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nata0808 [166]
2 years ago
9

On April 1, Tamarisk, Inc. began operations. The following transactions were completed during the month.

Business
1 answer:
erma4kov [3.2K]2 years ago
5 0

Answer:

Given below

Explanation:

Tamarisk, Inc.

Genral Journal

<u>No.        Account Titles and Explanation          Debit             Credit</u>

1.               Cash                                                $21,600 Dr

                        Common Stock                                            $21,600 Cr

Issued common stock for $21,600 cash. Cash is received and stock is issued.

2.           Cash                                             $6,300 Dr

                  Note payable                                                    $6,300 Cr

Obtained a bank loan for $6,300 by issuing a note payable. Cash is received and the liability is also increased.

3.          Equipment                                  $9,900 Dr

                             Cash                                                    $9,900 Cr

 Equipment    is bought by paying cash.

4.           Office rent                                  $1,100  Dr

                                         Cash                                        $1,100 Cr

 Office rent is paid through cash.

5.                         Supplies                        $1,300  Dr

                                         Cash                                       $1,300 Cr

Supplies   are bought for   $1,300  cash.

6.              Advertising Expense               $540  Dr

                        Accounts Payable Daily Herald              $540 Cr

    Advertising is purchased on accounts of  Daily Herald for $540

7.                                 Cash                             $1,800  Dr

                      Accounts Receivable      $14,400  Dr

                                            Revenue                            $16,200 Cr

Performed services for $16,200, cash of $1,800 is received from customers, and the balance of $14,400 is billed to customers on account.

8.                       Dividends                    $360  Dr

                             Cash                                                    $360 Cr

Paid $360 dividend to stockholders.

9.                   Utilities                      $1,800  Dr

                              Cash                                                $1,800 Cr

Utility bill is paid for the month, $1,800.

10.        Accounts Payable Daily Herald              $540   Dr

                                  Cash                                                  $540 Cr

Advertising bought on accounts is paid in cash $ 540.

11.              Interest Expense                       $40  Dr

                              Cash                                                   $40 Cr

Paid $40 of interest on the bank  for the loan of   $6,300 obtained from the bank.  

12.                 Salaries                          $5,760  Dr

                             Cash                                                 $5,760 Cr

Salaries for  $5,760 are paid in cash.

13.             Cash                                       $14,400  Dr

                            Accounts Receivable                       $14,400 Cr

Cash is received for the balance of $14,400 billed to customers on account for services performed.

14.              Tax Expense                        $1,350  Dr

                             Cash                                                 $1,350 Cr

Cash $1,350 is paid as Tax.

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Answer:

$ 2,100.00 F

Explanation:

Preparation of the report showing the company's revenue and spending variances for August.

QUILCENE OYSTERIA

REVENUE AND SPENDING VARIANCES

For the Month Ended August 31

Actual Results Flexible Budget

Revenue and Spending Variances

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Revenue ($4.00q) $

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(35,200-21,680=$ 13,520)

($32,000-20,580=$11,420)

($3,200-1,100=$2,100)

Summary:

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Revenues and Spending Variance

For the Month ended August 31

Revenue $ 3,200.00 F

Expenses:

Packing supplies $ 200.00 U

Oyster Bed Maintenance $ 100.00 F

Wages and Salaries $ 340.00 U

Shipping $ 550.00 U

Utilities $ 20.00 F

Other $ 130.00 U

Total Expenses $ 1,100.00 U

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Therefore the company's revenue and spending variances for August will be :$ 2,100.00 F

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The par value before stock split was $2, board of directors declared a 2 for 1 split so the par value will be reduced by half.

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6 0
3 years ago
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