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Svet_ta [14]
2 years ago
14

The following selected transactions were completed during March of the current year: March 1 Billed customers for fees earned, $

54,100. 4 Purchased supplies on account, $1,250. 8 Received cash from customers on account, $43,800. 11 Paid creditors on account, $600.
Required:
A. Journalize these transactions in a two-column journal. Refer to the list of accounts in the T accounts for exact wording of account titles.
B. Post the entries prepared in (A) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the appropriate date.
C. Assume that the unadjusted trial balance on March 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?
Business
1 answer:
Tcecarenko [31]2 years ago
6 0

Answer:

The following selected transactions were completed during March of the current year: March 1 Billed customers for fees earned, $54,100. 4 Purchased supplies on account, $1,250. 8 Received cash from customers on account, $43,800. 11 Paid creditors on account, $600.

Explanation:

plz mera answer ko brainliest kar do...

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Assume MIX Inc. has sales volume of $1,342,000 for two products with May sales and contribution margin ratios as follows:
ololo11 [35]

Answer:

Instructions are below,

Explanation:

Giving the following information:

Product A: Sales $514,000; Contribution Margin Ratio 30%

Product B: Sales $828,000; Contribution Margin Ratio 60%

fixed expenses are $338,000

First, we need to calculate the total contribution margin:

Total CM= CM Product A + CM Product B

Total CM= 514,000*0.3 + 828,000*0.6= $651,000

The operating income is calculated deducting from the total contribution margin the fixed costs:

Operating income= 651,000 - 338,000= 313,000

The average weighted contribution margin is calculated using the contribution margin ratio per product and the sales mix.

Sales mix:

Product A= 514,000/1,342,000= 0.38

Product B= 828,000/1,342,000= 0.62

Weighted average contribution= contribution margin ratio*sales mix

Product A= 0.3*0.38= 0.114

Product B= 0.6*0.62= 0.372

Total= 0.486

Weighted average contribution margin ratio= 0.486= 48.6%

Finally, we can calculate the break-even point in units:

Break-even point (units)= Total fixed costs / Weighted average contribution margin ratio

Break-even point (units)= 338,000/ 0.486= $695,473.25

4 0
3 years ago
Wildhorse Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be d
9966 [12]

Answer:

depreciation expense 2021 = $6,200

depreciation expense 2022 = $6,700

Explanation:

depreciable value = $29,000 - $200 = $28,800

depreciation expense per mile driven = $28,800 / 144,000 = $0.20

number of miles driven during 2021 = 31,000

depreciation expense 2021 = 31,000 x $0.20 = $6,200

number of miles driven during 2020 = 33,500

depreciation expense 2022 = 33,500 x $0.20 = $6,700

8 0
2 years ago
A term that is not synonymous with property, plant, and equipment is
Murljashka [212]

Answer:

4. intangible assets.

Explanation:

Total assets are classified into current assets, fixed assets, and intangible assets.

Current assets comprise cash, stock, receivable account, etc.  

Fixed assets include plant & machinery, property, facilities, furniture & equipment, etc.

And, the intangible assets are patents, copyrights, goodwill, and other intellectual properties plus they are not seen or even touched.

Whereas the fixed assets or other related synonymous are tangible in nature

6 0
3 years ago
Most loans are paid back in __________ installments. a. daily b. weekly c. monthly d. yearly.
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Pretty sure it’s C monthly
6 0
2 years ago
Selected transactions for Thyme Advertising Company, Inc. are listed here.
seropon [69]

Answer:

1. Issued common stock to investors in exchange for cash received from investors - There is an increase in cash because cash(asset) and increase in common stock(stockholder's equity)

2. Paid monthly rent - Decrease in cash(asset) and decrease in rent expense (liability)

3. Received cash from customers when service was performed - Increase in cash(asset) and increase in service revenue(asset)

4. Billed customers for services performed - increase in accounts receivable and increase in service revenue

5. Paid dividend to stockholders -

Decrease in cash and decrease in dividend

6. Incurred advertising expense on account - Decrease in advertising expense and increase in accounts payable

7. Received cash from customers billed in (4) - Increase in cash and decrease in accounts receivable

8. Purchased additional equipment for cash - increase in equipment and decrease in cash

Explanation:

1. Issued common stock to investors in exchange for cash received from investors - There is an increase in cash because cash(asset) and increase in common stock(stockholder's equity)

2. Paid monthly rent - Decrease in cash(asset) and decrease in rent expense (liability)

3. Received cash from customers when service was performed - Increase in cash(asset) and increase in service revenue(asset)

4. Billed customers for services performed - increase in accounts receivable and increase in service revenue

5. Paid dividend to stockholders -

Decrease in cash and decrease in dividend

6. Incurred advertising expense on account - Decrease in advertising expense and increase in accounts payable

7. Received cash from customers billed in (4) - Increase in cash and decrease in accounts receivable

8. Purchased additional equipment for cash - increase in equipment and decrease in cash

3 0
3 years ago
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