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maksim [4K]
2 years ago
14

Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue

, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Collected cash for services Account
Purchased office furniture on account Account #1 Account Type ncrease/Decrease Debit/Credit Account #2 Account Type ncrease/Decrease Debit/Credit Provided services on account Account #1 Account Type ncrease/Decrease Debit/Credit Account #2 Account Type ncrease/DecreaseDebit/Credit Prepaid for rent. Account #1 Account Type ncrease/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit
Business
1 answer:
wariber [46]2 years ago
7 0

Answer:

Accounting treatment (debit credit rules) of given entries

Explanation:

  • Purchased office furniture on account Account

Furniture ie Asset increase - Debit , Creditor (Furniture Supplier) ie Liability increase - Credit

  • Provided services on account

Debtor ie Asset increase - Debit , Sale ie Income increase - Credit

  • Prepaid Rent

Prepaid Expense (Rent) ie Asset Increase - Debit. Rent paid now implies later rent ie (Expense) decrease - Credit

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PB8.
Maurinko [17]

Answer:

Products         Selling price   Unit variable cost

                                $                       $

Junior                     50                      15

Adult                       75                      25

Expert                     <u>110 </u>                   <u> 60</u>

Total                      <u> 235 </u>                  <u> 100</u>

The sales price per composite unit = $235

The contribution margin per composite unit

= Composite selling price - Composite unit variable cost  

= $235 - $100

= $135

Break-even point in units

= <u>Fixed cost</u>

  Contribution per unit

= <u>$114,750</u>

  $135

= 850 units

Break-even point in dollars

= Break-even point in units x Composite selling price

= 850 units x $235

= $199,750

                     Income Statement    

                                                               $

Total contribution ($135 x 850 units)   114,750

Less: Fixed cost                                     <u>114,750</u>

Net profit                                                   <u> 0</u>

                                                                                                                                                                             

Explanation:

Sales price per composite unit is the aggregate of all the selling prices.

Contribution margin per composite unit equals composite selling price minus composite unit variable cost.

Break-even point in units is fixed cost divided per composite contribution margin per unit.

Break-even point in dollars equal break-even point in units multiplied by selling price.

Income statement is prepared by deducting the total fixed cost from the total contribution.

4 0
3 years ago
Suppose a bank enters a repurchase agreement in which it agrees to buy Treasury securities from a correspondent bank at a price
Cloud [144]

Answer:

Yield with 6-day maturity is 7.70%

Yield with 18-day maturity is 2.57%

Explanation:

The formula for yield on repurchase is given as:

y = ( PAR – P ) / P x (360 / t )

P=Purchase price

PAR=Repurchase price

t= number of days of the transaction

In first scenario,PAR is $39 million,P is $38.95 million and t=6

y=($39000000-38950000)/38950000*(360/6)

y=7.70%

In the second scenario,details remained the same except for t that is 18

y=($39000000-38950000)/38950000*(360/18)

y=2.57%

This implies the longer the maturity the lesser the yield since yield is computed on daily basis.

3 0
3 years ago
All of the other options that are given up when a business makes one choice over another are called
ycow [4]
The correct answer is A.
4 0
3 years ago
Read 2 more answers
On November 1, Arvelo Corporation had $32,000 of raw materials on hand. During the month, the company purchased an additional $7
Maurinko [17]

Answer:

Option (c) is correct.

Explanation:

Given that,

Raw materials on hand = $32,000

Purchased an additional raw materials = $78,000

During November,

Raw materials were requisitioned = $95,000

Totaled  indirect materials = $3,000

The journal entry is as follows:

Work in process inventory (95,000 - 3,000) A/c      Dr. $92,000

Manufacturing overhead A/c                                      Dr. $3,000

To Raw material A/c                                                                        $95,000

The work in process is debited by $92,000 and raw material is credit by $95,000.

5 0
3 years ago
Product modification occurs even when changes are made to a product's aesthetic appearance rather than its quality and functiona
Rainbow [258]
False :
because a product modification occurs when changes are made in how the product functions, its quality, or some aesthetic characteristic of the product.
(Here it’s says only the aesthetic but it’s all)
8 0
2 years ago
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