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
astraxan [27]
2 years ago
6

On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:

Business
1 answer:
strojnjashka [21]2 years ago
6 0

Answer:

Dynamite Fireworks

1. January 2

Debit Prepaid Rent $7,500

Credit Cash $7,500

To record the purchase of rental space in advance ($625/month).

2. January 9

Debit Supplies $4,000

Credit Accounts Payable $4,000

To record the purchase of additional supplies on account.

3. January 13

Debit Accounts Receivable $26,000

Credit Service Revenue $26,000

To record the provision of services to customers on account.

4. January 17

Debit Cash $4,200

Credit Deferred Revenue $4,200

To record the receipt of cash in advance for future services.

5. January 20

Debit Salaries Expense $12,000

Credit Cash $12,000

To record the payment of salaries.

6. January 22

Debit Cash $24,600

Credit Accounts Receivable, $24,600

To record the receipt of cash on account.

7. January 29

Debit Accounts Payable, $4,500

Credit Cash $4,500

To record the payment on account.

Adjustments on January 31.

8. Debit Rent Expense $625

Credit Prepaid Rent $625

To record the rent expense for January.

9. Debit Supplies Expense $4,300

Credit Supplies $4,300

To record the supplies expense for January.

10. Debit Deferred Revenue $3,575

Credit Service Revenue $3,575

To record revenue for services provided.

11. Debit Salaries Expense $5,450

Credit Salaries Payable $5,450

To accrue unpaid salaries at the end of January.

12. Debit Service Revenue $29,575

Credit Income Summary $29,575

To close the revenue account to the income summary.

13. Debit Income Summary $22,375

Credit:

Salaries Expense $17,450

Rent Expense $625

Supplies Expense $4,300

To close the expense accounts to the income summary.

Explanation:

a) Data and Calculations:

Accounts Debit Credit

Cash                      $ 24,300

Accounts Receivable 5,700

Supplies                     3,600

Land                        55,000

Accounts Payable                $ 3,700

Common Stock                     70,000

Retained Earnings                 14,900

Totals                  $ 88,600 $88,600

Transactions and Analysis:

January 2 Prepaid Rent $7,500 Cash $7,500 ($625/month).

January 9 Supplies $4,000 Accounts Payable $4,000

January 13 Accounts Receivable $26,000 Service Revenue $26,000

January 17 Cash $4,200 Deferred Revenue $4,200

January 20 Salaries Expense $12,000 Cash $12,000

January 22 Cash $24,600 Accounts Receivable, $24,600

January 29 Accounts Payable, $4,500 Cash $4,500

Adjustments on January 31.

Rent Expense $625 Prepaid Rent $625

Supplies Expense $4,300 Supplies $4,300

Deferred Revenue $3,575 Sales Revenue $3,575

Salaries Expense $5,450 Salaries Payable $5,450

You might be interested in
Getting the listener’s full attention, questioning him or her, and asking him or her to paraphrase the message are all technique
timama [110]

Answer:

poor listening

Explanation:

Based on the information provided within the question it can be said that this is done in order to overcome poor listening. This refers to individuals who get distracted when listening and hear/understand very little to nothing of what they were supposed to be listening to. By making sure their attention is on you and asking them to repeat what you just said allows the individual to pay more attention to what you are saying and helps the information stick.

3 0
3 years ago
What is a metric when it comes to data analysis? Please provide a definition.
kati45 [8]

Answer:

Metrics are the numbers you track, and analytics implies analyses and decision making. Metrics: What you measure to gauge performance or progress within a company or organization. Your most important metrics are your key performance indicators, or KPIs.

Explanation:

7 0
2 years ago
An effective price ceiling will cause consumers to: Instructions: In order to receive full credit, you must make a selection for
photoshop1234 [79]

Answer:

gain surplus from paying a lower price

Explanation:

An effective price ceiling will cause consumers to "gain surplus from paying a lower price."

This is based on the idea that an effective price ceiling usually leads to prices being below the equilibrium price or equates to a lower price.

At this point, the buyers demand more of the products, while the sellers have a lower incentive to produce more. And therefore, the quantity demanded will exceed the quantity supplied.

Hence, consumers gain excess (more demands) by paying a lower price.

4 0
3 years ago
Who investigates complaints of the Holden Act and takes remedial action as required by law? The Department of Housing and Urban
o-na [289]

Answer:

The Department of Housing and Urban Development

Explanation:

The Holden act or the California Housing Financial Discrimination Act of 1977, <u>states that financial institutions cannot discriminate against people applying for loans or financial assistance,</u> for reasons such as; race, color, ethnicity and religion.

The Holden act is enforced by the Department of Housing and Urban Development.

5 0
3 years ago
John is an older, retired Japanese American. He has a strong identification with his Japanese culture, still speaks primarily Ja
Svet_ta [14]

Answer:

(A) Traditionalist

Explanation:

Traditionalist -

It describes that a person who believes that the old ways are the best one ,

Traditionalist are the person who believe in writing letters rather than sending emails .

The person who still feel the old and traditional methods are the best .

Similarly from the data of the question , the correct answer is (A) Traditionalist .

7 0
3 years ago
Other questions:
  • Cullumber Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported
    11·1 answer
  • Which of the following cooking methods would produce food with a smoky, slightly charred flavor? A. Saut ing B. Grilling C. Roas
    7·1 answer
  • Why was it common in the 1920s for companies to have only an audited balance sheet prepared for distribution to external third p
    15·1 answer
  • Samuel is working on his annotated bibliography. While writing his annotations, he copies and pastes materials from his sources
    8·1 answer
  • You need a particular piece of equipment for your production process. An​ equipment-leasing company has offered to lease the equ
    10·1 answer
  • The dump/restore utility is limited to a maximum of how many different incremental backups?
    9·1 answer
  • An object that formerly was personal property but has become real property:
    10·1 answer
  • Why should your business use Performance Planner?
    13·1 answer
  • Tropical Tours reported revenue of $400,000 for its year ended December 31, Year2. Accounts receivable at December 31, Year1 and
    11·1 answer
  • You live near the beach and want to give snorkeling lessonsYou estimate that after expenses , you can earn $10 per lesson. Each
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!