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scoray [572]
2 years ago
12

Journalize the following transactions in the general journal: Sept. 1 Sold common stock for cash $60,000. 1 Paid rent for the mo

nth, $1,500. 3 Borrowed $10,000 from a bank and signed a note payable agreeing to repay the $10,000 in one year plus 10% interest. 3 Purchased $5,500 of cleaning equipment; paid $3,000 down with the remainder due within 30 days. 4 Purchased cleaning supplies for $4,200 cash. 10 Received $3,500 from cash customers. 21 Billed customers for services, $3,800. 23 Paid $2,500 on account to cleaning equipment firm (see Sept. 3 transaction). 28 Collected $2,500 from customers on account. 29 Received electricity bill for the month, $85 and will pay it in October. 30 Paid wages for September, $1,950. 30 Paid service station for gasoline used during September, $275. 30 Paid dividends, $900.
Business
1 answer:
faust18 [17]2 years ago
3 0

Answer: See explanation

Explanation:

September 1:

Debit Common stock $6000

Credit: Cash $60000

September 1:

Debit: Rent $1500

Credit: Cash $1500

September 3:

Debit: Cash $10000

Credit: Note payable $10000

September 3:

Debit: Cleaning Equipment $5,500

Credit: Cash $3,000

Credit: Account payable $2,500

September 4:

Debit: Supplies $4200

Credit: Cash $4200

September 10:

Debit: Cash $3500

Credit: Service revenue $3500

September 21:

Debit: Account receivable $3800

Credit: Service revenue $3800

September 23:

Debit: Account payable $2500

Credit: Cash $2500

September 28:

Debit: Bank $2800

Credit: Account receivable $2800

September 29:

Debit: Electricity expense $85

Credit: Electricity payable $85

September 30:

Debit: Wages $1950

Credit: Cash $1950

September 30:

Debit: Gasoline $275

Credit: Cash $275

September 30:

Debit Dividend $900

Credit Cash $900

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3 years ago
Assume that a national restaurant firm called BBQ builds 10 new restaurants at a cost of $1 million per restaurant. It outfits e
Sergio039 [100]

Answer:

12,000,000; $6,000,000

Explanation:

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3 0
3 years ago
You invested $10,000 in 2020. It increases 5% for 5 years. Over the next 5 years it decreases in value by 5% each year. How much
Lera25 [3.4K]

Answer:

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Explanation:

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8 0
2 years ago
In which type of economy does the government decide all or most economic questions? (5 points)
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The right answer for the question that is being asked and shown above is that: "C) Mixed." The type of economy does the government decide all or most economic questions is that of <span>Mixed economy. This is correct as far as the economy is concerned.</span>
4 0
3 years ago
Read 2 more answers
Compute the depreciation and book value each year of a machine that costs $67,000 topurchase and $3,000 to install with an 8-yea
kondor19780726 [428]

Answer:

                                          Depreciation                      Book Value

                                              for year                             after year

                                                  $                                           $

Year 1 -                                   15,556                                 54,444

Year 2                                     13,611                                   40,833                                  

Year 3                                     11.667                                   29,667

Year 4                                      9,722                                   19,444

Year 5                                      7,778                                    11,667

Year 6                                      5,833                                     5,833

Year 7                                       3,889                                     1,944

Year 8                                       1,944                                           0

Explanation:

Computation of yearly depreciation using sum of the years method

Cost of equipment                                                                $ 67,000

Installation cost                                                                     <u>$   3,000</u>

Depreciable cost                                                                  $ 70,000

In a sum of the years method the mo of years are summed up and then depreciation  is applied with the highest number first.

Sum of the years = (1+2+3+4+5+6+7+8) = 36

Depreciable basis                                                                 $  70,000

Depreciation for year 1 = 8/36* 70,000                              <u> $ (15,556) </u>

Book value after year 1                                                          $ 54,444

Depreciation for year 2 = 7/36* 70,000                              <u> $ (13,611) </u>

Book value after year 2                                                          $ 40,833

Depreciation for year 3 = 6/36* 70,000                              <u> $  (11,667) </u>

Book value after year 3                                                          $ 29,667

Depreciation for year 4 = 5/36* 70,000                              <u> $  ( 9.722) </u>

Book value after year 4                                                          $ 19,444

Depreciation for year 5 = 4/36* 70,000                              <u> $   (7,778) </u>

Book value after year 5                                                        $    11,667

Depreciation for year 6 = 3/36* 70,000                              <u> $   (5,833) </u>

Book value after year 6                                                        $    5,883

Depreciation for year 7 = 4/36* 70,000                              <u> $   (3,889) </u>

Book value after year 7                                                        $    1,944

Depreciation for year 8 = 1/36* 70,000                              <u> $   (1,944) </u>

Book value after year 8                                                        $    0

5 0
2 years ago
Read 2 more answers
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