The following are the transactions for the month of July.

The May bank statement for Rental shows a balance of $6,300, but the balance per books shows a cash balance of $8,200. Other in

Sphinxa [80]

The items that will require journal entries to update the balance in the Cash account of the Rental Company are <u>items 1, 2, and 4</u>, as follows:

<h3>Adjusting Journal Entries:</h3>

Debit Utilities Expense (Electric) $200

Credit Cash $200

Debit Cash $480

Credit Note Receivable $450

Credit Interest $30

Debit Bank service charges $50

Credit Cash $50

<h3>Transaction Analysis:</h3>

1. Understatement of a check for the electric bill by $200 ($220 - $20)

2. Note Receivable $450 Interest on Note Receivable $30

4. Bank service charges $50

<h3>Cash Account Adjustments:</h3>

Utilities Expense (Electric) $200 Cash $200

Cash $480 Note Receivable $450 Interest $30

Bank service charges $50 Cash $50

Thus, the items that will require journal entries to update the balance in the Cash account of the Rental Company are <u>items 1, 2, and 4.</u>

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8 0

1 year ago

The price index was 150 in the first year, 142.5 in the second year, and 138.2 in the third year. The economy experienced:______

Maslowich

Answer:

The correct answer is:

5.0 percent deflation between the first and second years, and 3.0 percent deflation between the second and third years. (a)

Explanation:

to calculate the percentage deflation, we will simply calculate the percentage change in price between the years stated. This is calculated as follows:

% change = $\%\ change = \frac{P_2 - P_1}{P_1} \times 100\\where:\\P_1 = initial\ price\ index\\P_2 = New\ price\ index\\for\ first\ and\ second\ years\\\therefore \%\ change = \frac{142.5 - 150}{150} = \frac{-7.5}{150}= -0.05 \times 100 = -5\%\\$

Note that the negative sign shows a deflation.

if you use the same method for years two and three, you should get -3%, using P₁ as 142.5 and p₂ as 138.2. Hence option 'a' is correct.

7 0

2 years ago

Greer Manufacturing purchases property that includes land, buildings and equipment for $4.7 million. The company pays $185,000 i

nekit [7.7K]

Answer:

Explanation:

The journal entry is shown below:

Land A/c Dr $1,459,920

Equipment A/c Dr $2,085,600

Building A/c Dr $1,668,480

To Cash A/c $2,607,000 ($5,214,000 × 50%)

To Notes payable A/c $2,607,000 ($5,214,000 × 50%)

(Being purchase of property is recorded)

The total property cost would be

= $4,700,000 + $185,000 + $218,000 + $111,000

= $5,214,000

Estimated value of land = $5,214,000 × 28% = $1,459,920

Estimated value of building = $5,214,000 × 40% = $2,085,600

Estimated value of equipment = $5,214,000 × 32% = $1,668,480

6 0

2 years ago

A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand. Assuming that the specific ide

sattari [20]

After computing the cost of inventory that was sold, The Cost of Goods sold is given as $1,334.30.

<h3 /><h3>The calculations related to the exercise are as follows:</h3>

From the information provided (see full question attached),

Inventory at hand as at November 1:

there are 29 Units of Inventory at the cost of $5.90 dollars each.

Purchases:

118 units are purchased at $6.30 dollars each;
59 units are purchased at $6.15 dollars each; and
88 units are bought at $6.50 dollars each.

If at the end of the period there are 25 units each form the purchases above and 7 from the existing inventory as at Nov. 1st, then the cost of goods sold is:

((29-7) X 5.9) +((118-25) x 6.3) + ((59-25) x 6.15) + ((88-25) x 6.5))

= $1,334.30

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5 0

1 year ago

Kamiar owed Rubio $5,000, which was due in one year. There was no dispute that a debt existed and no dispute over the amount. Ho

aleksley [76]

Yes, Rubio will be able to successfully sue and collect the $1,000 later because their agreement was not fulfilled.

<h3>What is an agreement in contract?</h3>

In contract, an agreement is an element of what makes a contract valid. When an agreement is breached, then, the aggrieved party have a right to void the contract.

In conclusion, the answer is yes because Rubio will be able to successfully sue and collect the $1,000 later because their agreement was not fulfilled.