1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
grin007 [14]
3 years ago
6

Journalize the following selected transactions for January. Journal entry explanations may be omitted.

Business
1 answer:
ycow [4]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

On Jan 1

Cash $14,000

     To Capital owner $14,000

(being cash received)

On Jan 2

Cash $9,500

    To Account service revenue $9,500

(being cash received)

On Jan 3

Account receivable $4,200

       To Service revenue $4,200

(being service provided on account)

On Jan 4

Advertising expense $700

       To Cash $700

(being cash paid is recorded)

On Jan 5

Cash $2,500

       To Account receivable $2,500

(being cash received)

On Jan 6

Owner drawings $1,010

       To cash $1,010

(being cash paid is recorded)

On jan7

Telephone expense $900

      To Account payable   $900

(Being telephone bill received)

On Jan 8

Account payable $900

         To cash

(being cash paid is recorded)

You might be interested in
Use the following information to answer this... Use the following information to answer this question. Windswept, Inc. 2010 Inco
prisoha [69]

Answer:

The Quick ratio: 0.86:1

Explanation:

The question is completed first as follows:

Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) 2009 2010 2009 2010 Cash $ 270 $ 300 Accounts payable $ 1,530 $ 1,485 Accounts rec. 1,080 980 Long-term debt 1,140 1,340 Inventory 1,930 1,755 Common stock $ 3,420 $ 3,370 Total $ 3,280 $ 3,035 Retained earnings 680 930 Net fixed assets 3,490 4,090 Total assets $ 6,770 $ 7,125 Total liab. & equity $ 6,770 $ 7,125 What is the quick ratio for 2010?

Solution:

The requirement is to use the given information to calculate Windswept Inc's Quick ratio for 2010.

Quick ratio: this represents the ability of an organisation's short term liquidity to cover and cater for its short term obligation. Basically, it looks at the ratio of the current assets of an organisation (those that can be quickly converted to cash) to meet the current liabilities.

The formula for quick ratio= Current Assets - Inventory / Current Liabilities

Windswept's quick ration = Cash + Accounts receivable / Accounts Payable (all for 2010)

= $300 + 980 / $1, 485

= $1,280/$1,485

= 0.86:1

This means that the current asset of the company can only cover its current obligations up to about 86%. This is the quick ratio.

5 0
3 years ago
Which of the following is a tertiary ratio that drives protability?
Snezhnost [94]

Answer:

Explanation:

wmdjnjjfjjjjjjjjjjjjjjjj

4 0
3 years ago
Qucation
RUDIKE [14]

As a result of the record amount of grapes, the equilibrium price decreases while the equilibrium quantity increases. Please find attached the required graph.

<h3>What is the impact of the record amount of grapes?</h3>

If there is a record amount of grapes produced, the amount of wine produced would increase. This is because grapes are an input used in the production of wine.

As a result, the supply of wine would increase. This would lead to a shift to the right of the supply curve for wine. the equilibrium price decreases while the equilibrium quantity increases.

To learn more about supply curves, please check: brainly.com/question/26073189

3 0
2 years ago
Laura Coraldi is a manager at Quick Pizza. She is great at understanding the feelings of her subordinates and takes time out for
BaLLatris [955]

high on agreeableness.

3 0
4 years ago
Service industry, job costing, law firm. Kidman &amp; Associates is a law firm specializing in labor relations and employee-rela
evablogger [386]

Answer:

Explanation:

Budgeted direct cost rate= budgeted direct cost/professional labor hours available =97500/1500=$65 per labor hour

Budgeted indirect cost rate= Budgeted indirect cost/ professional labor hours = 2475000/45000= $55

Job R:

Direct cost:

Job R - 120H*65=7800

Add: Indirect cost:

120H* 55=6600

TOTAL R JOB=14400

Job P:

DC:

Job P - 160H*65=10400

IC:

160H*55=8800

TOTAL P JOB=19200

8 0
3 years ago
Other questions:
  • Product Managers are expected to collaborate in planning the amount of upcoming Enabler work by establishing what?
    6·1 answer
  • Nathan owns a quick-lube oil service station. He wants to understand whether his customers are sensitive to price and if he shou
    8·1 answer
  • Suppose the real risk-free rate is 2.50% and the future rate of inflation is expected to be constant at 4.10%. What rate of retu
    9·1 answer
  • Nalpas Inc., an apparel company, manufactures clothes for men, women, and children. It further divides its core customers on the
    14·1 answer
  • true or false: M-3 is money that people can gain access to quickly and easily to pay for goods and services.
    8·1 answer
  • CodeHead Software Inc. does software development. One important activity in software development is writing software code. The m
    6·1 answer
  • The Dow Jones is currently valued at $24,000 and the 1-year Dow Jones Mini Future contract has a price of $24,750. Note Dow Jone
    10·1 answer
  • 1
    11·1 answer
  • Your client and her husband agreed to split the following lifetime cash gifts: Total Gifts to Son Total Gifts to Daughter 2014 $
    7·1 answer
  • At the __________ stage of transforming raw materials into finished goods, managers typically use __________ control methods to
    12·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!