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
klio [65]
3 years ago
12

August 1 M. Harris, the owner, invested $8,000 cash and $34,400 of photography equipment in the company. August 2 The company pa

id $3,300 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,520 cash. August 20 The company received $2,100 cash from taking photos for customers. August 31 The company paid $881 cash for August utilities. Analyze each transaction above by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; M. Harris, Capital; Services Revenue; and Utilities Expense.
Business
1 answer:
Dmitrij [34]3 years ago
4 0

Answer:

Date : August 1

Assets (Cash $8,000 and Equipment $34,400) = Increase $42,400

Liabilities = No Effect

Equity (Capital $42,400)  = Increase $42,400

Date : August 2

Assets (Cash  and Equipment) = $3,300 decrease -cash and $3,300 increase - equipment

Liabilities = No effect

Equity = No Effect

Date : August 5

Assets (Cash  and Supplies) = $1,520  decrease -cash and $1,520  increase - equipment

Liabilities = No effect

Equity = No Effect

Date : August 20

Assets (Cash ) = Increase $2,100

Liabilities = No Effect

Equity (Services Revenue) =  Increase $2,100

Date : August 31

Assets (Cash = Decrease $881

Liabilities = No Effect

Equity (Utilities Expense) = Decrease $881

Explanation:

The accounting equation is stated as : Assets = Equity + Liabilities

Each and every transaction first identify the Accounts affected, then determine which accounts fall within the Asset, Equity or Liabilities category  and the effect thereof to the category.

You might be interested in
An effective minimum wagea. imposes a price ceiling on the wages of various categories of low-skill workers.b. increases the dem
Strike441 [17]

Answer:

d. increases the earnings of some low-skill workers while reducing the employment and training opportunities available to others.

Explanation:

Minimum wage is a form of price floor. It is the lowest amount that should be paid to labour for their services rendered. It is usually set by the government or an agency of government.

Minimum wage causes supply of Labour to exceed demand for Labour. Firms would demand less of Labour because of higher cost of Labour. Decreased demand for Labour would increase unemployment.

Minimum wage isn't a price ceiling but a price floor.

Minimum wage increases the income of Labour.

5 0
3 years ago
Katie is a supervisor at a fast food restaurant. Every week, she submits a progress report to Molly, the restaurant manager, to
GarryVolchara [31]

Answer: Upward communication

Explanation:

Upward communication can be defined as the communication process that occurs from the lower levels to higher levels. In other words, communication flows upwards. Communication is a fundamental aspect of every workplace since it allows us to express everything that is happening at work. When communication occurs effectively, work can be done better and thus give better results. When there is communication, it is also easier to identify possible problems that may arise.

Staying in constant communication helps to make the work environment more comfortable for both, it is important to be able to express everything related to work and receive feedback that only has the intention that everything can go better.

7 0
3 years ago
What is the maximum income to qualify for financial aid 2020
Nata [24]
Currently, the FAFSA protects dependent student income up to $6,660. For parents, the allowance depends on the number of people in the household and the number of students in college. For 2019-2020, the income protection allowance for a married couple with two children in college is $25,400.
8 0
3 years ago
suppose that a financial crisis decreases planned investment spending by $100 billion, and the marginal propensity to consume is
Bogdan [553]

The real GDP will decrease by $500 billion.

<h3>What is GDP?</h3>

A country's gross domestic product (GDP) is the sum of the market values of all the finished goods and services produced within its borders during a specific time period. As a general measure of all domestic production, it provides a comprehensive evaluation of the economic health of a specific nation. GDP is frequently calculated on an annual basis, although it is also occasionally approximated on a quarterly basis. For example, the US government generates an annualised GDP estimate for the entire year as well as each fiscal quarter. Each item of data in this report is supplied in actual terms, which allows for the calculation of the data to account for price changes. The result is data that is net of inflation.

To learn more about GDP, visit:

brainly.com/question/15682765

#SPJ4

8 0
1 year ago
If $1,000,000 of 8% bonds are issued at 102 3/4, the amount of cash received from the sale is ______________.
Jobisdone [24]

Answer:

The amount of cash received from the sale is $1,027,500

Explanation:

In this scenario we first have to know the number of bonds issued and then multiply it by the bond price which is given to us in the question.

The bonds have a total face value of 1,000,000 and one bond is issued at 102.75 which means that the face value of a single bond is 100.

Now in order to find the number of bonds issued we will divide the total face value by the face value of a single bond.

1,000,000/100=10,000.

10,000 bonds were issued at $ 102.75 now in order to calculate the total cash received we will multiply the number of bonds with the issue price.

10,000*102.75=1,027,500

4 0
3 years ago
Other questions:
  • Based on your knowledge of word parts, complete the sentence with the correct word. sam had to mix __________ parts of the two c
    6·2 answers
  • Bank loans from the Federal Reserve are called ________ and represent a ________ of funds for the bank.
    5·1 answer
  • Kasen just completed his second year of college in education. He is not sure if this is the best career choice for him. He wants
    5·2 answers
  • To maximize utility a consumer should allocate money income between goods and services consumed so that the:
    10·1 answer
  • Wellington Corp. has outstanding accounts receivable totaling $1.27 million as of December 31 and sales on credit during the yea
    11·2 answers
  • What are brokerage firms? 2. what are depository and nondepository financial institutions? how do they differ? 3. what are credi
    13·1 answer
  • Beyers Corporation provides security services. Selected transactions for Beyers are presented below.
    13·1 answer
  • Brenda likes to download her music from a(n ____ site and then transfer it to her portable digital media player so that she can
    5·1 answer
  • A company needs 550,000 items per year. It costs the company $330 to prepare a production run of these items and $5 to produce e
    6·1 answer
  • Which term refers to a value in a table that is a reference to the unique values in a corresponding table in a relational databa
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!