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inn [45]
3 years ago
14

Jardine Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts

Payable, Common Stock, Retained Earnings, Dividends, Fes Earned, Rent Expense, Advertising Expense, Utility Expense, Miscellaneous Expense.Journalize the following selected transactions for March 2016 in a two-column journal. Journal entry explanations may be omitted.Mar.1. Paid rent for the month, $2,500.3. Paid advertising expense, $675.5. Paid cash for supplies, $1,250.6. Purchased office equipment on account, $9,500.10. Received cash form customers on account, $16,550.15. Paid creditor on the account, $3,180.27. Paid cash for repairs to office equipment, $540.30. Paid telephons bill for the month, $375.31. Fees earned and billed to customers for the month, $49,770.31. Paid electricity bill for the month, $830
Business
1 answer:
aksik [14]3 years ago
8 0

Answer:

Mar.1

Rent Expense $2,500 (debit)

Cash $2,500 (credit)

Mar.3

Advertising Expense $675 (debit)

Cash $675 (credit)

Mar.5

Supplies $1,250 (debit)

Cash $1,250 (credit)

Mar.6

Office equipment $9,500 (debit)

Accounts Payable $9,500 (credit)

Mar.10

Cash $16,550 (debit)

Accounts Receivable $16,550 (credit)

Mar.15

Accounts Payable $3,180  (debit)

Cash $3,180 (credit)

Mar.27

Miscellaneous Expense $540 (debit)

Cash $540 (credit)

Mar.30

Utility Expense $375 (debit)

Cash $375 (credit)

Mar. 31

Accounts Receivable $49,770 (debit)

Fees Earned $49,770 (credit)

Mar. 31

Utility Expense $830 (debit)

Cash $830 (credit)

Explanation:

Telephone Bill and Electricity Bill are both utilities used for operations hence entered under Utility Expense Account.

Repairs to Office Equipment was entered in the Account Title Miscellaneous Expense because of all the Account Titles for this Company, this is the most appropriate.

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During the year, Next Tec Corp. had the following cash flows: receipt from customers, $12,000; receipt from the bank for long-te
Amiraneli [1.4K]

Answer: $6000

Explanation:

Financing activities are all activities that a corporation undertakes to affect the company's long-term liabilities or equity.

You list the following activities

  • receipts from customers
  • receipt from bank for long-term borrowing
  • payment to suppliers
  • payment of dividends
  • payment to workers
  • payment for machinery

Any receipts to customers or payments to suppliers are short-term reimbursements for labor or purchase of product, and as such are not included in the financing activity cash flows. Your payments for machinery are not financing activities either as machinery is not considered a liability, rather, it is an asset for the company.

However, your receipt from the bank for long-term borrowing and payments of dividends affect both long-term liabilities and equity, and those are reflected on the financing cash flows as such

Receipts from the bank for long-term borrowing - $7500

Payment of dividends                                             - ($1500)

Net cash flows from financing activities                - $6000

8 0
3 years ago
The set of business activities that adds value to products and services sold to consumers for their personal or family use is re
BARSIC [14]

Answer:

Marketing

Explanation:

5 0
3 years ago
Corporation produces a semiconductor chip used on communications. The direct materials are added at the start of the production
iren2701 [21]

Answer:

Equivalents Units Of Production   Materials=  475,000  

Conversion Costs 450,000    

Cost of Completed Units =$ 5138250

Cost of Units in the Ending Inventory           $ 604,500

Explanation:

Direct materials costs of $ 935,750

Conversion costs of $ 4,554,000

Total Manufacturing Costs  $ 5489,750

                           Units                 % of Completion                EUP

                                                D.M         C.C                   D.M         C.C

         

Units completed 425,000     100           100              425,000      425,000

Ending Inventory  50,000      100           50                50,000        25000

Total Units Of Production                                        475,000        450,000                

Direct Materials= $ 935,750/ 475000= $ 1.97

Conversion Costs = $ 4,554,000/ 450,000= $ 10.12

Cost of Completed Units =$ 5138250

Direct Materials = 425,000 * 1.97= $ 837250

Conversion Costs = 425,000 *10.12= $ 4301,000

Total Cost of Manufacturing Units= $ 5138250

Cost of Units in the Ending Inventory           $ 604,500    

Direct Materials = 50,000 * 1.97= $ 98,500

Conversion Costs = 50,000 * 10.12= 506000

Total Costs                  $ 604,500              

7 0
3 years ago
You just heard that a​ well-known manufacturer in a different industry segment is going to enter your market with a product that
raketka [301]
<span>You should make sure that everything on your side is in place to go against the new competition. You should be on the same page as your supplier to make sure your supplies are sent on time and complete. You should make sure your consumers are satisfied to prevent them from going to the new competition. Overall, your goal should be to maintain your consumers and suppliers.</span>
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Miller owns a personal residence with a fair market value of $380,900 and an outstanding first mortgage of $304,720, which was u
Romashka [77]

Answer:

$304,720

Explanation:

According to the IRS, qualified principal residence indebtedness may include:

1)  Debt incurred in order to purchase, build or improve your house or main residence, and the debt is secured by the house or principal residence (mortgage).

Or

2) Any house debt in (1) that is refinanced in order to improve, build or purchase something of your house or principal residence, e.g. you refinance your mortgage in order to build a swimming pool. The loan balance cannot exceed the original mortgage.

A fishing boat is not considered a home improvement, so the equity loan is not considered qualified residence indebtedness.

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