1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
d1i1m1o1n [39]
2 years ago
5

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $12,750 cash an

d $54,825 of photography equipment in the company in exchange for common stock. 2 The company paid $3,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,423 cash. 20 The company received $2,050 cash in photography fees earned. 31 The company paid $868 cash for August utilities. Prepare general journal entries for the above transactions.
Business
1 answer:
djyliett [7]2 years ago
3 0

Answer:

Aug 1

Dr Cash $12,750

Dr Photography equipment $54,825

Cr Common stock $67,575

Aug 2

Dr Prepaid insurance $3,500

Cr Cash $3,500

Aug 5

Dr Office supplies $2,423

Cr Cash $2,423

Aug 20

Dr Cash $2,050

Cr Photography fees earned $2,050

Aug 31

Dr Utilities Expense $868

Cr Cash $868

Explanation:

Preparation of general journal entries for the above transactions

Aug 1

Dr Cash $12,750

Dr Photography equipment $54,825

Cr Common stock $67,575

($12,750+$54,825)

Aug 2

Dr Prepaid insurance $3,500

Cr Cash $3,500

Aug 5

Dr Office supplies $2,423

Cr Cash $2,423

Aug 20

Dr Cash $2,050

Cr Photography fees earned $2,050

Aug 31

Dr Utilities Expense $868

Cr Cash $868

You might be interested in
A company that has been subject to Securities Exchange Act of 1934 reporting requirements for five years and has an aggregate wo
pickupchik [31]

accelerated filer, A company reporting requirements for five years and has an aggregate worldwide market cap of $300 million is an accelerated filer.

More about accelerated filer?

A publicly traded company that, as of the end of its fiscal year, satisfies each of the following requirements:

  • As of the final business day of the company's most recent completed second fiscal quarter, the total worldwide market value of the voting and non-voting common equity held by its non-affiliates (or public float) was $75 million or more but less than $700 million.
  • For at least 12 months, the company has been required to report in accordance with Sections 13(a) or 15(d) of the Exchange Act.
  • The business has previously submitted at least one annual report in accordance with Exchange Act Sections 13(a) or 15(d).
  • The company does not meet the revenue requirements (which include those listed below), so it is not eligible for smaller reporting company status.

Learn more about accelerated filer here: brainly.com/question/14855960

#SPJ4

7 0
1 year ago
What are some things to look for when choosing a credit card? what does the video suggest about credit cards?
algol13
Where is the video? I can't see it.
6 0
2 years ago
True or false: Under the specific charge-off method, a deduction for a bad debt is taken when the debt is determined to be worth
larisa [96]
<span>it is true that under the specific charge-off method, a deduction for a bad debt is taken when the debt is determined to be worthless. </span>
5 0
3 years ago
An employee is dissatisfied with the resolution of an ethical conflict with his supervisor at his place of employment. According
Greeley [361]

Answer: Contact the top level of the management who is not involve in the ethical conflict      

Explanation:

 According to the given scenario, an employees of an organization are basically dissatisfied with the various types of resolutions of given ethical conflicts made by the company's supervisors.

 On the basis of the institute  management accountants, the employees next step is the contact with the top level management and involve them in the decision of an ethical conflicts so that they provide an effective resolution based on the given situation.    

 Therefore, The given answer is the correct answer.    

     

7 0
2 years ago
Peter Parker, CEO at Spdey Enterprises, finds his profits at $8,000,000 inadequate for his Web-Slinger business. His production
Lady bird [3.3K]

Answer:

Spdey Enterprises

The percentage improvement in Sales to achieve the desired profit is:

c. 42.86% increase in sales.

Explanation:

a) Data and Calculations:

Normal profit level = $8 million

Expected profit level = $14 million

                                             Normal            Expected

Sales per year              $40,000,000          $57,142,857

Cost of purchases          16,000,000            22,857,143

Production costs            10,000,000             14,285,714

Variable costs               26,000,000            37,142,857

Total contribution        $14,000,000       $20,000,000

Fixed costs                      6,000,000           6,000,000

Profit level                     $8,000,000        $14,000,000

Expected Contribution = Expected profit level + Fixed Costs

Normal Contribution = 35% of Sales

Normal Variable costs = 65% (100% - 35%)

Expected Contribution = $20,000,000 = 35% of Sales

Therefore, Expected Sales = $57,142,857 ($20,000,000/35%)

Normal Sales = $40,000,000

Expected Sales = $57,142,857

Percentage increase = 42.86% ($57,142,857 - $40,000,000)/$40,000,000

4 0
3 years ago
Other questions:
  • Choice is the largest employer in the Pacific Northwest. It is covered by numerous federal employment laws. As such, it is requi
    14·1 answer
  • Adverse selection occurs in the market for used cars because used car buyers ______
    6·1 answer
  • What may happen if your job does not require you to use the aptitudes you possess?​
    14·1 answer
  • The Uptowner will pay an annual dividend of $3.26 a share next year with future dividends increasing by 2.8 percent annually. Wh
    12·1 answer
  • For each of the following items, calculate the cash sources or cash uses that should be recognized on the statement of cash flow
    13·1 answer
  • A U.S. company purchased inventory on account at a cost of 1,000 foreign currency units (FCU) from a non‐U.S. company on Novembe
    8·1 answer
  • Which of the following statements is true about profits in a monopolistically competitive market? A. Most firms will earn substa
    13·1 answer
  • You’re the purchasing manager for a large trucking company, worried about a spike in oil prices come January 15 when you typical
    8·1 answer
  • Which figure (amount) should be larger?<br> A. Expenses<br> B. income<br> C. Extras<br> D. Needs
    13·1 answer
  • Define capital economics.​
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!