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UNO [17]
2 years ago
15

Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106);

Office Supplies (108); Office Equipment (163); Automobiles (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); Common Stock (307); Dividends (319); Fees Earned (402); Salaries Expense (601); and Utilities Expense (602).
Business
1 answer:
GuDViN [60]2 years ago
8 0

Answer:

Eric Pense Journal Entries:

a. Dr Cash$23,000

Dr Office Equipment12,000

Cr Pense, Capital$35,000

b. Dr Land $8,000

Dr Building $33,000

Cr Cash$15,000

Cr Notes payable$26,000

c.Dr Supplies 600

Cr Accounts payable$600

d.Dr Automobile$7,000

Cr Capital$7,000

e.Dr Office Equipment$1,100

Cr Accounts payable$1,100

f.Dr Salary $800

Cr Cash$800

g.Dr Cash$2,700

Cr Fees Earned$2,700

h. Dr Utilities Expense$430

Cr Cash$430

i.Dr Account payable$600

Cr Cash$600

J. Dr Office Equipment $4,000

Cr Cash$4,000

k. Dr Accounts receivables$2,400

Cr Fees Earned$2,400

l. Dr Salary$800

Cr Cash$800

m. Dr Cash$1,000

Cr Accounts Receivable$1,000

n.Dr Pense, Withdrawal$1,050

Cr Cash$1,050

Explanation:

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Which of these statements best represents the law of supply? select one:
sweet [91]

c. when the price of a good decreases, sellers produce less of the good.

According to the law of supply, an increase in price results in an increase in quantity supplied. This means that there is a direct relationship between price and quantity:  Thus, when price of a good falls, sellers produce less


8 0
3 years ago
Problem 10A specialty coffeehouse sells Colombian coffee at a fairly steady rate of 280 pounds annually. The beans are purchased
SOVA2 [1]

Answer:

The computations are shown below:

Explanation:

a. The computation of the economic order quantity is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

= \sqrt{\frac{2\times \text{280}\times \text{\$45}}{\text{\$0.48}}}

= 229 units

The carrying cost is come from

= $2.40 × 20%

b. Time between placement of orders is

= Economic order quantity ÷Annual demand

= 229 ÷ 280

= 0.8179 years

So,

= 0.8179 × 365 days

= 298.53 days

We assume 365 days in a year

c. The average annual cost of ordering cost and carrying cost equals to

= Holding cost + ordering cost

= (Economic order quantity ÷ 2 × Holding cost)  + (Annual demand ÷ Economic order quantity × ordering cost)

= (229 units ÷ 2 × $0.48) + (280 ÷ 229 units × $45)

= $54.96 + $55.02

= $109.98

d)   Now the reorder level is

= Demand × lead time + safety stock

where, Demand equal to

= Expected demand ÷ total number of weeks in a year

= 280 pounds ÷ 52 weeks

= 5.38461

So, the reorder point would be  

=  5.38461 × 3 + $0

= 16.15 pounds

7 0
3 years ago
The operations vice president is adjusting the production quantities for the upcoming month of March for the coal company. Last
12345 [234]

Answer:

The correct answer is letter "B": Increase output and hire more workers.

Explanation:

According to the supply law, if the price increases so will the quantity supplied and if the price decreases the same will happen with the quantity supplied. We could say that the relationship between price and quantity supplied is directly proportional.

In the example, <em>as the price of coal increased so will the quantity supplied</em>. <em>If there is to be more supply the output should be higher which is likely to be interpreted in a need for more employees</em>.

6 0
3 years ago
g A company issues a ten-year bond at par with a coupon rate of 6.5% paid semi-annually. The YTM at the beginning of the third y
Lorico [155]

Answer:

$880.31

Explanation:

Here for computing the new price of the bond we use the present value formula i.e. to be shown in the attachment

Given that,  

Assuming Future value = $1,000

Rate of interest = 8.6%  ÷ 2 = 4.3%

NPER = 8 years  × 2 = 16

PMT = $1,000 × 6.5% ÷  2 = $32.50

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after applying the above formula, the new price of the bond is $880.31

4 0
3 years ago
Seventy farmers in Morgan County joined together to hire Rusty to spray their crops one time (with his cropduster plane). These
Triss [41]

Answer:

d. joint venture.

Explanation:

A cooperative, business trust or a franchise are generally stable businesses that are formed to operate in the long run.

On the other hand, a joint venture occurs when different entities get together to do business and that can be a one time event only. In this case, Rusty was hired for spraying the fields one time only (one time event).

3 0
2 years ago
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