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poizon [28]
3 years ago
9

Identify which of the following opening adjusting entries should be used when setting up in QuickBooks an existing company with

opening balances: Multiple Choice
Debit: Capital Stock, Credit: Opening Balance Equity

Debit: Opening Balance Equity, Credit: Capital Stock

Debit: Accounts Receivable, Credit: Capital Stock

Debit: Accounts Payable, Credit: Opening Balance Equity
Business
1 answer:
weeeeeb [17]3 years ago
7 0

Answer:

Option B. Debit: Opening Balance Equity, Credit: Capital Stock

Explanation:

When we are shifting our traditional record keeping work to QuickBooks, the opening entry are the increase in all the balance sheet accounts and this is adjusted against the opening balance equity account. So this means that Capital Stock must be increased which must be credited, Accounts receivables must be debited, cash, bank, etc are adjusted against the opening balance equity.

So the correct double entry would be:

Dr Opening Balance Equity   XX

Cr Capital Stock                              XX

So we can see that the capital stock is adjusted against opening balance equity whereas the option D is incorrect because accounts payables are increased which results in debit entry of opening balance equity.

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You need a 30-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage bank will lend you the money at a 7.1 perc
miskamm [114]

Answer:

$573,963

Explanation:

First, calculate the present value of the loan payments using the following formula

PVA = PMT x [ ( 1 + r )^n - 1 ] / [ r ( 1 + r )^n)

PVA = $950 x [ ( 1 + 7.1%/12 )^360 - 1] / [ 7.1%/12 ( 1 + 7.1%/12 )^360)

PVA =  $141,362.32  

Now calculate the difference of Value of loan and the present value of loan payment

Difference = Loan value - PV of loan payment = $210,000 - $141,362.32 = $68,637.68

This te Ballon payment in present value term, We need to determine the value at the end of the loan term.

Hence we need to calculate the future value of this payment as follow

Future value = Present vale x ( 1 + Monthly Interest rate )^numbers of months

Future value = $68,637.68 x ( 1 + 7.1%/12 )^360

Future value = $573,963.09

Future value = $573,963

Hence the ballon Payment will be $573,963

7 0
3 years ago
The spherical bubbles near the surface of a glass of water are 2.5 mm in diameter at sea level where the atmosphere exerts a pre
larisa86 [58]

Answer:

145

Explanation:

6 0
3 years ago
When customers have their groceries scanned at the supermarket checkout counter, data regarding product sales and coupon redempt
Masja [62]

COMPLETE QUESTION:

When customers have their groceries scanned at the supermarket checkout counter, data regarding product sales and coupon redemptions are collected and processed by tracking services such as IRI's InfoScan. Consumer product firms such as Procter & Gamble use data collected by IRI to allocate scarce marketing resources. Which of the following data are NOT collected at retail checkout counters?

Answer: household demographics

Explanation:

Consumer product firms such as Procter & Gamble that uses data collected by IRI to allocate scarce marketing resources don't collect consumer's data that includes household demographs because in allocating scarce marketing resources household demographs are not important data.

3 0
3 years ago
Read 2 more answers
Mountaintop golf course is planning for the coming season. Investors would like to earn a​ 12% return on the​ company's $45 mill
Nookie1986 [14]

Answer:

The correct option is B

Explanation:

The return on assets would be:

Return on assets (ROA)= Assets × Return

                                      = $45,000,000 × 12%

                                     = $5,400,000

Return per customer = ROA / Number of golfers

                                  = $5,400,000 / 400,000

                                  = $13.50

Fixed Cost per Customer = Fixed Cost / Number of golfers

                                          = $20,000,000 / 400,000

                                         = $50

Cost to be charged per customer = Profit + Fixed Cost + Variable Cost

                                                        = $13.50 + $50 + $15

                                                        = $78.50

8 0
3 years ago
Sentence or a short
Kaylis [27]

Look at the very last page (page 2) of this pdf, does it help?

https://www.monmouth.edu/resources-for-writers/documents/bluebook-explanatory-parentheticals.pdf/

4 0
2 years ago
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