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
Paul [167]
2 years ago
12

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.

You might be interested in
The two characteristics of a competitive market are 1) many buyers and sellers in the market and 2) the goods offered by the var
FrozenT [24]

Answer:

1. True

2. False

Explanation:

A perfect competition is characterised by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.

In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.

An example of perfect competition is the market for farm produce.

I hope my answer helps you

5 0
3 years ago
Fatima finds an article on march 16, 2014 titled "benefits of laptops" on the technologynow website. the article was written on
padilas [110]

In citing the source in MLA format, Fatima should place the title as the first to be read or written, followed by the author and citation in the end. So it should be, “Benefits of Laptops” by Michael Gray. Technology Now, August 2, 2013. Web. March 16, 2014.

6 0
3 years ago
Read 2 more answers
A $50,000 note payable is retired at its $50,000 carrying (book) value in exchange for cash. The only changes affecting retained
Andre45 [30]

Answer:

Increase in Cash is $3,500

Net cash flow from operations $143,310

Net cash flow from investing activities $4,500

Net cash flow from Financing activities -$135,310

Explanation:

Please refer to the attached for detailed prssentation

5 0
3 years ago
Which type of a person demonstrates trustworthiness?
True [87]

Answer:

a person on whom you can rely

Explanation:

it's the correct answer

5 0
3 years ago
PLEASE HELP ME
Olin [163]

Answer:

i clicked on this when i didnt mean to and i dont know how to exit

Explanation:

6 0
3 years ago
Other questions:
  • The name given to the fraction of deposits that a bank is legally required to hold in its vault, or as deposits at the fed, is _
    6·1 answer
  • The idea of efficiency often arises when measuring a society's well-being. There are two kinds of efficiency: productive efficie
    12·1 answer
  • How many weeks does it take you to bring home $6000?​
    11·1 answer
  • If a loan is risky and extends for more than a year what will a lender ask for
    8·1 answer
  • Roslyn is a food buyer for Organic Cornucopia Food Company when she decides to go into business for herself as Roslyn’s Kitchen.
    5·1 answer
  • Tatham Corporation produces a single product. The standard costs for one unit of its Clan product are as​ follows:
    7·1 answer
  • An offer that cannot be revoked because an offeror promises to hold the offer open for a specified time in exchange for payment
    9·1 answer
  • In order for someone to avoid a contract on the grounds of intoxication, the level of intoxication must have been:______.
    9·1 answer
  • What Is margin of safety?
    13·1 answer
  • Which of the following exemplifies a change in buyers' tastes? Multiple choice question. A decrease in national income because o
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!