Answer:
See explanation section
Explanation:
1. Debit Cash $17,000
Credit Service revenue (music) $17,000
<em>Note: The academy receives cash by providing music services to the students.</em>
2. Debit Prepaid Insurance $4,200
Credit Cash $4,200
<em>Note: The academy paid cash in advance to purchase insurance policy.</em>
3. Debit Musical Equipment $20,000
Credit Cash $20,000
<em>Note: The academy paid cash for acquiring musical equipment.</em>
4. Debit Cash $30,000
Credit Notes payable $30,000
<em>Note: The academy borrowed cash by signing a notes from the bank.</em>
Answer:
<em>[C] Go on with the scheduled issue date as planned, issuing the objective report as is even though this may negatively affect business between the two companies.</em>
Explanation:
Although the communication between the two organizations might have a detrimental impact on business, it really is your duty to release the report as it is.
It is unethical to prolong the problem for convenience or as a favor to the executives of the other organization as the study shifts to downplay negativity.
Answer:
Explanation: when the total number of customers *increases*, in order to serve the increased number of customers, it needs to be done *faster* in order not to keep other customers waiting for too long. And also this increased customer patronage would increase as well, the number of cars driving through the drive way
Answer:
a. Accounts Payable: B
b. Cash: B
c. Common stock: B.
d. Account Receivables: B
e. Rent expenses: I
f. Service revenue: I
g. Office supplies: B
h. Dividends: RE
i. Land: B
j. Salaries Expenses: I
Explanation:
a. Accounts Payable: I
It is recorded in the Liability part to showed amount owed to suppliers.
b. Cash: B
It is recorded in the Current Asset part to show amount of cash on hand and in bank.
c. Common stock: B
It is recorded in the Owner Equity part to show Owner's capital contribution
d. Account Receivables: B
It is recorded in the Asset part to show amount owed from customers.
e. Rent expenses: I
It is recorded in the expenses part of income statement.
f. Service revenue: I
It is recorded in the revenue part of income statement.
g. Office supplies: B
It is recorded in the current asset part of the Balance Sheet statement to show how much office supplies is not consumed/ fully consumed.
h. Dividends: RE
It is recorded in the Statement of Retained Earnings to show dividend paid out in the reporting period.
i. Land: B
It is recorded in the Non-current Asset part of the balance sheet to show Book value of land possession.
j. Salaries Expenses: I
It is recorded in the expenses part of income statement.
