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UNO [17]
3 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]3 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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The law of supply work in the dimension of price, the number of goods available in the market, and it is hugely affected by demand. Now, when the price of goods decreases, it makes production by producers decrease as well and staffs are also laid off to avoid profit loss by the producers. This changes when the price of commodity increases as it makes producers of the commodity have the capacity to employ more staff to maximize time and this also causes the producers to increase sales. However, the higher demand for a commodity would also increase the supply of that commodity.

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Wave Fashions

Actual fixed overhead $ 32,000

Budgeted fixed overhead $ 26,000

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