400

Miscellaneous costs $940

07 Salaries expense $2,940

09 Drawings $1,350

31 Balance C/D $37,720

$49950 $49950

Accounts payable

04 Bank $550 03 Supplies Account $1,490

31 Balance c/d $940

Supplies Account

03 Account payable $1,490 08 Supplies expense $830

31 Balance c/d $660

NOMINAL Accounts section

Service Revenue

05 Bank $22,950

Rent Expense

02 Bank $5,050

Automobile Expense

06 Bank $1,400

Miscellaneous Expense

06 Bank $940

Office Salaries

07 Bank $2,940

Supplies expense

08 Supplies Account $830

3 TRIAL BALANCE Debit Credit

Balance Sheet

Capital $27,000

Drawings $1,350

Bank $37,720

Accounts Payable $940

Supplies Account $660

Nominal Section

Service Revenue $22,950

Rent expense $5,050

Automobile expense $1,400

Miscellaneous Expense $940

Office Salaries $2,940

Supplies expense $830

$50,890 $50,890

a) Total Revenue = $22,950

b) Total expense = 5050+1400+940+2940+830 = $11,160

c) Net income = 22950-11160= $11,790

5 Changes in Equity = Capital + net income - drawings

= 27000+11790-1350 = $37,440

Explanation:

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<h3>What is allocation of resources?</h3>

This is simply the ability to efficiently distribute resources across all aspects of production.

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The Bears Corporation has provided you the following information:Increase in accounts receivable balance 50,000 Net sales 500,00

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Answer:

A. cash collected is 442,500

B. Cash paid to suppliers is 62,000

Explanation:

A. To determine the cash collected for the period, the account that we should analyze is the accounts receivable.

Net sales 500,000

Less: Increase in accounts receivable 50,000

Less: write off 7,500

total collection 442,500

*increase in accounts receivable means lesser amount of collection than the sale on account

*write off will decrease the accounts receivable which means, it affects the cash collection computation.

B.To determine the cash paid to suppliers, let’s analyze the accounts payable account.

Increase in inventory 45,000

add: decrease in accounts payable 17,000

total cash paid to suppliers is 62,000

*increase in inventory implies an additional purchase made by the company

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A firm expects to sell 25,500 units of its product at $11. 50 per unit and to incur variable costs per unit of $6. 50. total fix

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The contribution margin is computed as the promoting rate per unit, minus the variable fee in keeping with the unit. additionally referred to as greenback contribution in keeping with the unit, the measure shows how a specific product contributes to the general profit of the organization.

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