Answer:
a. Bonds payable Liability account
b. Equipment Asset account
c. Accounts payable Liability account
d. Salaries payable Liability account
e. Common stock Equity account
f. Retained earnings Equity account
g. Cash Asset account
h. Accounts receivable Asset account
i. Sales revenue Equity account
j. Inventory Asset account
Explanation:
All the assets account is debit in nature, so the equipment, cash, account receivable and Inventory accounts are debit in nature and these are classified as asset.
All the account with credit nature is either classified as Liability or Equity accounts. Equity accounts are common stock, retained earning and sales revenue. Liabilities accounts are bond payable, account payable and salaries payable.
Answer:
$638,000
Explanation:
The answer is simply the expenditure minus any selling from salvages.
First total Expenses(cost for land + cost for building) are as follow;
Land purchase: 64,000
Demolition: 6,000
Architect’s fees: 16,000
Legal fees for title investigation of land 4,000
Property taxes on land 3,400
Construction costs 540,000
Interest on construction loan 7,000.
.........................................................................
Total expenses = 64,000 +6,000+16,000+ 4,000+3,400+ 540,000 +7,000 = 640,400
Salvage sales = 2,400
Net Capital Cost = Total expenses - Salvage sales = $638,000
Answer:
C) HR representatives attend merger and acquisition discussions.
Explanation:
Decisions about mergers and acquisitions are very complex and include all the aspects of both companies involved (e.g. finance, production, HR, etc.). M&A are part of Burton's strategic planning since they involve the future of both companies.
If HR managers or representatives already attend and participate in M&A discussions, that means that they are already actively participating in Burton's strategic planning.
Answer:
Create Invoices > Receive Payment > Make Deposits
Explanation:
A sales transaction can be defined as a business transaction between two or more individuals or organizations, which generally involves the buyer purchasing either a tangible or intangible goods and services from the seller (service provider) through the use of money, credit cards or vouchers.
After successfully initiating, processing and execution of a sales transaction, the following are important to consider.
To record a sales transaction, use:
1. Create Invoices: a sales invoice is defined as an accounting document which is used for recording the essential details of the payment of goods and services made by a customer. It is the first step in the sales transaction, as it is expected that the seller or service provider makes it available and issues it for all sales transactions. Also, it is an essential accounting document which serves as an evidence of payment and delivery of goods and services to the customer.
2. Receive Payment: after filling out the sales invoice, the cashier is expected to receive cash or any other form of payment made available to the customer as a medium of payment. At this stage, the cashier or sales representative should ensure the payment is confirmed to be complete and we'll received.
3. Make Deposits: the cashier then goes ahead to record the sales transaction in balance sheet of the organization, after the customer has successfully paid for the service being provided or received.
In a nutshell, for a number of sales the above mentioned steps should be followed by sales persons or cashiers judiciously after all transactions are done.
Answer:
The journal entries are as follows:
(a) On January 1,
Note receivable A/c Dr. $46,000
To cash $46,000
(To record the note receivable)
(b) On June 30,
Interest receivable A/c Dr. $2,070
To Interest revenue $2,070
(To record the accrued interest on note)
Workings:
Time period: From 1st January to 30th June = 6 months
Interest revenue:
= $46,000 × 9% × (6/12)
= $2,070
(c) On December 31,
Cash A/c Dr. ($2,070 + $2,070) $4,140
To interest receivable $2,070
To interest revenue $2,070
(To record the interest received on note)
(d) On December 31,
Cash A/c Dr. $46,000
To Notes receivable $46,000
(To record the principal received on the note)
