Answer and Explanation:
The journal entries are given below:
On May 4
Account payable $610
To cash $610
(To record the cash paid)
On May 7
Account receivable $6,840
To service revenue $6,840
(To record the service on account)
On May 8
Supplies $870
To Account payable $870
(To record supplies purchased on account)
On May 9
Equipment $1,930
To cash $1,930
(To record the equipment purchase)
On May 17
Salary expense $700
To cash $700
(To record the salaries expense)
On May 22
Repair expense $800
To Account payable $800
(To record the received bill for repairing of an equipment)
On May 29
Prepaid rent $1,280
To cash $1,280
(To record the cash paid)
Answer:
The answer is A.
Explanation:
Bank deposits from customers create both a liability and an asset for the bank.
1. As a liability: The deposit is the customer's money. The bank is keeping the money for the customer. The customer can withdraw the fund any time.
2. As an asset: The money deposited by the customer can be used by the bank to generate revenue pending when the customer withdraws the money. The money not yet withdrawn by customers is still in the possession of the bank and the bank controls it.
Answer:
C) $57,000
Explanation:
The gross domestic product is the total production of final and legal goods and services in an economy.
total production of final goods = (20 couches x $2,600 per couch) + (5 leather sets x $1,000 per set) = $52,000 + $5,000 = $57,000
the leather sets are considered final products since they are part of the ending inventory of Cowhide, Inc.
