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eduard
2 years ago
6

The following transactions occurred during June: June 1 Purchased two new maintenance carts (noncurrent assets) on account at $7

50 each. Payment is due in 30 days. June 8 Accepted $500 of advance payments from customers for services to be provided next month. June 15 Received the June utility bill for $300. Payment is due and made in 30 days. June 20 Billed customers for $1,500 services provided. Payment is due in 30 days. June 30 Received $500 from customers who were billed on June 20. What journal entry is required to record the purchase of the carts on June 1
Business
1 answer:
Helen [10]2 years ago
8 0

Answer:

Journal Entry to record the purchase of the carts on June 1:

June 1:

Debit Maintenance Equipment $1,500

Credit  Accounts Payable $1,500

To record the purchase of 2 maintenance carts on account.

Explanation:

a) Data and Analysis:

June 1 Maintenance Equipment $1,500  Accounts Payable $1,500

June 8 Cash $500 Unearned Service Revenue $500

June 15 Utility Expense $300 Utility Payable $300

June 20 Accounts Receivable $1,500 Service Revenue $1,500

June 30 Cash $500 Accounts Receivable $500

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While pollution regulations yield the benefit of a cleaner environment and the improved health that comes with it, the regulatio
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Answer:

a. people face tradeoffs.

Explanation:

Tradeoffs means sacrificing something in order to achieve another thing.

Firms are sacrificing some of their profits in order to have an healthier and cleaner environment.

I hope my answer helps you

5 0
3 years ago
Recording revenue before it is collected is an example of: Multiple Choice A prepaid expense transaction. A deferred revenue tra
PilotLPTM [1.2K]

Answer:

An Accrued Receivable transaction

Explanation:

Before the receipt of cash recording a revenue is the example of accrued receivable because product is sold or services are already been performed on which basis transaction is occurred and recorded. So, the receivable is recorded against the revenue entry.

The journal Entry for this transaction will be as follow

DR. Account receivable  xxx

CR.  Revenue                   xxx

6 0
3 years ago
Matt co. is the lessor in connection with an operating lease. matt co. would record:
V125BC [204]

Matt co. is the lessor in connection with an operating lease. matt co. would record a depreciation expense. The lessor records it as a depceciation expense becuase they are using a stright-line lease as a source of revenue. As the operation lease declines, it will keep showing as a depreciation on their balance sheets.

6 0
3 years ago
Part A. Identify the following users of accounting information as either an internal (I) or an external (E) user.
trasher [3.6K]

Answer:

Part A

1. Shareholders

Identification: External user

2. Creditors

Identification: External user

3. Non-executive employee

Identification: External user

4. Research and development director

Identification: Internal user

5. Purchasing manager

Identification: Internal user

6. Human resources director

Identification: Internal user

7. Production supervisors

Identification: Internal user

8. Distribution managers

Identification: Internal user

Part B

1. What are the costs of our service to customers?

Identification: Internal user

2. Should we make a five-year loan to that business?

Identification: External user

3. Should we spend further research on our product?

Identification: Internal user

4. Do income levels justify the current stock price?

Identification: External user

5. What are reasonable payroll benefits and wages?

Identification: Internal user

6. Which firm reports the highest sales and income?

Identification: External user

7. What are the costs of our productâs ingredients?

Identification: Internal user

5 0
3 years ago
The Lagan family bought a $150,000 home in 2002. They obtained a mortgage loan for 30 years. The monthly payments, not including
nikklg [1K]

$172,200 will be paid on the house during last 30 years and Simple Interest is $322,200.

<h3><u>What is Simple Interest?</u></h3>
  • Simple interest is a quick and simple formula for Figuring out how much interest will be charged on a loan.
  • The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.
  • Although some mortgages employ this calculation approach, this kind of interest typically relates to auto loans or short-term loans.
  • Consumers who pay their loans off on time or ahead of schedule each month benefit from simple interest.
  • Simple interest loans are frequently used for auto loans and short-term personal loans.

Total amount paid = (895)(12)(30) = $322,200

$322,200-$150,000 = $172,200

Know more about Simple Interest with the help of the given link:

brainly.com/question/25845758

#SPJ4

8 0
2 years ago
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