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
Gnoma [55]
3 years ago
6

Receive cash from customers, $15,000. Pay cash for employee salaries, $9,000. Pay cash for rent, $3,000. Receive cash from sale

of equipment, $8,000. Pay cash for utilities, $1,000. Receive cash from a bank loan, $4,000. Pay cash for advertising, $7,000. Purchase supplies on account, $3,000. Required: Post transactions to the Cash T-account and calculate the ending balance.
Business
1 answer:
Alexeev081 [22]3 years ago
7 0

Answer:

Part 1

<u>Cash Account</u>

                                                                           $

<u>Debit :</u>

Receive cash from customers                     15,000

Sale of Equipment                                         8,000

Bank Loan                                                      4,000

Totals                                                            27,000

<u>Credit :</u>

Pay cash for employee salaries                   9,000

Rent                                                                3,000

Utilities                                                            1,000

Advertising                                                     7,000

Ending Balance                                              7,000

Totals                                                            27,000  

     

Part 2

Ending Balance is $7,000

Explanation:

Only Cash related purchases and receipts are posted to Cash Account. Thus ignore non-cash related transactions.

The Cash Account : Receipts are posted at the Debit side of this Account and Payments at the Credit Side.

The Balance : After determining the Totals of the Debit and Credit, the shortfall of any of that side represents the Balance.

You might be interested in
Nebraska Inc. issues 4,100 shares of common stock for $131,200. The stock has a stated value of $15 per share. The journal entry
julsineya [31]

Answer:

$61,500

Explanation:

Based on the information given if the company

issues 4,100 shares of common stock for the amount of $131,200 in which the stock has a stated value of $15 per share which means that The journal entry to record the stock issuance would include a credit to Common Stock for $61,500 Calculated as:

Credit to Common Stock=4,100 shares*$15 per share

Credit to Common Stock=$61,500

5 0
3 years ago
Q 9.37: when should the gross profit method of inventory valuation not be used because it is invalid?
rusak2 [61]
At  the  end  of  given  period the  gross  profit  method  is  required  to  estimate  inventory.The  valuation  become  invalid  when the  following  are  not  available.the  value   for   the  beginning of inventory,records  of  purchase  made, the  total  sale  during  the  period   and  the  gross  profit  margin.
5 0
3 years ago
Arthur sells $100 worth of cotton to Bob. Bob turns the cotton into cloth, which he sells to Camille for $300. Camille uses the
kow [346]

Answer:

$1200

Explanation:

Gross Domestic Product (GDP) is the total market value of all of the final goods and services produced in a country over a particular period of time.

The contribution to GDP can be determined by adding the value created by each of the economic agents involved in the creation of the final goods and services

Arthur = 100 = 100

Bob = 300 - 100 = 200

Camille = 700 -300 = 400

Donita = 1200 - 700 = 500

Total Value 100 +200 +400 +500 = $1200.

You will observe that it is the same as the value of the final good i.e dress. In the production process, other goods involved are referred as intermediate goods

8 0
3 years ago
51 Which of the following is the best estimate, in feet, for personal distance in Western cultures? Multiple Choice O
steposvetlana [31]

The correct option is b) 1.5-4. The best estimate for personal distance in Western cultures is around 1.5 to 4 feet.

<h3>What is meant by personal distance?</h3>

The term personal distance is often used to describe the physical space distance between communicating parties in western cultures. For example, when people are talking in a group setting or in a one-on-one setting, the physical distance between them that is viewed as appropriate makes up for the personal distance range.

You can learn more about personal distance from a related question here https://brainly.in/question/5605173

#SPJ1

5 0
2 years ago
Direct Materials, Direct Labor, and Factory Overhead identify the following costs as direct materials, direct labor, or factory
Alexeev081 [22]

Answer:

a. Staples used to bind magazines - <u><em>Direct Material</em></u>

The staples are integral to holding the magazines so is a direct material.

b. Wages of printing machine employees. - <em><u>Direct Labor</u></em>

The printing machine employees are directly related to the magazine's production as they print it.

c. Maintenance on printing machines. -<em><u> Factory Overhead</u></em>

This cost is not directly associated with the publishing of the magazine so is an overhead.

d. Paper used in the magazine. -<em><u>Direct Material</u></em>

Without paper, the magazine can not be published which makes it a direct material.

6 0
3 years ago
Other questions:
  • Joanna is in her early forties. Although she is fully occupied at office, she feels that something is lacking in her life whenev
    13·2 answers
  • ______ try to influence government to produce collective goods or services that benefit the general public. Equal opportunity in
    15·1 answer
  • _____ means "let the buyer beware" is a philosophy sometimes used by businesses to put the burden for consumer protection onto t
    8·1 answer
  • Income Statement For the Year Ended on December 31 J&amp;H Corp. Industry Average Net sales $39,000,000 $48,750,000 Operating co
    5·1 answer
  • If the employer is tardy in paying the state contributions, the credit against the federal tax is limited to what percent of the
    10·1 answer
  • The difference between a​ business's revenues and its expenses is known as its​ _______.
    7·1 answer
  • Please explain to me CPJ and CRJ immediately I really need in depth explanation​
    12·1 answer
  • What is the difference between simple and compound interest rates
    5·1 answer
  • What is the smallest portion of stocks called
    6·1 answer
  • Individuals who are paid by someone in exchange for labor or service are referred to as:_____.
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!