For Accounting, I need help knowing how to journalize the following transaction:

For each transaction:

stira [4]

Answer:

Elegant Lawns

a. Analysis of transactions using the accounting equation:

1. May 15, Assets Cash $7,000 Equipment $3,000 Equity: Common stock $10,000

2. May 21, Assets: Office supplies $500 Liabilities: Accounts Payable $500

3. May 25, Assets: Cash $4,000 Equity: Service Revenue $4,000

4. May 30, Assets: Cash $1,000 Equity: Service Revenue $1,000

b. Journal Entries:

Date Account Titles Debit Credit

1. May 15, Assets: Cash $7,000

Assets: Equipment $3,000

Equity: Common stock $10,000

2.

May 21, Assets: Office supplies $500

Liabilities: Accounts Payable $500

3. May 25, Assets: Cash $4,000

Equity: Service Revenue $4,000

4. May 30, Assets: Cash $1,000

Equity: Service Revenue $1,000

c. T-accounts:

Cash

Date Account Titles Debit Credit

1. May 15 Common stock $7,000

3. May 25, Service revenue 4,000

4. May 30, Service revenue 1,000

Equipment

Date Account Titles Debit Credit

1. May 15 Common stock $3,000

Office Supplies

Date Account Titles Debit Credit

2. May 21, Accounts Payable $500

Common Stock

Date Account Titles Debit Credit

1. May 15 Cash $7,000

1. May 15 Equipment 3,000

Accounts Payable

Date Account Titles Debit Credit

2. May 21, Office supplies $500

Service Revenue

Date Account Titles Debit Credit

3. May 25, Cash $4,000

4. May 30, Cash 1,000

Explanation:

a) Data and Analysis with Accounting Equation:

1. May 15, Assets Cash $7,000 Equipment $3,000 Equity: Common stock $10,000

2. May 21, Assets: Office supplies $500 Liabilities: Accounts Payable $500

3. May 25, Assets: Cash $4,000 Equity: Service Revenue $4,000

4. May 30, Assets: Cash $1,000 Equity: Service Revenue $1,000

8 0

3 years ago

Management at Work While reading the newspaper one day, you come across an article discussing the diversity strategy presented b

Leno4ka [110]

1. Kellogg's is likely to experience Reduced turnover when compared with other companies that do not promote diversity

2. He likely to report about his shares of stock, Since the implementation of the diversity strategy, my shares have increased in value.

Explanation:

Benefits of good diversity management are -

Harmonious working conditions
Better involvement of employees
Improved performance of employees
Improved manufacturing processes
Enhanced product quality
Retained sales (i.e. higher level of employee retention)

Good management of diversity means greater profit and a better brand image.

Turnover is the replacement of an employee with a new hire throughout the realm of human resources. Turnover means a proportion of the employees who leave the company for a certain period of time.

6 0

3 years ago

Using accrual accounting, expenses are recorded and reported only: _A. when they are incurred and paid at the same time. B. if t

sleet_krkn [62]

Answer:

C. when they are incurred, whether or not cash is paid.

Explanation:

In accrual accounting, expenses are recorded in the moment they are incurred, even if they have not been paid for.

In fact, the term "accrued expense" means an expense that has been incurred, but not yet paid.

One common example of an accrued expense is accrued wages:

Suppose that a firm hires a worker on March 1, for a wage of $1,000 dollars per month, that is due to be paid at the end of the month (March 31). This worker is earning $33 per day. By March 4, the firm should have recorded accrued wages for $132 ($33 x 4 days) even if no payments will be made until March 31.

4 0

3 years ago

A company's weekly payroll amounts to $50,000 and payday for the week is every friday. employees work five days per week, monday

salantis [7]

The total payroll amount is $50,000 per week.

Since there are only 5 work days per week (Monday to Friday), therefore the employees wage per day is:

Employees wage per day = $50,000 / 5 = $10,000

For the payday on April 4, the wages expense covered for this would be from April 1 to April 4 since the accounting period ended on March 31. Therefore wages expense in the journal entry would be calculated using 4 days.

Wages expense for April for the payday April 4 = Employees wage per day * Number of days

Wages expense for April for the payday April 4 = $10,000 * 4

<span>Wages expense for April for the payday April 4 = $40,000</span>

7 0

3 years ago

The legal document identifying the rights and obligations of both the bondholders and the issuer is called the bond ______. This

V125BC [204]

Answer: indenture

Explanation:

The bond indenture is a legal contract that or covers a purchase obligation or a debt.

Therefore, the legal document identifying the rights and obligations of both the bondholders and the issuer is called the bond indenture. This document describes the number of bonds authorized, their par value, and the contract interest rate.

7 0

3 years ago