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3 years ago

The unadjusted trial balance for Sheffield Corp. is shown below.

Business

1 answer:

hodyreva [135]3 years ago

3 0

Answer:

1 Oct.31

Dr Supplies expense $2,460

Cr Supplies $2,460

2. Oct.31

Dr Insurance Expense $100

Cr Prepaid insurance $100

3. Oct.31

Dr Depreciation expense $50

Cr Accumulated depreciation $50

4 Oct.31

Dr Unearned revenue $600

Cr Service revenue $600

5 Oct.31

Dr Accounts receivable $300

Cr Service revenue $300

6 Oct.31

Dr Interest expense $95

Cr Interest payable $95

7 Oct.31

Dr Salaries expesne $1,625

Cr Salaries payable $1,625

Explanation:

Preparation of the adjusting entries

1 Oct.31

Dr Supplies expense $2,460

[2,960-500]

Cr Supplies $2,460

[Being To record supplies expense]

2. Oct.31

Dr Insurance Expense $100

Cr Prepaid insurance $100

[Being To record insurance expense]

3. Oct.31

Dr Depreciation expense $50

Cr Accumulated depreciation $50

[Being To record depreciation expense]

4 Oct.31

Dr Unearned revenue $600

Cr Service revenue $600

[Being To record revenue from unearned]

5 Oct.31

Dr Accounts receivable $300

Cr Service revenue $300

[Being To record accrued revenues]

6 Oct.31

Dr Interest expense $95

Cr Interest payable $95

[Being To record accrued interest expense]

7 Oct.31

Dr Salaries expesne $1,625

Cr Salaries payable $1,625

[Being To record salaries expense]

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3 years ago

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quester [9]

Answer (1)

False

Explanation:

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Answer (2)

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Answer (3)

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3 years ago

Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply sc

belka [17]

Answer:

a) see attached graph. There is nothing unusual with the supply curve, it is simply fixed. This happens to most services, e.g. there is a fixed number of hotel rooms available for rent, in the short run you cannot add more rooms per night if the demand increases. In order to increase the quantity supplied, you would need to build a larger hotel, or in this case, a larger stadium.

b) the equilibrium price is $8 and the equilibrium quantity is 8,000 tickets

c) if the college plans to increase enrollment, the demand might increase, leading to a higher equilibrium price, but the supply will remain the same until the stadium is expanded.

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2 years ago

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1 year ago

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