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
ch4aika [34]
3 years ago
12

Exercise 2-5 Analyzing effects of a compound entry LO A1 Groro Co. bills a client $62,000 for services provided and agrees to ac

cept the following three items in full payment: (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the equipment.
A) Analyze the transaction using the accounting equation.
Assets = Liabilities + Equity
Cash Equipment Note Payable Revenue
10,000 80,000 28,000 62,000
B) Record the transaction in journal entry form.
No Date General Journal Debit Credit
1 May 15 Cash 10,000
Equipment 80,000
Note payable 28,000
C) Post the entry using T-accounts to represent ledger accounts.
Cash 101 Note Payable
28000 10,000
Equipment 167 Revenue 404
80,000 62,000

Business
1 answer:
kondor19780726 [428]3 years ago
4 0

Answer:

A. Account Equation analyzation

Assets =  Liabilities + Equity

Cash + Equipment = Note payable + Revenue

$10,000 + $80,000 = $28,000 + $62,000

B. Journal Entry

DR Cash........................................................... $10,000  

DR Equipment.................................................$80,000  

CR Note payable..............................................................$28,000

CR Service revenue ........................................................$62,000

C. Find attached.

You might be interested in
Explain how the following event would affect the cost curves A company's primary supplier of resources implements a 3 percent pr
Alenkasestr [34]

Answer:

Marginal cost, average variable cost, and average total cost will increase. Average fixed cost will not change.

Explanation:

Marginal Cost is the change in total cost as a result of producing one extra unit of output.

Variable cost is cost that varies with output level. Average variable cost = variable cost / quantity produced

Fixed cost is cost that doesn't vary with the level of output produced. Average fixed cost = Fixed cost / quantity produced.

Total cost is the sum of fixed and variable cost. average total cost is total cost / quantity produced.

If the price of supplies increase, the cost of production increases and average total cost, average variable cost and marginal cost would increase.

Fixed cost would remain the same.

I hope my answer helps you

5 0
3 years ago
Self-directed teams will generally ______.
Vikentia [17]
Its D. Self-directed teams will generally not report to a manager. 
7 0
3 years ago
Read 2 more answers
Steady​ Company's stock has a beta of 0.18. If the​ risk-free rate is 6.1 % and the market risk premium is 6.9 %​, what is an es
ahrayia [7]

Answer:

Steady​ Company's cost of​ equity is estimated to be 7.342%

Explanation:

The cost of equity is the return that is required by the holders of common stock in the company.

<em>Cost of Equity = Return on Risk free Securities + Beta × Risk Premium</em>

                       =  6.1 % + 0.18 × 6.9 %

                       = 7.342%

Therefore, Steady​ Company's cost of​ equity is estimated to be 7.342%.

6 0
3 years ago
In converting net income to net cash provided (used) by operating activities, under the indirect method:
Monica [59]
My guess would be B , Hope I helped :)
6 0
2 years ago
Which four of the following are examples of peripheral devices?
Paha777 [63]

Answer:

Keyboard

Headset

Printer

Joystick

Yw :))

4 0
2 years ago
Other questions:
  • As a graphic artist, nate has just finished producing a new calendar. his calendar cost him $1.00 for the shiny paper, $2.00 for
    14·1 answer
  • A ____ is a single set of hardware, software, databases, telecommunications, people, and procedures that are configured to colle
    5·1 answer
  • Positive Messages and the Writing Process
    12·1 answer
  • At December 31, 2018 and 2017, G Co. had 60,000 shares of common stock and 11,000 shares of 5%, $100 par value cumulative prefer
    5·1 answer
  • Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $59,000 cash from the issue of co
    10·1 answer
  • Stubs-R-Us is a local event ticket broker. Last year, the company sold 750,000 tickets with an average commission of $10. Becaus
    9·1 answer
  • . Eric has another​ get-rich-quick idea, but needs funding to support it. He chooses an​ all-debt funding scenario. He will borr
    15·1 answer
  • Why is it so important that managers, and people in general, should act ethically and temper their pursuit of self-interest by c
    15·1 answer
  • Describe what happens on Pascual's trip to Cuba based on the cues provided. Questions NOTA CULTURAL La Habana Vieja, Cuba, is th
    6·1 answer
  • Hugh has made an appointment to speak with a local librarian about their job. What kind of exploration is Hugh setting up?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!