When you do a job that needs to be done without being told, you demonstrate ____

Below are the transactions for Salukis Car Cleaning for June, the first month of operations.

Kruka [31]

Answer:

Part 1

June 1

Debit : Cash $53,000

Credit : Bank Note $53,000

June 2

Debit : Cash $23,000

Credit : Common Stock $23,000

June 7

Debit : Equipment $58,000

Credit : Cash $58,000

June 10

Debit : Supplies $6,300

Credit : Account Payables $6,300

June 12

Debit : Cash $3,300

Credit : Service Revenue $3,300

June 16

Debit : Salaries $730

Credit : Cash $730

June 19

Debit : Advertising $330

Credit : Cash $330

June 23

Debit : Trade Receivables $4,300

Credit : Service Revenue $4,300

June 29

Debit : Salaries $780

Credit : Cash $780

June 30

Debit : Utility Bill $1,230

Credit : Cash $1,230

June 30

Debit : Dividends $430

Credit : Cash $430

Part 2 & 3

Cash : Debit Side - $53,000 + $23,000 + $3,300, Credit Side - $58,000 + $730 + $330+ $780+ $1,230+$430 = $17,800 (debit)

Bank Note : Debit Side - Credit Side - $53,000 = $53,000 (credit)

Common Stock : Debit Side - Credit Side - $23,000 = $23,000 (credit)

Equipment : Debit Side - $58,000 Credit Side - = $58,000 (debit)

Supplies : Debit Side - $6,300 Credit Side - = $6,300 (debit)

Accounts Payable : Debit Side - Credit Side - $6,300 = $6,300 (credit)

Service Revenue ; Debit Side - Credit Side - $3,300 + $4,300 = $7,600(credit)

Salaries : Debit Side - $730 + $780 Credit Side - = $1,510 (debit)

Advertising : Debit Side - $330 Credit Side - = $330 (debit)

Accounts Receivables : Debit Side - $4,300 Credit Side - = $4,300 (debit)

Utility Bill : Debit Side - $1,230 Credit Side - = $1,230 (debit)

Dividends : Debit Side - $430 Credit Side - = $430 (debit)

Part 4

Trial Balance as at 30 June

Debit Credit

Cash $17,800

Bank Note $53,000

Common Stock $23,000

Equipment $58,000

Supplies $6,300

Accounts Payable $6,300

Service Revenue $7,600

Salaries $1,510

Advertising $330

Accounts Receivables $4,300

Utility Bill $1,230

Dividends $430

Totals $89,900 $89,900

Explanation:

The Accounting Process starts with recording transactions in the Journals. The Journals are then posted to the Account Affected and the balances of those Accounts are determined. The trial Balance is then prepared by extracting these balance to find the Debit and Credit Totals to check mathematical accuracy.

3 0

2 years ago

This information relates to Monty Real Estate Agency.

kotykmax [81]

Answer:

Journal Entries

Date Account Titles and Explanation Debit Credit

Oct. 1 Cash $34,040

Common Stock $34,040

(To record the cash is invested in the business)

Oct. 2 No Journal Entry $0

Oct. 3 Office Furniture $4,110

Accounts Payable $4,110

(To record the purchase of office furniture on account)

Oct. 6 Accounts Receivable $10,780

Service Revenue $10,780

(To record the services provided but cash is not yet collected)

Oct. 10 Cash $165

Service Revenue $165

(To record the services provided by cash)

Oct. 27 Accounts Payable $690

Cash $690

(To record the payment made on accounts payable

relating to office furniture)

Oct. 30 Salaries Expense $2,740

Cash $2,740

(To record the payment of salaries to the assistant)

3 0

3 years ago

China had a $214 billion overall current account surplus in 2012. Assuming that China’s net debt forgiveness was zero in 2012 (i

Pie

Answer:

The correct asnwer is $-214 billion.

Explanation:

A surplus occurs when an account exceeds the credit after having paid all its debts and obligations.

As the example says, assuming that China’s net debt forgiveness was zero in 2012, then the net balance of China's financial account balance would be -214 billion.

This means that China would be facing a deficit.

A defit means that more money comes out of our company's account than it enters.

Which causes China to have a negative balance account.

4 0

2 years ago

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Pur

lilavasa [31]

Answer:

June 3 Purchased goods for $7,900 from Diamond Inc. with terms 2/10, n/30.

Merchandise $7,900 Debit

Accounts Payable $7,900 Credit

5 Returned goods costing $3,000 to Diamond Inc. for credit on account.

Accounts Payable $3,000 Debit

Merchandise $3,000 Credit

6 Purchased goods from Club Corp. for $1,950 with terms 2/10, n/30.

Merchandise $1,950 Debit

Accounts Payable $1,950 Credit

11 Paid the balance owed to Diamond Inc.

Accounts Payable $4,900 Debit

Merchandise $98 Credit

Cash $4,802 Credit

22 Paid Club Corp. in full.

Accounts Payable $1.950 Debit

Cash $1.950 Credit

Explanation:

First recorded the journal entry of the purchased merchandise.

June 3 Purchased goods for $7,900 from Diamond Inc. with terms 2/10, n/30.

Merchandise $7,900 Debit

Accounts Payable $7,900 Credit

When merchandise is returned, we make the opposite entry

5 Returned goods costing $3,000 to Diamond Inc. for credit on account.

Accounts Payable $3,000 Debit

Merchandise $3,000 Credit

It's recorded again the journal entry of the purchased merchandise.

6 Purchased goods from Club Corp. for $1,950 with terms 2/10, n/30.

Merchandise $1,950 Debit

Accounts Payable $1,950 Credit

When the balance is paid it's necessary to register de discount availabe becuase the payment was within 10 days, 2/10.

11 Paid the balance owed to Diamond Inc.

Accounts Payable $4,900 Debit

Merchandise $98 Credit

Cash $4,802 Credit

In the case of Club Corp the paid is in full because it's out of the discount period.

22 Paid Club Corp. in full.

Accounts Payable $1.950 Debit

Cash $1.950 Credit

7 0

2 years ago

Using the following information, what is the amount of gross profit?

SIZIF [17.4K]

Answer:

Gross profit= $54,700

Explanation:

Giving the following information:

Purchases $37,000

Merchandise inventory, September 1 6,100

Merchandise inventory, September 30 6,800

Sales 91,000

First, we need to calculate the cost of goods sold:

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS= 6,100 + 37,000 - 6,800

COGS= $36,300

Now, the gross profit:

Gross profit= sales - COGS

Gross profit= 91,000 - 36,300

Gross profit= $54,700

3 0

3 years ago

When you do a job that needs to be done without being told, you demonstrate _____.