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
never [62]
3 years ago
9

The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $

10,500 cash. Purchase prepaid insurance to protect musical equipment over the next year for $4,000 cash. Purchase musical equipment for $17,000 cash. Obtain a loan from a bank by signing a note for $39,000. Record the transactions. (Omit the "$" sign in your response.)
Business
1 answer:
AleksAgata [21]3 years ago
8 0

Answer:

Explanation:

Provide music lessons to students for 10,500 cash.

Dr Cash                   10,500

   Cr  Sales             10,500

Being cash sales made

Purchase prepaid insurance to protect musical equipment over the next year for $4,000 cash.

Dr Prepaid Insurance account    4,000

   Cr Cash                                      4,000

Being payment for the prepaid insurance

Purchase musical equipment for $17,000 cash.

Dr  Equipment (asset) account             17,000

   CR  Cash                                               17,000

Being purchase of equipment

Obtain a loan from a bank by signing a note for $39,000.

Dr Cash                                39,000

  Cr     Loan note (liability)  39,000

You might be interested in
Consumption occurs when income is exchanged for goods or services
Nonamiya [84]

Answer:

The correct answer is when income is exchanged for goods or services.

Explanation:

When we earn income, a portion of it goes to savings, and the balance income is called the disposable income. This disposable income can be used in various ways. You can invest it in income generating assets such as stocks, real estate, or you can exchange that for goods and services which is called the consumption.

Generally, the rate of consumption grows when the income grows.

4 0
3 years ago
Read 2 more answers
17. Which of the following is a false statement about the goals of management? A. Management's concern is that a union will crea
love history [14]
I think it's either A) or B) Let me know
6 0
3 years ago
Miranda thinks she is ready to invest in the stock market. What should she do to prepare?
laiz [17]
•Make sure she is financially able to cope if losses are made. Investing in stock markets are risky and the money she put in could be lost so she must make sure she has other savings so she doesn't go in debt/bankrupt.

•Research in order to make an informed choice. She could research types of assets, expert advice, and how the investment would be split.

6 0
3 years ago
Read 2 more answers
Brandon is looking to invest for retirement, which he hopes will be in 30 years. He is looking to invest $39,500 today in U.S. T
Elis [28]

Answer:

e. $82,854

Explanation:

Assuming compounding occurs only once a year, the future value of a $39,500 investment for 30 years at a rate of 2.50% per year is determined by:

FV = P*(1+r)^n\\FV = \$39,500*(1+0.025)^{30}\\FV=\$82,854

At the end of 30 years, Brandon will have $82,854.

The answer is alternative e. $82,854

6 0
3 years ago
_________ are defined as a collection of assertions - both verbal and symbolic - that specify how and why variables are related,
Kobotan [32]

Answer:

Theory

Explanation:

A Theory is a compilation of laws, experiments, and facts that forms rules that explain an event. This means that a theory can specify how variables will affect this event and in which conditions it happens.

I hope you find this information useful and interesting! Good luck!

5 0
3 years ago
Other questions:
  • Which best describes the benefits of renting a home?
    12·2 answers
  • Whitman and Greene are partners in a real estate venture. At January 1, 2020, their respective capital balances were $200,000 an
    15·1 answer
  • Kent is a salesman at a large water products distributor where all the decisions are made by the top levels of management. Howev
    10·1 answer
  • A stock has annual returns of 5 percent, 21 percent, -12 percent, 7 percent, and -6 percent for the past five years. The arithme
    13·1 answer
  • Which of the following theories argues that organizations try to minimize their reliance on other organizations for the supply o
    6·2 answers
  • Assume that atlanta co. is producing motorcycles and selling them to u.s. customers. atlanta co. obtains all of its supplies fro
    9·1 answer
  • Vera is a good listener, helps her customers solve problems, and makes product suggestions that meet their needs. Last year she
    6·1 answer
  • At the beginning of 2017, Wertz Construction Company changed from the completed-contract method to recognizing revenue over time
    6·1 answer
  • Problem 8-15 Comparing Investment Criteria [LO 1, 3, 4, 6] Consider the following two mutually exclusive projects: Year Cash Flo
    13·1 answer
  • Cy Burspace first began working for Epic Electronics in the mid-1970s as a business technology specialist. Today, he is the depa
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!