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
crimeas [40]
3 years ago
11

Oct. 1 Stockholders invest $30,740 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an an

nual salary of $38,880. 3 Buys office furniture for $3,630, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $12,010 (not paid by Roads at this time). 10 Receives cash of $135 as commission for acting as rental agent renting an apartment. 27 Pays $620 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,240 in salary for October.Prepare the debit-credit analysis for each transaction.
Business
1 answer:
attashe74 [19]3 years ago
6 0

Answer:

cash 30,740 debit (+A)

 common stock 30,740 credit (+SE)

no entry- no effect

furniture 3,630 debit (+A)

   account payable 3,630 credit (+L)

Account receivables 12,010 debit (+A)

     commissions revenue   12,010 credit (+R)

cash          135 debit (+A)

        commissions revenue    135  credit (+R)

Accounts payable   620 debit (-L)

       cash                         620 credit (-A)

salaries expense 3,240 debit (+Ex)

         cash              3,240 credit (-A)

Explanation:

<u><em>Expanded Accounting equation:</em></u>

Assets + Expenses   = Liabilities + Revenues + Stockholder equity

The left side will increase from debit and decrease from credit

While the right side of the equation increase from credit and decease from debit

You might be interested in
A firm has actual sales in November of $1,000 and projected sales in December and January of $3,000 and $4,000, respectively. Th
Valentin [98]

Answer:

(B) $2,100

Explanation:

5 0
3 years ago
Read 2 more answers
Suppose People's bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $
Vlad1618 [11]

Answer:

c. 10.38%

Explanation:

Loan Amount = $10,000

Quarterly Interest payment = $250

Interest Payment for the year = $250 x 4

Interest Payment for the year = $1,000

Nominal interest rate = ($1,000 / $10,000) x 100 = 10%

Nominal interest rate = r = 10%

Number of periods = m = 4

Effective Interest rate = [ ( 1 + r/m )^m]-1

Effective Interest rate = [ ( 1 + 0.1/4 )^4] -

Effective Interest rate = [ ( 1 + 0.025 )^4] -1

Effective Interest rate = 10.38%

6 0
3 years ago
Most stock exchanges today use electronic trading. t or f
Reil [10]

Answer:

T

Explanation

mommy

7 0
3 years ago
A summary measure that is computed to describe a characteristic from only a sample of the population is called
Dmitriy789 [7]

Answer:

D. a statistic.

Explanation:

A statistic is a single quantity contained in or computed from a set of data. Unlike a parameter (a characteristic of a population) a statistic is a characteristic or measure of a sample.

A statistic is a characteristic of a sample. Generally, a statistic is used to estimate the value of a population parameter.

4 0
2 years ago
Suppose you deposit $2,500 at the end of year 1, nothing at the end of year 2, $750 at the end of year 3, and $1,300 at the end
Ratling [72]

Answer:

$5837 approx

Explanation:

Amount = Principal(1\ +\ r)^{n}

Amount deposited at the end of year 1 would yield = $2500 (1\ +\ .09)^{4} = $2500 × 1.41158 = $3528.95

Amount deposited at the end of year year 3 would yield = $750 (1\ +\ .09)^{2} = $891.075

Amount deposited at the end of year 4 would yield = $1300 (1\ +\ .09)^{1} = $1417

Total deposit at the end of year 5 = $3528.95 + $891.075 + $1417 = $5837 approx.  

3 0
2 years ago
Other questions:
  • For the past five years, the RS Company has produced and sold electronic magnets to chemistry labs throughout the United States.
    11·1 answer
  • Assume that the banking system has total reserves of $100 billion. Assume also that required reserves are 10 percent of checking
    7·1 answer
  • Which spreadsheet type will determine how well a business has done over the past year?
    15·2 answers
  • You discover that credit information on you is inaccurate. which principle does this violate?
    5·2 answers
  • What happens when there are only a few large customers in the market?
    7·1 answer
  • The quantity of a good demanded in a given time period increases as the price falls, which is known as:_________
    6·1 answer
  • "if a price ceiling on physician services is going to be effective, it must be set ______ the competitive market equilibrium pri
    5·1 answer
  • Which of these is NOTa concern for consumers in times of inflation? a.They cannot anticipate the cost of goods and services. b.T
    15·1 answer
  • Indicate whether it would appear on the statement of cash flows as a(n)? operating activity, investing activity, or financing ac
    15·1 answer
  • suppose the mpc in an economy is 0.95. the apc is initially 0.55 and disposable income is $6 billion. if disposable income incre
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!