Since this is a noninterest-bearing note, or a zero-interest-bearing note payable, what's entered into the 6/30/2018 balance sheet is the Future Value of the equipment. The future value, or the face value, is the amount that Frasquita is obligated to pay on 4/30/2019.
This means that $550000 is the amount recorded as a Notes Payable in the 6/30/2018 balance sheet.
Answer:
a.
Cash $1000 Dr
Common stock $1000 Cr
b.
Purchases $500 Dr
Cash $500 Cr
c.
Accounts Receivable $2000 Dr
Sales Revenue $2000 Cr
d.
Cost of Goods Sold $500 Dr
Inventory Account $500 Cr
e.
Cash $2000 Dr
Accounts Receivable $2000 Cr
Explanation:
a.
The cash received as a result of issuing shares is debited as cash is increasing while as the capital is increasing so common stock is credited.
b.
The inventory is purchased for cash so cash is credited and purchases are debited.
c.
The sale of inventory on credit means a debit to the accounts receivable account for the amount of sale and a credit to sales revenue.
d.
When inventory is purchased, we debit the purchases account and credit either cash or accounts payable.
Later on, we transfer the purchases to the inventory amount as it is purchased for the intention of sale. Thus, we credit the purchases account and debit the inventory account.
When a sale is made, we debit the cost of goods sold by the amount of inventory sold and credit the inventory account.
e.
Cash is received so it will be debit and accounts receivable be credited.
Answer:
Increase
Explanation:
Within the specific department of psychology, cognitive dissonance transpires while a personality possesses pair or extra incongruous ideas, beliefs, or values, or engages under an activity that works against one of these three, also undergoes psychological pressure because concerning such things. When a couple of activities either view does not remain psychologically compatible among all others, somebody will produce all their strength to modify them till they enhance consistently. "If at prime, you do not succeed, attempt, attempt repeatedly." According to the cognitive dissonance approach, attempting once more should <u>increase</u> whence enough thou worth of specific consequence of your struggles.
