Answer:
<u>Transactions:</u>
1. June 1 Monthly invests $3, 910 cash in exchange for shares of common stock in a small welding business.
2. June 2 Purchases equipment on account for 340.
3. June 3 $760 cash is paid to landlord for June rent.
4. June 12 Bills P. Leonard $410 after completing welding work done on account.
<u>Journal Entries:</u>
1.
June 1 Dr. Cr.
Investment $3,910
Cash $3,910
2.
June 2 Dr. Cr.
Equipment $340
Account Payable $340
3.
June 3 Dr. Cr.
Rent Expense $3,760
Cash $3,760
4.
June 12 Dr. Cr.
P. Leonard (Receivable) $410
Welding Service Revenue $410
Answer:
Inelastic; elastic
Explanation:
Goods with inelastic demand curves tend to raise more government revenue compared to goods with the elastic demand curve. An increase in price does not affect the demand of inelastic goods and it remains the same, that is why, governments usually increase the prices of goods that have inelastic demand curve, for example, petrol and toll tax, etc.
Answer:
The correct answer is letter "D": Either the General Fund or Internal Service Fund is acceptable.
Explanation:
The General Fund is used by the government to record all the inflows and outflows of the transactions related to daily use expenditures and long-term operations. The agency that provides the resources is the Department of Treasury through loans receivable.
The Internal Service Fund record all transactions derived from the expenditures in the use of goods or services among government departments and agencies on a cost-reimbursement basis.
Thus, when reporting governmental financial activities, the can be recorded in the General Fund or the Internal Service Fund.
Question is incomplete as the cost of the sidewalk is not given :
Assume the sidewalk cost an additional $6 per foot.
Answer:
$8366
Explanation:
Given that :
Size of porch = 16 by 18 feets
Area of porch = (16 * 18) = 288 ft²
Cost per ft² = $27
Cost of porch = ($27 * 288) = $7,776
Sidewalk = 15feets
Cost per foot = $6
Cost of sidewalk = ($6 * 15) = $90
Cost of gate = $500
Total cost :
(cost of porch area + side walk + gate)
($7776 + $90 + $500) = $8366
Kindly note that the cost pwr foot of sidewalk was erroneously excluded and the value employed for the cost was only assumed.
Since he is planning on an annual inflation rate of 2%., the statement that explains the interest rates relating to the CD is nominal interest rate is 3% while the real interest rate is 1%.
A real interest rate refers to the nominal rate which is adjusted for inflation.
- We are given that Interest (nominal rate) is 3% and planned Inflation rate = 2%
- Real interest rate = 1% (Nominal rate - inflation rate)
Hence, the statement that explains the interest rates relating to the CD is nominal interest rate is 3% while the real interest rate is 1%.
Therefore, the Option B is correct.
Read more about Real interest rate
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