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JulsSmile [24]
3 years ago
6

Use below information to prepare general journal entries for Belle Co.'s 1 through 7 transactions.

Business
1 answer:
antoniya [11.8K]3 years ago
4 0

Answer:

Belle Co.

General Journal Entries

1. Debit Cash $6,000

Debit Equipment $7,600

Debit Web Servers $12,000

Credit Common Stock $25,600

To record the assets exchanged for common stock by D. Belle.

2. Debit Prepaid Insurance $4,800

Credit Cash $4,800

To record the prepayment of insurance coverage.

3. Debit Supplies $900

Credit Accounts Payable $900

To record the purchase of supplies on account.

4. Debit Selling Expenses $800

Credit Cash $800

To record the payment of selling expenses for cash.

5. Debit Cash $4,500

Credit Service Revenue $4,500

To record the receipt of cash for services rendered.

6. Debit Accounts Payable $900

Credit Cash $900

To record the payment on account.

7. Debit Equipment $3,400

Credit Cash $3,400

To record the payment for the purchase of equipment.

Explanation:

a) Data and Transaction Analysis:

1. Cash $6,000 Equipment $7,600 Web Servers $12,000 Common Stock $25,600

2. Prepaid Insurance $4,800 Cash $4,800

3. Supplies $900 Accounts Payable $900

4. Selling Expenses $800 Cash $800

5. Cash $4,500 Service Revenue $4,500

6. Accounts Payable $900 Cash $900

7. Equipment $3,400 Cash $3,400

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who can immediately take over the family business.

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Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

For a student who chooses to go to college, his opportunity cost is the opportunity of running the family business he forgoed when he decided to go to college.

I hope my answer helps you

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3 years ago
g Which inventory costing method assigns to ending merchandise inventory the newestlong dashthe most recentlong dashcosts incurr
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Answer:

B. ​First-in, first-out​ (FIFO)

Explanation:

First-in, first-out (FIFO) is an accounting principle which refers to a process whereby assets that are purchased first are sold first. In this situation, the cost in which the particular inventory was purchased is still the same cost with which it is sold out.

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Fedor, Inc. has prepared the following direct materials purchases​ budget: Month Budgeted DM Purchases June $ 69 comma 000 July
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Answer:

C) $77,090

Explanation:

June 69000 (40% in July, 50% in AUgust)

July 80000 (40% in August, 50% in Sepetember)

August 77500 (40% in September, 50% in October)

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Mark is the manager of an american company. he expects the value of the british pound to appreciate in the near future. hence, h
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Classify each of the following based on the macroeconomic definitions of saving and investment.
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Answer:

  • a. Susan purchases stock in Pherk, a pharmaceutical company.  --  Investment
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  • c. Larry purchases a certificate of deposit at his bank.   --  Saving
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Explanation:

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