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3 years ago

Journalize the following selected transactions of Miramax Rentals. Omit explanations.

Business

1 answer:

alexandr1967 [171]3 years ago

8 0

Answer and Explanation:

The journal entries are shown below:

On Aug 1

Inventory Dr $850

To Accounts payable $850

(Being inventory purchased on account)

On Aug 8

Cash Dr $125

To Advance deposit a/c $125

(Being cash receipts is recorded)

On Aug 20

Accounts Receivable Dr $1250

To Rental Revenue $1250

(Being revenue is recorded)

On Aug 31

Utility expense Dr $180

To Cash $180

(Being cash paid is recorded)

On Aug 31

Cash Dr $600

To Accounts Receivable a/c $600

(Being cash received is recorded)

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Answer:

A.8.75 weeks

B.5.71

Explanation:

Weeks of supply = average aggregate inventory value/weekly sales at cost

=(1,500,000 + 1,200,000 + 800,000)/(20,000,000/50)

=3,500,000/400,000

= 8.75 weeks

b.Inventory turnover = annual sales (at cost)/average aggregate inventory value

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3 years ago

Read 2 more answers

The balance in the unearned fees account, before adjustment at the end of the year, is $900,000. Of these fees, $775,000 have be

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Answer:

(a) Debit Unearned fees account $775,000

Credit Fees revenue account $775,000

(b) Debit Unbilled receivables $289,500

Credit Fees revenue account $289,500

Explanation:

When fees are received in advance but yet to be earned, a debit is posted to cash account and a credit to unearned fees. When revenue is earned, credit revenue and debit unearned fees.

As such, given that before adjustment at the end of the year, is $900,000. Of these fees, $775,000 have been earned. Adjusting entries required

Debit Unearned fees account $775,000

Credit Fees revenue account $775,000

Being entries to record revenue earned.

Also given that $289,500 of fees have been earned but not billed to clients, entries required are

Debit Unbilled receivables $289,500

Credit Fees revenue account $289,500

Being entries to accrue for revenue earned but yet to be billed.

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3 years ago

In order to create more wealth and provide better services, some nations recognize that

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In order to create more wealth and provide better services, some nations recognize that A GOOD STRATEGY IS TO MINIMIZE INTERFERENCE WITH THE FREE EXCHANGE OF GOODS AND SERVICES.
Free exchange of goods and services will enhance the economic growth of a nation.

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3 years ago

A decrease in demand and an increase in supply will Multiple Choice affect price in an indeterminate way and decrease the equili

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Answer:

Decrease price and affect the equilibrium quantity in an indeterminate way.

Explanation:

When there is a fall in the demand for a particular product then as a result there is a leftward shift in the demand curve for this product. On the other hand, if there is an increase in the supply of a product then as a result there is a rightward shift in the supply curve of this product.

Hence, there is a fall in the equilibrium price level and the effect on equilibrium quantity is indeterminate because we don't know the magnitude of the shifts of demand and supply curve.

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3 years ago

Estimates suggest that tens of thousands of people have died because the FDA withheld beta-blockers from the market while testin

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Answer:

Drug lag

Explanation:

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it also referred to the lag time of the introduction of new drugs in the market. The market in the US, which once seen a drastic drag lag, has changed or improve because of improved regulatory policies.

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3 years ago