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
Gelneren [198K]
3 years ago
7

What would be the journal entry for each of the listed transactions? For each transaction, how Cedar Fair’s assets, liabilities,

and equity would be impacted by each individual transaction?
Business
1 answer:
nika2105 [10]3 years ago
3 0

Answer:

Following are the transactions and their effects on Cedar's balance sheet

May 1: Sell admission tickets, $100,000, cash

Transaction:

Sell admission ticket- Debit

Cash- Credit

Impact

the sell tickets shall increase the expense and decreasing the reserves and cash will be credited resulting in decreasing the current assets,

May 3: Purchase merchandise inventory, $5,000, on account

Transaction:

Purchase Inventory- Debit

Accounts payable- Credit

Impact

both will result in increasing in current assets and current liabilities.

May 6: Rent lockers to guests, $500, cash

Transaction:

Rent lockers- Debit

Cash- Credit

Impact

the rent lockers shall increase the expense and decreasing the reserves and cash will be credited resulting in decreasing the current assets,

May 15: Pay employees, $75,000, cash

Transaction:

Pay employee- Debit

Cash- Credit

Impact

the Pay employee shall increase the expense and decreasing the reserves and cash will be credited resulting in decreasing the current assets,

May 20: Borrow money from bank by signing a six-month note, $200,000

Transaction:

Cash- Debit

Note Payable- Credit

Impact

both will result in increasing in current assets and current liabilities.

You might be interested in
Larkspur, Inc. reports net income of $91,800 in 2022. However, ending inventory was understated $7,800. What is the correct net
dezoksy [38]

Answer:

$99,600

Explanation:

If the ending inventory was understated that means that they have less of the inventory than they had originally expected, this means that they sold more than they have calculated and therefore have not included the $7,800 in the net income. Therefore, we would need to add this amount to the actual reported net income to get the correct net income for 2022...

$91,800 + $7,800 = $99,600

The correct net income for 2022 is $99,600

3 0
3 years ago
I NEED HELP ASAP!!! A country recently had $800 billion worth of domestic investment and its residents purchased $400 billion wo
Mama L [17]

Answer: $500 billion

Explanation:

The country's savings will be explained below:

Savings = Domestic Investment + Net Capital Outflow

where, the net capital outflow will be:

= exports - imports

= $100 billion - $400 billion

= $-300 billion

Therefore, the country's savings will be:

= Domestic Investment + Net capital Outflow

= 800 + (-300)

= 800 - 300

= $500 billion

7 0
3 years ago
Mezzinzi Bank offers loans to companies in the form of bonds. The companies who apply for these loans can repay the amount over
dmitriy555 [2]

Answer:

B) Long-term debt

Explanation:

Long term debts are loans that are due in more than 1 year, and generally bonds are due in several years.

  • Revolving credit agreements is a revolving line of credit where the client uses the funds only when they need it.
  • Commercial papers are short term promissory notes (due in less than 1 year).
  • Trade credit is usually handed out by a company's vendors where you receive merchandise and pay for it later (usually in a month or two).
3 0
3 years ago
Verizon Wireless has just announced a 2-for-1 stock split, effective immediately. Prior to the split, Verizon Wireless had a mar
stiks02 [169]

Answer:

hsjsmsjsjejekwkwjehevebjsus

8 0
3 years ago
Boulter, Inc. began business on January 1, 2018. At the end of December 2018, Boulter had the following investments in debt secu
Mamont248 [21]

Answer:

C) $6,000 - $2,500

Explanation:

                                 Trading      Available for Sale  as of December 31, 2018

Cost                         $60,000     $110,000

Fair value                 $54,000     $107,500

Income statements includes unrealized holding loss on trading securities = $60,000 - $54,000 = $6,000

Accumulated Other Comprehensive Income in Shareholders' Equity includes unrealized holding loss on securities available for sale = $110,000 - $107,500 = $2,500

6 0
3 years ago
Other questions:
  • Bruno & Court is a nonprofit organization that captures stray deer bewildered within residential communities. Fixed costs ar
    13·1 answer
  • Ricardo buys a coffee maker as a gift for his sister. The product turns out to be defective. Ricardo knows that he can complain
    12·1 answer
  • Which job would require a license or certification? ambassador lobbyist high school teacher state senator
    13·2 answers
  • If the marginal benefit of one more unit of a public good is $500 for Sam and $300 for Alex, the social benefit of one more unit
    6·1 answer
  • As the amount of money supply increases inters rates which in turns causes spending to
    10·1 answer
  • An installment note payment includes a.interest. b.principal plus interest. c.principal. d.None of these choices are correct.
    12·1 answer
  • Suppose the marginal benefit the owner of a cherry orchard derives from hiring Lauren to pick cherries is $8 per hour. If the wa
    13·1 answer
  • Suppose the dollar appreciates relative to foreign currencies. If U.S. firms have domestic content below 100%, the harm to domes
    6·1 answer
  • Finnish Motors has the following balance sheet accounts:
    12·1 answer
  • Grant Corporation is looking to purchase a building costing $1,300,000 by paying $500,000 cash on the purchase date, and agreein
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!