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
Pavlova-9 [17]
3 years ago
9

Accounting Prepare general journal entries to record the following transactions for the Harris

Business
1 answer:
exis [7]3 years ago
4 0
Idk srry but ill try
You might be interested in
For each separate case, record the necessary adjusting entry. On July 1, Lopez Company paid $2,000 for six months of insurance c
Bas_tet [7]

Answer:

Adjusting Entries

December 31

Dr. Insurance Expense $2,000

Cr. Prepaid Insurance $2,000

December 31

Dr. Supplies Expense $8,200

Cr. Supplies account $8,200

Explanation:

On December 31, six months have been accrued and all of the amounts of prepaid insurance became accrued. hence it will be recorded as an expense.

Now calculate the supplies expense using the following formula

Supplies expense = Beginning Supplies + Purchases during the year - Ending Supplies = $6,600 + $2,800 - $1,200 = $8,200

3 0
2 years ago
What process guides your entry and closing points? 1. Reducing the randomness of your approach 2. Pragmatic 3. Facilitate adapta
Airida [17]

Answer:

1. Reducing the randomness of your approach

Explanation:

Reducing the randomness of your approach guides your entry and closing points

8 0
2 years ago
The independent cases are listed below includes all balance sheet accounts related to operating activities: Net income Depreciat
OLEGan [10]

Answer: Please see below

Explanation: The values from  the question are scattered, but here is how they should appear

                                                    Case A       Case B         Case C  

Net income                               $310,000         15,000 $420,000    

Depreciation expense                  40,000   150,000       80,000

Accounts receivable increase

(decrease                                      100,000 (200,000) (20,000)

Inventory increase (decrease)        (50,000)   35,000   50,000

Accounts payable increase           (50,000)   120,000   70,000

Accrued liabilities increase

(decrease)                                  60,000  (220,000) (40,000)

To calculate the operating activities section of cash flows for each of the given cases,

we use the Indirect method formula

Net cash flow from operating actvities  = Net Income + Non-Cash Expenses – Increase in Working Capital

Net cash flow from operating actvities =Net Income +/- Changes in Assets & Liabilities + Non-Cash Expenses

Net cash flow from operating actvities = Net Income + Depreciation + Stock Based Compensation + Deferred Tax + Other Non Cash Items – Increase in Accounts Receivable – Increase in Inventory + Increase in Accounts Payable + Increase in Accrued Expenses + Increase in Deferred Revenue

Following the formulae above, we can determine what expense should be added or subtracted to give the operating activities of cash flow below as

                                  Case A                   Case B               Case C

Net Income               $310,000                15,000         $420,000  

Net Income Adjustments to Reconcile Net Income to net Cash provided by operating activities

Depreciation                   40,000              150,000       80,000

Changes in Assets and Liabilities

Accounts Receivable        - 100,000       200,000           20,000

Inventory                              50,000           -35,000        - 50,000    

Accounts Payable            -50,000            120,000       70,000

Accrued Liabilities              60,000           - 220,000       -40,000

Net Cash Provided by Operating Activities

                                      $310,000         $230,000       $500,000

6 0
2 years ago
____ describes the average level of ability, experience, personality, or any other factor on a team. team performance team confo
SVETLANKA909090 [29]
C. team level. should be correct
5 0
2 years ago
Read 2 more answers
Since telecommuting has become more common, workers have needed to develop communications skills that _______.
Alexxx [7]

Correct Answer, D all of the above. Each answer is a positive source of communication for telecommuters.


7 0
3 years ago
Read 2 more answers
Other questions:
  • Which degree is commonly earned by those interested in a career in business?
    11·2 answers
  • What is 10% of 500,000<br><img src="https://tex.z-dn.net/?f=10%5C%25of50.000%20%5C%5C%20" id="TexFormula1" title="10\%of50.000 \
    7·2 answers
  • In 2020, Mowchan Inc. acquired Sanchez Co. and recorded goodwill of $290 million as a result. The net assets (including goodwill
    13·1 answer
  • explain how the price consumers pay for a good is influenced by the price of the resources that go into making it
    11·1 answer
  • Frogue Corporation uses a standard cost system. The following information was provided for the period that just ended:
    11·1 answer
  • At Spyglass Inc., a private eye firm, new hires are chosen with utmost care. The reputation of the company is to provide clients
    13·1 answer
  • When analyzing the Production Possibility Curve, what is the value of a good given up in order to produce more of another good?
    5·1 answer
  • What your body language can tell someone is an example of
    13·1 answer
  • If a contingency in a purchase agreement is not fulfilled despite a good faith effort to fulfill it, the party who benefits from
    9·1 answer
  • Kraft Bakeries introduced in 2019 a new line of frozen apple pie. For 2019, sales by quarter were as follows: 11,000 units, 16,0
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!