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serg [7]
3 years ago
9

The following errors took place in journalizing and posting transactions:Cash of $4,370 received on account was recorded as a de

bit to Fees Earned and a credit to Cash.A $1,440 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Note: Prepare the entry to reverse the original entry first.
Business
1 answer:
Mice21 [21]3 years ago
6 0

Answer and Explanation:

The journal entries are shown below:

Cash A/c Dr $8,760

        To Fees earned $4,370

        To Accounts Receivable $4,370

(being wrong entry made now corrected)

Accounts Payable Dr $1,440

          To Supplies Expense $1,440

Supplies a/c Dr 1760

        To Cash 1760

 (being wrong entry made now corrected)

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On January 1, 2011, The Miller Corporation purchased 300,000 shares of The Mayfair Corporation for $5.7 million. The investment
kow [346]

Answer:

2011 Value of investment in Mayfair

= Beginning investment value + Portion of Mayfair net income - Portion of Mayfair dividends

= 5,700,000 + (40% * 2,250,000) - (300,000 shares * 0.15)

= $‭6,555,000‬

2012 Value of investment

= Beginning investment value + Portion of Mayfair net income - Portion of Mayfair dividends

= 6,555,000 + (40% * -180,000) - (300,000 * 0.15)

= $‭6,438,000‬

7 0
3 years ago
The cost principle relates most closely to the ______.
xeze [42]
The recognition point 
4 0
3 years ago
Dudley Savings Bank wishes to take a position in Treasury bond futures contracts, which currently have a quote of 110 − 100. Dud
Aneli [31]

Answer:

a. Long

b. $375.00

Explanation:

a. If interest rates decrease over the period of investment, Treasury bond prices will increase. Thus, Dudley Savings Bank should take a long position in the futures contracts on the Treasury bonds. As T-bond prices go up, so will T-bond futures prices.

b. Given a long position:

Net profit = Sale price of futures − Purchase price of futures

= $107,687.50 − $107,312.50 = $375.00

Purchase price of futures = 107 − 100 = 107 10/32% × $100,000 = $107,312.50

Sale price of futures = 107 − 220 = 107 22/32% × $100,000 = $107,687.50

Explanation:

3 0
3 years ago
As would-be Entrepreneur, you are tasked to identify your dreamed business,
steposvetlana [31]

Answer:

My dream business is organic poultry farming.

Explanation:

It is my hobby to have different types of hen breeds. So I would like to invest in my hobby. I would like to have breeds of organic hens that will lay more eggs. I will also invest in fancy chickens which are widely used as pet in backyards.

It has great potential for growth, as people are nowadays moving towards organic foods. The organic poultry market has grown from $7.5 billions to $7.7 billions from 2019 to 2020. The growth recorded is almost 2% despite the breakout of virus. People would like to buy fancy chickens as pets because they lay eggs and look cute in the backyards.

The return on fancy chicken breed is much higher than an ordinary chicken breed that only lays egg. I will start from 1500 baby chickens and will around 50 chicken tractors in a large 8 kanal area. This chicken tractors will help me to keep the death rate of the chickens low and are helpful in lowering the spread of diseases. Furthermore, it is moveable which means my chickens will have fresh grass to eat.

I will buy a small van that will be helpful in managing the delivery of food requirement and egg supply to my customers. To lower the cost of organic feed I will grow many types of plants, herbs, grass, etc in the 8 kanal area that will meet the protien requirements of the chickens. I will also water the land daily so that the waste of the chickens are accessed very quickly to plants.

Their many other tactics that could be used like leasing the land for 2 years because it will lower the investment required, plantation of plants that will grow its value over time, use of thick sheets that will protect chickens from and use of thin sheet that will protect them from mosquitos, etc.

<em>Note:</em> <u>I wasn't able to access complete questions so I think the above explanation of business idea will be very helpful for you to construct a business plan.</u>

If you find the answer very helpful then don't forget to rate it. Thanks

6 0
3 years ago
Suppose First Main Street Bank, Second Republic Bank, and Third Fidelity Bank all have zero excess reserves. The required reserv
sergey [27]

Answer:

hmmmmmmmmmmmmm

Explanation:

4 0
4 years ago
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