All categories

3 years ago

Which journal entry reflects the following transaction?:

Business

1 answer:

Grace [21]3 years ago

7 0

Answer:

The correct answer is Option A.

Explanation:

The concept of double entry says for every debit entry, there must be a corresponding credit entry. This is necessary for the journal entries to balance, that is, the total of the debit balance must always equal the credit balance.

The building purchased by BOC is an asset. So there is need to debit that account to recognize the asset. Since there was an outflow of cash to the tune of $50,000, we need to credit cash while the remaining balance being financed by mortgage will be credited to recognize the liability.

You might be interested in

The Baldwin company will continue to train their existing workforce at their current level to help reduce turnover and improve p

Anarel [89]

Answer: $1,600

Explanation:

The training hours per employee can be calculated by multiplying the Employee Training hours by the cost of training per employee.

From the Attached document, the Baldwin company does 80 hours of training for employees.

The Training costs per Employee is;

= 80 * 20

= $1,600

6 0

3 years ago

Allows companies to offer people personalized content based on there intresrt or shopping experience

bogdanovich [222]

Answer:

Personalized marketing

Explanation:

Personalized marketing allows companies to offer people personalized content based on their interests or shopping experience.

3 0

2 years ago

Seminoles Corporation’s fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 3

Nana76 [90]

Answer:

Explanation:

The closing entries for the following accounts are shown below:

1. Service Revenue A/c Dr $30,00

Interest Revenue A/c Dr $4,000

To Income Summary $34,000

(Being revenue account closed)

2. Income summary A/c Dr $30,000

To Advertising Expense $1,000

To Salaries Expense $13,000

To Depreciation Expense $9,000

To Rent Expense $4,000

To Interest Expense $3,000

(Being expenses accounts are closed)

3. Retained earnings A/c Dr $1,000

To Dividend A/c $1,000

(Being dividend account is closed)

Since there is no loss or profit as both debit side and the credit side is equal so no entry is passed

5 0

3 years ago

Coolers Inc., a house appliances manufacturer, has upgraded its technology by making all its appliances work on voice sensors in

Margaret [11]

Answer: The correct answer is "3. platform project".

Explanation: This project is a platform project for Coolers Inc. because the change of voice sensors instead of remote controls or manual operations represents a change of platform for their products in which they have improved their technology.

6 0

4 years ago

The following list shows the items and prices for a restaurant order. Calculate the total amount if there is a 7% tax and the cu

Shalnov [3]

Total Amount

Explanation:

Total Amount - $65.10

1 appetizer: $7.39=7.39

2 entrees: $16.99 each= 2 * 16.99=33.98

1 dessert: $5.29= 5.29

2 drinks: $2.30 each=4.6

cost = 7.39 + 33.98 + 5.29 + 4.6 =$51.26

7% tax = 51.26 * 0.07 = 3.5882

20% gratuity = 51.26 * 0.2= 10.252

Total cost = 51.26 + 3.5882 + 10.252 =65.1002

the total amount = $65.1

7 0

3 years ago