All categories

2 years ago

Record the following transactions for Summer Consulting. Explanations are not required.

Business

1 answer:

Anvisha [2.4K]2 years ago

8 0

Answer:

Apr. 15

Dr Accounts Receivable—Jones $1,500

Cr Service Revenue $1,500

Apr. 18

Dr Accounts Receivable—Cruise $865

Cr Service Revenue $865

Apr. 25

Dr Cash $750

Cr Accounts Receivable—Jones $750

Apr. 28

Dr Accounts Receivable—Taylor $625

Cr Service Revenue $625

Apr. 28

Dr Cash $865

Cr Accounts Receivable—Cruise $865

Apr. 30

Dr Cash $1,375

Cr Accounts Receivable—Jones $750

Cr Accounts Receivable—Taylor $625

Explanation:

Preparation of journal entries

Apr. 15

Dr Accounts Receivable—Jones $1,500

Cr Service Revenue $1,500

Apr. 18

Dr Accounts Receivable—Cruise $865

Cr Service Revenue $865

Apr. 25

Dr Cash $750

Cr Accounts Receivable—Jones $750

Apr. 28

Dr Accounts Receivable—Taylor $625

Cr Service Revenue $625

Apr. 28

Dr Cash $865

Cr Accounts Receivable—Cruise $865

Apr. 30

Dr Cash $1,375

Cr Accounts Receivable—Jones $750

Cr Accounts Receivable—Taylor $625

You might be interested in

Give an example of how businesses use demographic information ECONOMICS

trapecia [35]

Businesses often segment the market based on key demographics such as age, gender, income level or marital status, but they also use more precisely defined categories to target specific groups.

3 0

3 years ago

is the view of the global economic system as divided between certian industrialized nations that control wealth and developing c

Natali5045456 [20]

Answer:

I do not understand your question explain further

8 0

3 years ago

Elaine is a secretary for a business. One day a customer comes in to file a new contract while Elaine is seated at her boss’s de

slega [8]

Answer:

The answer is c:

Enforceable via employee agent

Explanation:

The definition of agency law deals with agent-principal relationships; that is a relationship where one party has the legal authority to act in place of another. Relationships that are commonly associated with agency law include employer-employee, administrator-decedent or executor, and guardian-ward.

Agreements that result in the formation of agency-type relationships can be implied or express, and both the principal and the agent can be an entity (such as partnership or corporation) or individual.

Here in the given situation, since, Elaine is an employee of the business and knowledgeable enough to deal with the contract filing, it is implied that she is acting as an employee agent, that she can help the customer in filing the contract.

6 0

3 years ago

Lakeland, Inc. has 25,000 shares of 6%, $100 par value, noncumulative preferred stock and 50,000 shares of $1 par value common s

Maru [420]

Answer:

The common stockholders will receive a dividend of $100000 in 2015

Explanation:

The preferred stock is non cumulative which means that in case it does not pay dividends in a certain year, the dividends will no be accumulated and the company will not be obliged to pay these dividends in later year.

The per share preferred stock dividend for the company is = 100 * 0.06 = $6

The total dividends on preferred stock per year = 6 * 25000 = $150000

The common stockholders are paid dividends after the preferred stockholders are paid.

Thus, for 2015 the common stockholders will receive a dividend of,

Common stock dividend = 250000 - 150000 = $100000

8 0

3 years ago

Which of the following best describes equilibrium?

QveST [7]

Answer:

C. A situation where no economic agent would benefit by changing his or her behavior

Explanation:

An economic equilibrium is when the agents are optimizing their decisions and opposing market forces are equal. This point allows the economic agents to maximize their utility and any change from this point will cause all agents to move away from potential maximum benefits.

In a natural equilibrium there is usually no government intervention so option A is false. Option B gives only one agent potential benefits and as such there is no equilibrium. Option D is conditional and may or may not happen as when the agents find missing information they would optimize again and move to an equilibrium.

Hope that helps.

3 0

3 years ago