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2 years ago

Preparing Adjusting Entries, Financial Statements, and Closing Entries

Business

1 answer:

strojnjashka [21]2 years ago

3 0

Answer:

1. Cash (Dr.) $145,850

Sales (Cr.) $145,850

2. Purchases (Dr.) $76,200

Accounts Payable (Cr.) $76,200

3. Accounts Payable (Dr.) $4,100

Cash (Cr.) $4,100

4. Prepaid Rent (Dr.) $24,000

Cash (Cr.) $24,000

5. Wages Expense (Dr.) $12,500

Cash (Cr.) $12,500

Wages Expense (Dr.) $350

Wages Payable (Cr.) $350

6. Depreciation Expense (Dr.) $1,700

Accumulated Depreciation (Cr.) $1,700

Explanation:

Journal entries are recorded for the business transactions. These transaction incurred in the business are recorded in the books of accounts. These journal entries then create Ledger and Trial balance.

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Robert Sampson owns a townhouse valued at $185,000 and still has an unpaid mortgage of $150,000. In addition to his mortgage, he

AlexFokin [52]

Answer:

0.31

Explanation:

Given that,

Visa = $ 755

MasterCard = 380

Discover card = 555

Education loan = 3,900

Personal bank loan = 650

Auto loan = 6,000

Total debt (not including mortgage) = $12,240

Net Worth (not including home) = $39,000

Robert's debt-to-equity ratio:

= Total debt ÷ Net worth

= $12,240 ÷ $39,000

= 0.31

8 0

3 years ago

Windsor, the owner of Windsor's Sandwiches contacts a new supplier Gary. He tells Gary that he will pay him $375 if Gary deliver

adelina 88 [10]

Answer:

Bilateral Contract

Explanation:

A bilateral contract is an agreement between two parties in which each side agrees to fulfill his or her side of the bargain.

The bilateral contract is the most common kind of binding agreement. Each party is both an obligor (a person who is bound to another) to its own promise, and an obligee (a person to whom another is obligated or bound) on the other party's promise. A contract is signed so that the agreement is clear and legally enforceable.

In this case Windsor promises to pay $375 and Gary promises to deliver 20 pounds of cheese.

4 0

3 years ago

An emphasis is placed on proper income statement item recognition under what approach under US GAAP?

Over [174]

Answer:

Revenue /expense approach

Explanation:

As we know that the income statement recognized only the revenues and the expenses and if the revenue is more than the expenses so the company is earning profit else it would suffered loss

So for proper income statement, the item recognized under US GAAP should be placed in revenue and expense approach as it comes under the income statement and the same is to be considered

3 0

3 years ago

When using the periodic system the physical inventory count is used to determine Select one: a. both the cost of the goods sold

AlexFokin [52]

Answer:

a. both the cost of the goods sold and the cost of ending inventory.

Explanation:

The physical count is used in the periodic inventory system to calculate the amount of ending inventory. However the cost of goods sold can be derived from using the ending inventory count. Suppose we have ending inventory of 100 units and Purchases were 500 units Also there were no beginning inventory units so the Cost of goods Sold can be calculated as

Cost of Goods Sold= Beginning Inventory Add Purchases Less Ending Inventory

Cost of Goods Sold= 0 + 500- 100= 400

8 0

3 years ago

Justify the effectiveness of the national credit act ,2005 on businesses

forsale [732]

Answer:

The Act was introduced to: promote a fair and non-discriminatory marketplace for access to consumer credit

Explanation:

The National Credit Act was enacted on the premise that consumers need to be protected from this practice. The Act thus exerts pressure on the credit lenders to assess the consumer's ability to repay, disclose the cost of credit, as well as setting limit on interest that can be charged.

5 0

3 years ago