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
taurus [48]
3 years ago
12

Quiz DAFCO

Business
1 answer:
dimaraw [331]3 years ago
5 0

Question Completion:

Show the effects of the transactions on the accounting equation.

Answer:

DAFCO

Jan. 1:

Assets (Bank +Sh800,000) = Liabilities + Equity (Common Stock +Sh800,000)

Assets (Bank -Sh200,000 Cash +Sh200,000) = Liabilities + Equity

Jan. 2:

Assets (Bank -Sh70,000 Inventory +Sh70,000) = Liabilities + Equity

Jan 3:

Assets (Furniture +Sh25,000 Cash -Sh25,000) = Liabilities + Equity

Jan. 3:

Assets (Equipment +Sh75,000) = Liabilities (Accounts payable +Sh75,000) + Equity

Jan. 4:

Assets (Cash +Sh100,000) = Liabilities + Equity (Retained Earnings +Sh100,000)

Jan. 5:

Assets (Inventory +Sh200,000 Bank -Sh200,000) = Liabilities + Equity

Jan. 6:

Assets (Motor Van +Sh210,000 Bank -Sh210,000) = Liabilities + Equity

Jan. 10:

Assets (Bank +Sh500,000) = Liabilities (Bank Loan +Sh500,000) + Equity

Jan. 12:

Assets (Accounts Receivable +Sh75,000) = Liabilities + Equity (Retained Earnings +Sh75,000)

Jan. 16:

Assets (Bank +Sh100,000) = Liabilities + Equity (Retained Earnings +Sh100,000)

Jan. 30:

Assets (Cash -Sh10,000) = Liabilities + Equity (Common Stock -Sh10,000)

Explanation:

The accounting equation indicates that Dafco's assets are equal to its liabilities plus equity.  This equation is the basis of the double-entry system of accounting.  It is always in balance with each transaction whenever the correct postings are made into the correct accounts.

You might be interested in
The smartphone market has been dominated by Apple, but recently the Droid has been able to leverage Google's information service
BigorU [14]

Answer:

Smartphone Market

Apple, Google, and Blackberry:

This analysis is consistent with the industrial organization  model:

a) True

Explanation:

Industrial organization is the application of the economic theory of price, the structure of markets, and the strategic moves by firms to industrial analysis.  According to investopedia.com, "Industrial organization is a field of economics dealing with the strategic behavior of firms, regulatory policy, antitrust policy and market competition."

The industrial organization model is a way of  explaining the forces outside an organization that exert influences on a firm's strategic actions.  It is based on the assumptions that decision-makers act rationally, have mobile resources that they control, and that pressures and constraints are imposed by the external environment.

4 0
3 years ago
On February 1, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900 for Oakley Co. and
enot [183]

Answer:

Feb 01

Allowance for doubtful accounts 6,800

Accounts receivable—Oakley Co. 900

Accounts receivable—Brookes Co. 5,900

Jun 05 Accounts receivable—Oakley Co. 900

Allowance for doubtful accounts 900

Jun 05 Cash 900

Accounts receivable—Oakley Co. 90

Explanation:

4 0
3 years ago
Assignment 2 (Due Week 3)
Nikolay [14]

Explanation:

Hi a warm greetings to you. This is " Your name" from one of the top companies in selling "car accessories". Our team who is very creative has come out with a new car accessories which would safe guard the person who drives the car , passenger, the car and also the person on the road. Let me not surprise you for more time, its an accessories which would give a beep if the drive fall asleep while driving. Isn't not essential to have to safe guard property and life? I know you would says yes like all our esteemed customers. We care for you and your lovely properties. Would you be interested to buy and we can deliver it within short span of time.

5 0
3 years ago
In 2019, Ava, an employee, who files single, has AGI of $58,000 and incurred the following miscellaneous itemized deductions thi
SOVA2 [1]

Answer: $1,695

Explanation:

GIVEN THE FOLLOWING ;

miscellaneous itemized deduction for the year;

Home office expenses = $1,200

Union dues and work uniforms = $350

Unreimbursed employee expenses = $415

Gambling losses to the extent of gambling winnings = $890.

Value of miscellaneous itemized deduction is :

Miscellaneous itemized deduction = [(Home office expenses + Union dues and work uniforms + Unreimbursed employee expenses) – 2 % of Adjusted Gross Income + Gambling losses to the extent of gamble winnings]

[($1,200 + $350 + $415) - (0.02 × 58,000) + $890]

[$1,965 - $1160 + $890]

$1,695

6 0
3 years ago
as the price of good a rises as a result of a decrease in the supply of good a, the demand for good b rises. therefore, goods a
FromTheMoon [43]

Goods a and b are substitute goods.

<h3>What are Substitute goods?</h3>

Substitute goods are goods with similar characteristics that enables consumers or producers use them in place of one other in either the production or consumption process. An example of substitute goods are black pens and blue pens.

if the price of one of the goods in the substitute pair increases, the demand for the substitute increases and if the price of one of the substitute good reduces, the demand for the substitute increases. Thus, there is a positive relationship between the price of one of the substitute pairs and the demand for the other substitute pair, all things being equal.

To learn more about substitute goods, please check: brainly.com/question/26551927

#SPJ1

3 0
1 year ago
Other questions:
  • An asset for drilling was purchased and placed in service by a petroleum production company. Its cost basis is $60,000, and it h
    5·1 answer
  • Which of the following phrases describes money?
    8·2 answers
  • The strategic alliance between Coca-Cola and Nestlé has spanned a period of over 20 years due to the fact that both companies be
    10·1 answer
  • Suppose France can produce four phones or three computers with one unit of labor, and Sweden can produce one phone or two comput
    10·1 answer
  • A paper mill releases chemicals into a river. There is one town downstream that uses the water. For every unit of chemicals rele
    8·1 answer
  • If an industry is in long-run competitive equilibrium and experiences a decrease in demand, then as a result the equilibrium pri
    9·1 answer
  • What will increase the current value of a stock?
    7·1 answer
  • How much of a person's income should go to charities?
    13·1 answer
  • PLEASE HELP ASAP! Will give BRAINLIEST! Please answer correctly!<br> No guessing!
    6·2 answers
  • Which of the following describes the mission of an organization? a. Who are we? Who will we become? b. What do we stand for and
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!