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ikadub [295]
3 years ago
5

Barbara Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following e

vents and transactions occurred.
April

2 Invested $27,330 cash and equipment valued at $14,650 in the business.
2 Hired an administrative assistant at a salary of $338 per week payable monthly.
3 Purchased supplies on account $775. (Debit an asset account.)
7 Paid office rent of $590 for the month.
11 Completed a tax assignment and billed client $929 for services rendered. (Use Service Revenue account.)
12 Received $3,021 advance on a management consulting engagement.
17 Received cash of $2,535 for services completed for Ferengi Co.
21 Paid insurance expense $101.
30 Paid administrative assistant $1,352 for the month.
30 A count of supplies indicated that $138 of supplies had been used.
30 Purchased a new computer for $5,841 with personal funds. (The computer will be used exclusively for business purposes.)

Required:
Journalize the transactions in the general journal.
Business
1 answer:
Amanda [17]3 years ago
3 0

Solution :

Date       Account                                                           Debit($)           Credit($)

April 2     Cash                                                               27,330

               Equipment                                                      14,650

               Capital                                                                                      41,980

April 2     No journal is required on hiring employee

April 3     Supplies                                                         338

                Accounts payable                                                                    338

April 7     Rent expense                                                590

              Cash                                                                                            590

April 11   Accounts receivable                                       929

             Service revenue                                                                          929

April 12  Cash                                                                3021

             Unearned service revenue                                                        3021

April 17  Cash                                                                2535

             Service revenue                                                                         2535

April 21  Insurance expense                                        101

              Cash                                                                                             101

April 30   Salary expense                                             1352

               Cash                                                                                            1352

April 30  Supplies expense                                          138

              Cash                                                                                              138

April 30  Computer                                                        5841

              Capital                                                                                          5841          

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Say's law says that
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Answer:

The answer is : People consume the goods  they produce

Explanation:

Say's law could also be refereed to as  Say's law of markets in Classical economics states that supply itself creates its own demand which is equivalent to people consuming what they produce.

3 0
3 years ago
Jamie, a salesperson, is discussing her goals with her coworker. She mentions that she has set an account goal of $30,000. In or
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Jamie should first set a Sales Call goal.

Jamie, a salesperson, is discussing her goals with her coworker. She mentions that she has set an account goal of $30,000. In order to achieve her account goal, Jamie should first set a <u>Sales call goal</u>.

The purpose of sales call objectives is to set a foundation and create a roadmap to the promised land. In other words, the objective of Sales call is to set an objective and make a plan to obtain the same. As in Jamie's case, her account goal is of $30,000, In order to obtain this account goal she need to first set a Sales call in which she will need to build an initial level of trust with her target audience/ prospect.

While setting the Sales call, few things should be kept in mind as basic rules like building a good relationship with the customers so that they come back to the same salesperson, ask for their feedbacks, this will also help in enabling trust between the two parties etc.

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8 0
9 months ago
Immediately after graduating you bought a car with a bank loan of $20,000. The term of the loan is 5 years with monthly payments
xz_007 [3.2K]

Answer:

Explanation:

Principal borrowed =$20,000

Loan year=5years

Monthly interest =12%

We need to find the amount after 12years

Compound interest is give as

Using compound interest formula

A=P(1+r/n)^nt

Where,

P = principal amount = $20,000

r = annual rate of interest =12%=0.12

t = number of years the amount invested =5years

A = amount of money accumulated after n years, including interest.

n = number of times the interest is compounded per year=12months

Therefore,

A=P(1+r/n)^nt

A=20,000(1+0.12/12)^5×12

A=20,000(1+0.01)^60

A=20,000(1.01)^60

A=20,000×1.817

A=$36,333.9

So he is meant to pay $36,333.9 for 5years (60months)

Then he will pay

$36,333.9/60

He will pay $605.57 per month

So his twelfth payment is 605.47×12=$7266.78

Using is normal payment

He is suppose to pay $20,000 at a rate of $20,000/60=333.33

Then after the twelve payment, then he his supposed to pay $333.33×12=$4000

So the interest between on the twelfth payment is 7266.78-4000 =$3266.9

7 0
3 years ago
Bruno's Lunch Counter is expanding and expects operating cash flows of $26,900 a year for 6 years as a result. This expansion re
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Answer:

Net present value of this expansion project is 8234.

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To get the net present value,  we make a cash-flow in excel. See document attached.

At moment 0 the investment is =$(92.700), also we consider the working capital =(6.600)

Moment 1 to 6 = $26.900

We calculate the Net cash flow (that is the difference between benefits and cost).

To get net present value, we use VNA formula.  ( =VNA(required rate of return; Net cash flow from moment 0 to moment 6) +Net cash flow at moment 0)

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4 0
3 years ago
__________ refers to the investment that shareholders make in a company that cannot be recovered if the company fails and goes b
photoshop1234 [79]

Answer:

<em>Risk capital</em>

Explanation:

Risk capital <em>relates to funds allocated to risky operation and used to invest heavy-risk, elevated-reward.</em>

Diversification is key to a successful risk capital investment, because the prospects of each investment appear to be undetermined in nature, although the yields may be far above average when an investment is successful.

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