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
madam [21]
3 years ago
6

Provide the summary journal entry which shows the cash flow for each of the following for Mike Roe Computers during the reportin

g period:
a) received from customers,
b) paid to suppliers,
c) paid to employees,
d) paid for interest,
e) paid for insurance,
f) paid for income taxes
Business
1 answer:
IrinaK [193]3 years ago
3 0

Answer:

a. DR Cash CR Customer

b. DR Suppliers (Liability) CR Cash

c. DR Employees (Salaries) CR Cash

d. DR Interest Expense CR Cash

e. DR Insurance Expense CR Cash

f.  DR Income Taxes CR Cash

Explanation:

This is an accounting question that attempts to test your understanding of Journal entries.

The logic behind journal entries rests on the understanding of double entry principle in accounting that states that for every debit entry, there must be a corresponding credit entry.

Furthermore, you credit the giver and debit the receiver for any transaction.

There is a simpler way to understand this though.

I will make a little assumption that you understand what assets, expenses, losses and liabilities are;

Based on this assumption;

whenever assets, expenses and losses go up or increase, you Debit (DR) them but when they go down or reduce, you Credit (CR) them

Also, whenever Capital, incomes, and Liabilities go up or increase, you Credit (CR) them and whenever they go down or decrease, you Debit (DR) them.

Please feel free to ask me further questions on this, I am sure the little explanation I have given above will help you with any journal entry question.

Thank you.

You might be interested in
Pentagon FGHJK is similar to pentagon MPQST what is the value of x
melamori03 [73]

If pentagon F G H J K is similar to pentagon M P Q S T the value of x is: 13.5.

<h3>Pentagon</h3>

Pentagon F G H J K=Pentagon M P Q S T

F K/ M T=J H/S R

Where:

F K=6cm

M T=9cm

J H=9cm

S R=x

Hence:

6/9=9/x

Cross multiply

6x=81

Divide both side by 6x

x=81/6

x=13.5

Inconclusion if pentagon F G H J K is similar to pentagon M P Q S T the value of x is: 13.5.

Learn more about pentagon here:brainly.com/question/858867

8 0
1 year ago
On February 1, 2020, Hawser Corporation purchased a parcel of land as a factory site for $960,000. An old building on the proper
Zolol [24]

Answer:

Cost of land = $1,005,000

Cost of building = $4,275,000

Explanation:

The calculation of cost of the land and new building is shown below:-

Cost of land = Purchase cost + Demolition of old building + Legal fees for title investigation and purchase contract - Salvaged materials

= $960,000 + $ 60,000 + 15,000 - $30,000

= $1,005,000

Cost of building = Architects Fees + Construction costs

= $105,000 + $4,170,000

= $4,275,000

5 0
3 years ago
If a donut shop sells a dozen donuts for $6.00, what would the cost of 9 donuts be at the same rate?
larisa86 [58]
To solve this question, first we need to find out the price of a single donut.

12 donuts = $ 6.00
1 donuts = $6.00 / 12

1 donuts = $ 0.50

After that, we just need to multiply the price for a single donut with the required amount (9), which will be:

9 x $ 0.50 = $ 4.50 . . . . for 9 donuts



3 0
3 years ago
While at a garage sale, jenna purchased a set of used plastic baby bottles. she noticed the symbol "7" in a triangle on the bott
grigory [225]
<span>I would tell Jenna that she first needs to research what the 7 on the bottom of the bottles means. This number is in reference to the specific type of plastic used in the bottles. She needs to make sure this plastic has not been deemed as dangerous for infants. Once cleared, she should thoroughly wash the bottles and use them.</span>
6 0
3 years ago
I need HELP!!!!!!!!!!
Brrunno [24]
Answer: D i think

Explanation:
7 0
2 years ago
Read 2 more answers
Other questions:
  • Quuizlet the two common methods of processing credit and debit card transactions are
    6·1 answer
  • Classify each item as an asset, liability, common stock, revenue, or expense. (a) Issuance of ownership shares. select the corre
    9·1 answer
  • The following bond investment transactions were completed during a recent year by Starks Company: Year 1 Jan. 31. Purchased 75,
    10·1 answer
  • In a local survey, 100 citizens indicated their opinions on a revision to a local land-use plan. Of the 62 persons giving favora
    8·1 answer
  • Use the following information to prepare a classified balance sheet for Alpha Co. at the end of 2016. Accounts receivable $41,08
    5·1 answer
  • Which level of PPE uses APR/PAPR and also includes a chemical/splash over garment, double gloves and chemical resistant boots?
    10·1 answer
  • A discontinuous innovation is a product that:___________
    10·2 answers
  • If a 10 percent increase in both capital and labor causes output to increase by less than 10 percent, the production function is
    5·1 answer
  • A homeowner desires to sell his or her home and signs an exclusive-listing agreement, requiring payment of a six percent commiss
    15·1 answer
  • Mega corp.has $10,000 in net income and $40,000 in sales. What is mega corp.’s profit margin?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!