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Anvisha [2.4K]
3 years ago
14

Martinez Corp. has the following transactions during August of the current year.

Business
1 answer:
Vinvika [58]3 years ago
6 0

Answer:

Aug 1

Cash                                      $10930 Dr

     Common Stock                      $10930 Cr

Aug 4

Prepaid Insurance                  $1760 Dr

      Cash                                       $1760 Cr

Aug 16

Cash                                 $810 Dr              

    Service Revenue               $810 Cr

Aug 27

Salary Expense                     $570 Dr

       Cash                                     $570 Cr

Explanation:

Aug 1

The receipt of cash in exchange of common stock is recorded as a debit to cash which is an asset and a credit to common stock which is capital

Aug 4

Prepayment of any expense is recorded as a current asset. Thus, prepaid insurance is debited as asset increases and cash is credited as cash decreases.

Aug 16

The receipt of cash in exchange of service provision is recorded as a credit to service revenue and a debit to cash

Aug 27

Payment of salary is an expense and is recorded as a debit to salary expense and a credit to cash.

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Answer:

Cognitive dissonance

Explanation:

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Which of the following is considered important in a company's attempt to strengthen partner relationships? Group of answer choic
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Answer:

All of the above are considered important in strengthening partner relationships

Explanation:

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Felipe works for an insurance agency with about 50 employees. The HR director recently sent an email requesting information on w
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Answer:

C.  Most people used the reply all button

Explanation:

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In its first month of operations, Concord Corporation made three purchases of merchandise in the following sequence: (1) 650 uni
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Average unit cost

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Second Purchase=750 units x $6 =$4,500

Third Purchase=    850 units x $7 = $5,950

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Average unit cost = Total cost/ number of units =13,050/(650+750+850)= 13,050/2250= $5.8 per unit

Cost of Ending inventory = 550 unts at hand x $5.8 =$3,190

(using the average cost method)

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