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2 years ago

Transactions for Sunland Company for the month of June are presented below.

Business

1 answer:

aev [14]2 years ago

6 0

Answer:

Date Account Detail Debit Credit

June 1 Cash $4,080

Common Stock $4,080

Date Account Detail Debit Credit

June 2 Equipment $1,720

Accounts Payable $1,720

Date Account Detail Debit Credit

June 3 Rental expense $910

Cash $910

Date Account Detail Debit Credit

June 12 Accounts Receivable $800

Welding Revenue $800

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For many in the baby-boom generation, the kennedy assassination represents a ________, an exceptionally clear recollection of an

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For many in the baby boom generation, ......................................... represents a FLASHBULB MEMORY, an .......................... event.
A flash bulb memory refers to a detailed and vivid memory which is stored on one occasion and is retained for a life time. Such memory are usually related to important autobiographical events or other types of memories that are unforgettable.

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3 years ago

If national unemployment is at 15% the government should adopt ___ fiscal policy.

san4es73 [151]

Answer:

c. expansionary.

Explanation:

the goal of expansionary fiscal policy is to reduce unemployment. therefore the tools would be an increase in government spending and/or a decrease in taxes.

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3 years ago

Suppose the demand function (D) for golf clubs is: Q = 240-1.00P, where P is the price paid by consumers in dollars per club and

bogdanovich [222]

Solution :

According to the theory of demand and supply, the equilibrium price and the quantity is established where both the demand and supply curves intersect.

From the graph, we can see that the point of equilibrium is at the intersection of D and S.

At this point, mathematically, D = S. In order to determine the price and quantity which exists at this point, we need to equate the demand as well as supply functions to calculate the equilibrium values.

∵ D is equal to S, we have

$240-1.00P=1.00P$

$240=2P$

$120=P$

Now substituting this value of the equilibrium price in to any of the functions, we get the equilibrium quantity at this price.

$Q=240-1.00P$

$Q=240-1.00(120)$

$Q=240-120$

$Q=120$

This is the equilibrium quantity. At this point, equilibrium price as well as the quantity is the same. Let the price of the golf club increases from $120 to $140. So substituting the value to the function above to determine the new quantity.

$Q = 240-1.00(140)$

= 100

Therefore, when the demanded quantity decreases from 120 thousand clubs to 100 thousand clubs. This increases the price and decreases the quantity as the supply curve moved to the left. The demand remains constant.

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2 years ago

Suppose you're pitching in a softball game and facing a good hitter. you remember that you struck her out with a fastball the la

WARRIOR [948]

When you make this decision, you are primarily using your critical thinking. You are using information you were given in the past and applying it to future events.

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3 years ago

Assume that on November 1, 2019, a 3-month rent payment for $8,000 per month (for a total of $24,000) was made with respect to a

ziro4ka [17]

Answer:

Rent Expense Dr.$16,000

Bank Dr.$48,000

Prepaid Rent Cr.$64,000

Explanation:

The company entered into lease on 1st November 2019 with rent of $8,000 per month. the company on 1st November 2019 recorded prepaid rent as follows; which is wrong

Prepaid Rent Dr. $72,000

Bank Cr. $72,000

This is wrong entry as prepaid rent was overstated by ($72,000-$24,000 ) $48,000 and same like bank was understated by $48,000

The correct entry should have been like this as on 1st November 2019;

Prepaid Rent Dr. $24,000

Bank Cr. $ 24,000

By 31st December 2019, two months rent have already accrued so prepaid rent should be credited by (8000*2+48,000 for additional amount recorded)

So the rectifying entry is; as on 31st December 2019

Rent Expense Dr.$16,000

Bank Dr.$48,000

Prepaid Rent Cr.$64,000

7 0

3 years ago