The balance between supply and demand is called

In January, Tongo, Inc., a branding consultant, had the following transactions a. Received $16,600 cash for consulting services

belka [17]

Answer:

Tongo, Inc.

General Journal:

a. Debit Cash Account $16,600

Credit Services Revenue $16,600

To record the receipt of cash for consulting services.

b. Debit Cash Account $15,000

Credit Common Stock $15,000

To record the issue of common stock for cash.

c. Debit Equipment $16,100

Credit Cash Account $4,025

Credit Notes Payable $12,075

To record the purchase of equipment for cash and notes payable.

d. Debit Cash Account $12,500

Credit Deferred Revenue $12,500

To record the receipt of cash for consulting services.

e. Debit Supplies $1,550

Credit Accounts Payable $1,550

To record supplies bought on account.

f. Debit Utilities Expense $1,960

Credit Utilities Payable $1,960

To record utilities expense for the month.

g. Debit Accounts Receivable $19,600

Credit Service Revenue $19,600

To record consulting services on account.

h. Debit Cash Account $14,300

Credit Accounts Receivable $14,300

To record the receipt of cash from customers on account.

i. Debit Accounts Payable $775

Credit Cash Account $775

To record payment for supplies.

Explanation:

Tongo, Inc. prepares the general journal to record business transactions as they occur on a daily basis initially in the books of accounts. The general journal shows the accounts that are debited and the ones that are credited after identifying the accounts involved for each transaction.

5 0

3 years ago

Exhibit 9-1 Refer to Exhibit 9-1. If the economy is self-regulating, the price level is:_________.

victus00 [196]

Answer: b) lower in long-run equilibrium than in short-run equilibrium.

Explanation:

A self regulating economy will try to move to the long run Equilibrium.

From the graph attached you will notice that the Price Level at the point where the Long Run Curve intersects with the Aggregate Demand curve is lower than the point where the Short Run Supply curve intersects with the same Aggregate Supply.

This means that Prices in the long term at equilibrium will be less than prices in the short term at Equilibrium should the Economy be a self regulating type that will move towards a long term Equilibrium.

5 0

4 years ago

Recognizing something as a revenue instead of as a liability has a positive effect on the reported financial statements because:

Pani-rosa [81]

Revenue and liability has influence on reported financial statements because;

it understates liabilities
it overstates revenues

<h3>What is revenue and liability?</h3>

Revenue serves as the money that is been generated by the company as a profit while a liability serves as future sacrifices of economic benefits.

However, recognizing something as revenue instead of liability is dangerous because it can results in overstated net income.

Learn more about revenue at;

brainly.com/question/25855858

4 0

3 years ago

Which workers are required to handle money as part of their job qualifications?

melamori03 [73]

A
A lot of Money in that business

4 0

3 years ago

Read 2 more answers

(a) how are bonds rated? (b) how are these rating helpful to the investors?

Jet001 [13]

Answer:

a) Bond rating is done by evaluating and considering all the relevant internal as well as external factors associated with the financial status of a business.

b) Bond rating helps in analysing the risk associated with the bond by analyzing its credit quality and thus helps investors taking decisions related to their investments.

Explanation:

a) Bond-rating is the letter grading system that is used to indicate the quality of the credit-related to the bond of various organizations. Bond-rating is done by evaluating and considering all the relevant internal as well as external factors associated with the financial status of a business. Internal factors may include the financial strength of the organization. External factors may include various networks with interested investors and other government organizations and policies related to the same.

There are three important agencies that analyze the credit quality of a bond. These agencies are Standard & Poor's, Moody's, and Fitch rating Inc.

b) Bond-rating help in analyzing the risk associated with the bond by analyzing its credit quality and thus helps investors taking decisions related to their investments. It helps the investors to study the stability and quality of a bond. Hence, higher-rated bonds are considered to be more stable and appropriate for investment purposes.

7 0

3 years ago