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3 years ago

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

Business

1 answer:

joja [24]3 years ago

8 0

Answer & Explanation:

Account Type of Account Increase side

Supplies Asset Debit

Retained Earnings Capital Credit

Fees Earned Revenue Credit

Accounts Payable Liability Credit

Salary Expense Debit

Common Stock Asset Debit

Account Receivable Asset Debit

Equipment Asset Debit

Notes Payable Liability Credit

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3 years ago

Microsoft and Apple are widely known as technological rivals. When one company comes out with a new laptop, the other is quick t

rewona [7]

Answer: B dominant designs

Explanation:

The dominant design in a product class is, by definition, the one that wins the allegiance of the market place, the one that competitors and innovators must adhere to if they hope to command significant market. A dominant design is often the norm within the market which creates difficulties in other similar products to compete for market share. This often creates a monopoly over alternatives, whereby the only means of competing is to imitate or expand upon the concept.

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3 years ago

XYZ Company ended year 1 with accounts receivable of $100,000. On February 1, Year 2 XYZ provided services on account for $40,00

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Answer:

Account at December 31th, Year 2: 210,000

Explanation:

We work this using the following reasoning

beginning accounts receivable

+ sales on accounts

Total amount to collect

- collection through the period

ending accounts receivable

year 2

beginning accounts receivable 100,000

+ February 1st sale on account 40,000

+ November 1st sale on account 70,000

total amount to collect 210,000

As we are not given with any data for collection we assume is zero.

Therefore ending AR balance:

210,000 - 0 = 210,000

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3 years ago

If a check correclty written and paid by the bank is incorrectly recorded in the company;s's books for $794 how should this erro

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If a check correctly written and paid by the bank for $749 is incorrectly recorded in the company's books for $794, this error be treated on the bank reconciliation--- Subtract $45 from the book balance.

What is bank reconciliation?

Bank Reconciliation is an important process in accounting in which organizations match their bank statements with the transactions that are recorded in their general ledger. Preparing a bank reconciliation statement helps businesses to eliminate possible errors in transactions or bookkeeping

What is the journal entry for bank reconciliation?

The journal entries for the bank fees would debit Bank Service Charges and credit Cash. The journal entry for a customer's check that was returned due to insufficient funds will debit Accounts Receivable and will credit Cash.

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2 years ago

Grouper Company issued $612,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semiannually on July 1 and

IrinaVladis [17]

Answer:

Bond issue:

Dr cash $624,240.00

Cr bonds payable $612,000

Cr premium on bonds payable($624,240.00-$612,000) $ 12,240

On 30 June:

Dr Interest expense $30,495.68

Dr premium on bonds payable $104.32

Cr cash $30,600

On 31 December :

Dr interest $ 30,490.59

Dr premium on bonds payable($30,600-$30,490.59) $109.41

Cr interest payable $30,600

Explanation:

The cash proceeds from the bond issuance is 102% of the face value of $612,000 i.e $ 624,240.00 (102%*$612,000)

The interest payment on 30 June=$612,000*10%*6/12=$30,600.00

The interest expense on 30 June=$ 624,240.00*9.7705%*6/12=$30,495.68

amortization of premium=$30,600.00-$ 30,495.68=$104.32

Carrying value of bond at 30 June=$ 624,240.00+$30,495.68 -$30,600=$624,135.68

Interest expense on 31 December=$ 624,135.688*9.7705%*6/12=$30,490.59

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3 years ago