Select the correct answer.

At the end of Year 1, Clayton Company had $6,000 of cash, $7,000 land, $2,000 of liabilities, $3,000 of common stock, and $8,000

sleet_krkn [62]

Answer:

B. $ 17,000 $ 3,500 $ 10,500

Explanation:

First Record the transactions for year 2 as follows :

Journal 1

Cash $1,500 (debit)

Note Payable $1,500 (credit)

Journal 2

Cash $6,500 (debit)

Revenue $6,500 (credit)

Journal 3

Expenses $4,000 (debit)

Cash $4,000 (credit)

Journal 4

Land $5,000 (debit)

Cash $5,000 (credit)

The next step is to adjust the Year 1 Balances with the transactions

Assets

Cash ($6,000 + $1,500 + $6,500 - $4,000 - $5,000) $5,000

Land ($7,000 + $5,000) $12,000

Total Assets $17,000

Liabilities

Calculations ($2,000 + $1,500) $3,500

Total Liabilities $3,500

Equity

Common Stock ($3,000 + $0) $3,000

Retained Earnings ($8,000 + $6,500 - $4,000) $10,500

Total Equity $13,500

Conclusion :

The Option that gives correct totals for Assets, Liabilities and Retained Equity is B.

6 0

4 years ago

Choose one of the leadership styles described and give an example of a character from

wel

Answer:

Autocratic leadership is that type of leadership in which the leader exercises his power in an excessive way, without limits on the part of another type of bureaucratic structure or of his own subordinates, who have practically no participation in the decision-making process. Thus, in these cases the leader makes decisions by his own will and criteria, which can lead to errors of judgment and tyrannical behavior.

A clear example of an autocratic leader in a movie is that of Xerxes, the Persian leader in movie 300, who oppresses his own subordinates to achieve the desired results.

5 0

3 years ago

Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to

Vlada [557]

Answer:

See explanation Section

Explanation:

Adjusting Entries

Req. A, B

A. Since the partial amount of insurance policy has been expired-

Debit Insurance Expense $3,203

Credit Prepaid Insurance $3,203

An expense will be appeared and the current assets will be decreased.

B. Debit Teaching supplies Expense $7,528

Credit Teaching supplies $7,528

As the company has $2,776 supplies available from $10,304, teaching supplies expense will appear as $7,528 = (10,304 - 2,776)

Req. C, D, and E

C. Debit Depreciation expense-equipment $12,814

Credit Accumulated depreciation-equipment $12,814

D. Debit Depreciation expense-professional library $6,407

Credit Accumulated depreciation-professional library $6,407

E. Debit Unearned revenue $5,600

Credit Service revenue $5,600

Note: Monthly fee of $2,800 from November to December. Therefore, 2 months fee = $2,800*2 = $5,600 has been earned.

Req. F, G and H

F. Debit Accounts receivable $8,750

Credit Service revenue $8,750

Note: As WTI has not yet received any payment from October 15 to December 31, there will be 2 and a half months bill due. Each month = 3,500. Therefore, 2 months = $7,000, and a half-month = $(3,500 ÷ 2) = $1,750. Total receivable = $7,000 + $1,750 = $8,750.

G. Debit Salaries expense $400

Credit Salaries payable $400

Note: As there are two employees and two days salary have been accured, total salaries payable = $100 per day × 2 employees × 2 days = $400

H. Debit Rent Expense $2,062

Credit Prepaid rent $2,062

7 0

4 years ago

what are the key events with notes payable? (check all that apply.) multiple select question. establishing the note recording in

sveta [45]

The key events with notes payable are

Accruing interest incurred but not paid
Establishing the note
Recording principal paid
Recording Interest paid

Perhaps the series of results of an experiment is called an event. For example, let's say you did an experiment by tossing a coin. The result of this experiment is a coin with heads or tails. Social events are defined as events characteristic of people forming a group. This may relate to events, shows, social events or parties, contests, and contests. A simple event is an event that can occur in only one direction. That is, there is only one result. Given the example before tossing a coin, we get a heads or tails result.

Learn more about events here

brainly.com/question/1374659

#SPJ4

6 0

1 year ago

In which of the following situations would a delegation of contractual duties be allowed? Multiple Choice A painter hired to pai

Trava [24]

Answer:

A painter hired to paint your home.

Explanation:

Delegation of contractual duty occurs when the individual that is supposed to perform a task transfers the responsibility of performing the task to another person.

For example if someone is supposed to paint a house but he has other engagements. He can delegate to another painter to perform the painting.

Delegation does not transfer contractual rights as the original person still collects payment for performance of the task.

Usually delegation can occur for tasks that do not require special skill and can be performed by anyone.

In the other scenarios special skill is required so delegation will not be usually allowed.

8 0

3 years ago