1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ycow [4]
3 years ago
7

The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $

17,000 cash. Purchase prepaid insurance to protect musical equipment over the next year for $4,200 cash. Purchase musical equipment for $20,000 cash. Obtain a loan from a bank by signing a note for $30,000.Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.
Business
1 answer:
givi [52]3 years ago
8 0

Answer:

See explanation section

Explanation:

1. Debit     Cash                   $17,000

Credit            Service revenue (music)       $17,000

<em>Note: The academy receives cash by providing music services to the students.</em>

2. Debit     Prepaid Insurance          $4,200

Credit                    Cash                                 $4,200

<em>Note: The academy paid cash in advance to purchase insurance policy.</em>

3. Debit    Musical Equipment           $20,000

Credit                     Cash                                    $20,000

<em>Note: The academy paid cash for acquiring musical equipment.</em>

4. Debit     Cash                              $30,000

Credit             Notes payable                           $30,000

<em>Note: The academy borrowed cash by signing a notes from the bank.</em>

You might be interested in
Shawn Incorporated planned to produce 3,000 units of its single product, Megatron, during November. The standard specifications
kow [346]

Answer: The actual cost of materials was less than the standard cost

Explanation:

Net materials cost variance = Favorable materials price variance + Favorable materials quantity variance

= 380 + (-120 unfavorable)

= 380 - 120

= $260 favorable

<em>As the materials cost variance is favorable, it means that the actual cost of materials was less than what was budgeted for it or rather its standard cost. </em>

7 0
3 years ago
The other day you were searching for electronic music schools and visited some related sites. A few days later you were curious
Zigmanuir [339]

Answer:

Searching for 'electronic music schools' was the signal to target you with that ad.

Explanation:

Searching engines are a whole discipline right now. The power to offer what you probably like increase sales on internet.

When we search something, there's algorithms that save the key words you used. This is immediately is linked to the ad's algorithms to offer you some service or product related.

That's how Google, for example, offer you products related with your key words searched it before. The same happens with Spotify, algorithms save your key words (artist, specific songs, albums...) to offer you in the future a whole list related with your previous search.

8 0
3 years ago
A note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,
trapecia [35]

Answer:

A standard unmodified opinion.

Explanation:

When a note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,000 of liability to employees, with liability insurance for the remainder. Based upon this, one would expect the auditors' report to express a standard unmodified opinion.

A standard unmodified opinion is an opinion where financial statements are presented free of any misinterpretation, in all material respects, in accordance with standards known as Generally Accepted Accounting Principles (GAAP) to provide a high level of assurance.

The standard unmodified opinion comprises of report title, audit report address, introduction paragraph, managements responsibility, auditor's responsibility, opinion paragraph, audit report date and signature and address of certified public accountant firm.

5 0
3 years ago
Read 2 more answers
2. Explain two ways that an informational interview is different from a job interview 3. Describe two ways that an informational
stiv31 [10]
Informational interview is were you get information like for example how people on talk shows interview people.... a job interview is to not get information but its to get a job... one way its benefitial is that one you get information and two it helps you to understand things from their point to view... two questions i would ask in an informational interview would be ''whats your point of view'' and ''whats something you would want people to know about this that they don't already know... hope this helps!!! :)
5 0
3 years ago
How many types of management are there in business?
jeka94
There are eight types of management in business. <span />
3 0
3 years ago
Other questions:
  • Which best describes the benefits of renting a home?
    9·1 answer
  • The purpose of a W–4 form is to _____. inform your employer how much you paid in taxes at your previous job tell the IRS how muc
    9·1 answer
  • MIS is a business function, like accounting or sales, which moves information about people, products, and processes across the c
    13·1 answer
  • A U.S. manufacturing company operating a subsidiary in an LDC (less-developed country) shows the following results: U.S. LDC Sal
    12·1 answer
  • What often happens to stock prices when a recession in the economy is in the future?
    8·2 answers
  • Which of the following is typically NOT the way in which real property ownership can be transferred: a. Will. b. By sale. c. Inh
    6·1 answer
  • Youngstown Rubber reports the following data for its first year of operation.
    10·1 answer
  • Sophamia Company sells five products, as follows. Product A: Price per unit, $100 -- Variable cost per unit, $40 -- 3 machine ho
    5·1 answer
  • ‼️‼️ Which of the following statements about international business is the most
    8·2 answers
  • n the theory of perfect competition, the assumptions of many buyers and sellers, the production of a homogeneous product, and th
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!