All categories

2 years ago

Journalize the entries for the following transactions

Business

1 answer:

Zanzabum2 years ago

4 0

Answer and Explanation:

The journal entry is shown below:

a. Cash $116,300

To Sales $116,300

(Being the merchandise is sold for cash is recorded)

Cost of Merchandise Sold $72,000

To Merchandise Inventory $72,000

(Being the cost of the merchandise is recorded)

b. Accounts Receivable $755,000

To Sales $755,000

(Being the merchandise is sold on account is recorded)

Cost of Merchandise Sold $400,000

To Merchandise Inventory $400,000

(being the cost of the merchandise is recorded)

c. Cash $1,950,000

To Sales $1,950,000

(Being the merchandise is sold for cash is recorded)

Cost of Merchandise Sold $1,250,000

To Merchandise Inventory $1,250,000

(Being the cost of the merchandise is recorded)

d. Cash $330,000

Sales $330,000

(Being the merchandise is sold for cash is recorded)

Cost of Merchandise Sold $230,000

To Merchandise Inventory $230,000

(Being the cost of the merchandise is recorded)

e. Credit Card Expense $81,500

To Cash $81,500

(Being cash paid is recorded)

You might be interested in

Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required

frutty [35]

Answer:

No reversing entry is needed as they are all posted correctly

Explanation:

1. Rent Expense 1,000 Prepaid Rent 1,000

This entry is correct because it rent had been prepaid, then the entry would have been to debit 'Prepaid Rent'and credit Cash/Bank. However at the end of the period when rent is accrued, you debit 'rent expense' and credit 'prepaid rent'

2.Taxes Expense 1,750 Taxes Payable 1,750

This entry is correct because at the end of the period when Tax is accrued, you debit 'Tax expense' and credit 'Tax payable' because tax is always paid much later in a future period not the current period

3. Deferred Rent Revenue 1,550 Rent Revenue 1,550

This entry is correct because at the end of the period when rent income is earned, but has been paid for before: you debit 'Deferred Rent Revenue' and credit 'Rent Revenue' because (at least a portion of) the deferred rent revenue is now earned.

4. Salaries Expense 150 Salaries Payable 150

This entry is correct because at the end of the period when Salary is accrued, you debit 'Salary expense' and credit 'Salaries payable'

6 0

3 years ago

Read 2 more answers

If a currency's spot market is liquid, its exchange rate will ________ highly sensitive to a single large purchase or sale of th

Troyanec [42]

Answer:

The correct answers to fill the blank spaces are not be; small

Explanation:

If a currency's spot market is liquid, its exchange rate will not be highly sensitive to a single large purchase or sale of the currency. Therefore, the change in the equilibrium exchange rate will be relatively small.

7 0

3 years ago

Read 2 more answers

2. Explain what happens to the demand curve

astraxan [27]

Answer:

The law of demand states that consumers will request more of a product if its price decreases. For supplement goods, an increase in the price of one will increase demand for the other. The demand curve for apples will react as follows.

Explanation:

<u>A). More people begin to prefer apples to oranges.</u>

Should peoples' preference change to apples, the demand for oranges will decrease while that of apples will increase. The demand curve is downward sloping. If demand increases, the demand curve will shift to the right. It is also referred to as moving outwards. In this case, the demand curve for apples will shift to the right.

B) <u>The price of peaches rises (because peaches are a substitute for apples).</u>

Substitutes imply a good can be used in place of another. If the price of a substitute increases, it demands decreases. The demand for the substitute good will go up. An increase in the price of peaches will increase the demand for apples. As a result, the demand curve will shift outwards. In other words, shift to the right.

C. People's incomes rise (and apples are a normal good).

Demand for normal goods increase as the people's income rises. More people will afford to buy apples. If people are now earning more, the demand for apples will go up. The demand curve will shift to the right to indicate a surge in demand.

5 0

3 years ago

oselli Animation plans to offer its employees a salary enhancement package that has revenue sharing as its main component. Speci

tatyana61 [14]

Answer:

Answer for the question:

oselli Animation plans to offer its employees a salary enhancement package that has revenue sharing as its main component. Specifically, the company will set aside 2% of total sales revenue for year-end bonuses. The sales are expected to be $5 million the first year, $5.5 million the second year, and amounts increasing by 10% each year for the next 5 years. At an interest rate of 6% per year, what is the equivalent annual worth in years 1 through 5 of the bonus package?

is given in the attachment.

Explanation: