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
alisha [4.7K]
3 years ago
5

The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $

7,500 cash. Purchase prepaid insurance to protect musical equipment over the next year for $3,060 cash. Purchase musical equipment for $10,500 cash. Obtain a loan from a bank by signing a note for $11,000.
Record the transactions. The company uses the following accounts:
Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.
Business
1 answer:
Nataly_w [17]3 years ago
4 0

Answer and Explanation:

The journal entries are shown below:

cash Dr $7,500

     To Service revenue $7,500

(being cash receipts is recorded)

Prepaid insurance $3,060

    To cash $3,060

(being cash paid is recorded)

Musical equipment Dr $10,500

   To cash $10,500

(being cash paid is recorded)

Cash Dr $11,000

     To note payable $11,000

(being receipt of the loan is recorded)

These four journal entries are need to be recorded

You might be interested in
Stealth Fitness Center issues 7%, 15-year bonds with a face amount of $200,000. The market interest rate for bonds of similar ri
Vladimir [108]

Answer:

market price of bonds = $219,597.35

Explanation:

Since the coupon rate is higher than the market rate, the bonds will be sold at a premium.

PV of face value = $200,000 / (1 + 3%)³⁰ = $82,397.35

PV of coupon payments = $7,000 x 19.600 (PV annuity factor, 3%, 30 periods) = $137,200

market price of bonds = $219,597.35

8 0
2 years ago
Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2021. In October 2021, Rick Co.'s Board of Direc
Bond [772]

Answer:

Debit retained earnings for $15.30 million.

Explanation:

As per the data given in the question,

Declaration of common stock dividend indicates no cash payments, only extra shares issued with rate of stock dividend

In this Rick Co. had 30 million shares and Rick Co. declared 1% stock dividend  

which means 30 million × 1% = 0.30 million shares issued

Retained earning = (0.30 million × $51)  

= $15.30 million

To common stock A/c =  (0.30 × $1) = $0.30 million

To capital paid in access A/c = (0.30 million × ($51-$1)) =  $15.00 million

( Being stock dividend was issued at 1% )

Hence, Option (d) Debit retained earning for $15.30 million is correct.

8 0
3 years ago
Which of the following is not included in the typical pattern of behavior for a poverty-stricken person? a. higher crime rate c.
Burka [1]

A person is poverty-stricken if they are considered to be very poor. A higher standard of living is not a typical pattern of behavior for a poverty-stricken person.

<h3>Who is poverty-stricken poverty?</h3>

A poverty-stricken person suffers from the effects of extreme poverty: Some beggars are impoverished and homeless.

There are few jobs for farmers who have moved to cities from poverty-stricken areas in search of work.

It is characterized by excessive indulgence,  low self-regulation, exploitation of others, and limited motivation and effort.

Therefore, Option C is the correct answer that is A higher standard of living is not a typical pattern of behavior for a poverty-stricken person.

To learn more about poverty-stricken person, refer:

brainly.com/question/13671318

6 0
2 years ago
Foster, who owns a successful business with two locations and a few international clients, was approached by a large organizatio
torisob [31]

Answer:

C) can get started more easily and maneuver faster

Explanation:

A small business (sole proprietorship, partnership, limited liability company) can maneuver much faster than any corporation simply because the owners are the managers of the business. The owners do not have to ask anyone for permission to make any decisions or decide new business activities. Also, last but not least, you are your own boss, and that is priceless.

Small businesses are also much easier to set up and do not require a lot of paperwork and authorizations to start operating.

3 0
4 years ago
The five generic types of competitive strategies include
zepelin [54]

Answer:

The correct answer is B) low-cost provider strategies, broad differentiation strategies, best-cost provider strategies.

Explanation:

A competitive advantage allows one company to produce or sell goods more effectively than another company. For that reason, entrepreneurs always try to develop competitive strategies that help them maintain that advantage.

According to researcher researcher Michael E. Porter, there are at least four types of competitive strategies: differentiation, cost leader, low cost approach, and low cost differentiation. Each entrepreneur can use one of these standard strategies or develop his own strategy since flexibility is an important characteristic of competitive strategies, although the reality is that most companies use one of these four generic strategies.

5 0
3 years ago
Other questions:
  • On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80 million. The sale was complete
    5·1 answer
  • Assume labor is the only variable input and that an additional input of labor increases total output from 72 to 80 units. if the
    11·1 answer
  • Total fixed costs for Taylor Incorporated are $260,000. Total costs, including both fixed and variable, are $500,000 if 156,000
    12·1 answer
  • You plan to analyze the value of a potential investment by calculating the sum of the present values of its expected cash flows.
    13·1 answer
  • Paying taxes to governmental bodies is considered a cash outflow in the operating activities section on the statement of cash fl
    5·1 answer
  • Warby parker can offer cheaper glasses than their competition because they _______.
    11·2 answers
  • Which of the following is the correct sequence of phases in a typical population growth curve? Select one: a. stable equilibrium
    12·1 answer
  • Education can be both a public and a private good; what other kind of a good is it?
    10·1 answer
  • File cabinets are conventional storage cabinets that are deeper than they are wide and have files arranged from front to back.
    6·1 answer
  • Dixie Chicken is about to close one of its fast food franchises. As part of the closing, the firm will sell a refrigeration unit
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!