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svp [43]
3 years ago
9

Mary Sunny began business as Sunny Law Firm on November 1. Record the following November transactions by making entries directly

to the T-accounts provided. Then, prepare a trial balance, as of November 30. a) Mary invested $15,000 cash and a law library valued at $6,000 in exchange for common stock. b) Purchased $7,500 of office equipment from John Bronx on credit. c) Completed legal work for a client and received $1,500 cash in full payment. d) Paid John Bronx. $3,500 cash in partial settlement of the amount owed. e) Completed $4,000 of legal work for a client on credit. f) The firm paid $2,000 cash in dividends. g) Received $2,500 cash as partial payment for the legal work completed for the client in (e). h) Paid $2,500 cash for the legal secretary's salary.
Business
1 answer:
Alenkinab [10]3 years ago
3 0

Answer:

a.  

Dr. Cash   15000

Dr. Law Library (Asset) 6000

Cr. Mary (Capital Account) 21000

b.

Dr. Office equipment 7500

Cr. Account Payable  7500

c.

Dr. Cash   1500

Cr. Income / Revenue 1500

d.

Dr. Account Payable  3500

Cr. Cash   3500

e.

Dr. Account Receivable 4000

Cr. Income / Revenue 4000

f.

Dr. Marry (Capital Account) 2000

Cr. Cash   2000

g.

Dr. Cash   2500

Cr. Account Receivable (e) 2500

h.

Dr. Salary Expense  2500

Cr. Cash   2500

Explanation:

*Trial Balance and T accounts are made in an MS Excel file which is attached please find.

Download xlsx
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Answer: The answer is given below

Explanation:

a. What is the extended list price of the order?

This will be gotten by multiplying the number of cases with the price list. From the question, we are told that Whole Foods Market ordered 12 cases of organic vegetable soup with a list price of $18.90 per case and 8 cases of organic baked beans with a list price of $33.50 per case.

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Total = $226.80 + $268

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b. What is the total amount of the trade discount on this order?

We are told that the wholesaler offered Whole Foods a 39% trade discount. This will be:

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= 0.39 × $494.80

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The total net amount will be the total price of the order and the discount. This will be:

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5 0
3 years ago
Describe at least four factors that affect the demand for a particular commodity.
MrMuchimi

Answer with Explanation:

There are so many factors affecting the demand for a particular commodity. Four of these are: the price of the complements, the income of buyers, changes in trend and advertisements.

1. The price of the complements - Some commodities are complementary with each other, just like cars and gas. If the <em>price of cars decreases</em>, then many people will purchase their own cars, which also follows that <em>the demand for gas will increase.</em>

2. The income of buyers - If the income of a person increases, then he will most likely purchase a particular commodity because he can afford it and has an extra money to purchase goods.

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