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Mnenie [13.5K]
3 years ago
12

Macro Company has the following adjusted accounts and balances at June 30:

Business
1 answer:
leva [86]3 years ago
7 0

Answer:

                                            <em> Debit              Credit</em>

                                                  $                   $

Cash                                        1000  

Account receivable                 530  

Supplies                                   690  

Prepaid rent                             40  

Software                                   190  

Equipment                                1380  

Accumlated depreciation                             230

Accumlated Amortization                             140

Account payable                                           80

Income tax payable                                       30

Unearned revenue                                        90

Notes payable                                               1280

Common stock                                              280

Retained earnings                                         110

Sales revenue                                               3530

Interest revenue                                            50

Depreciation expenses                                 100  

Interest expenses                                          170  

Income tax expenses                                    100  

Office expenses                                             800  

Rent expenses                                                380  

Salaries and wages expenses   <u>                    640</u>  

TOTAL                                        <u> 6020          6020</u>

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The purpose why the person use the money is for medium of exchange.

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Which of the following is a general two-year college level degree
svetlana [45]

Answer:

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8 0
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At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000. XYZ’s man
vivado [14]

Answer:

1. $13,500

2. $13,500

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6 0
3 years ago
Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible.
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Answer: Please see the required journals below:

Mar. 17:

Debit Allowance for doubtful accounts $1,000

Credit Accounts receivable $1,000

July 29:

Debit Cash $1,000

Credit Bad debt recovery (income statement) $1,000

Explanation: On March 17, when $275 was received from Shawn and the remaining balance of $1,000 was written off, the allowance for doubtful accounts has to be debited since the company adopts the allowance method of accounting for uncollectible receivables. Note that the allowance account would have the required buffer to take care of this debit. Similarly, when the recovery was made, cash would be debited then the credit would default to income statement.

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3 years ago
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Answer: Option "d" $280000 and $700000.

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