Selected transactions for M. Coronado, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $11,700 cash in business.
3 Purchased used car for $3,510 cash for use in business.
9 Purchased supplies on account for $585.
11 Billed customers $2,808 for services performed.
16 Paid $410 cash for advertising.
20 Received $819 cash from customers billed on January 11.
23 Paid creditor $351 cash on balance owed.
28 Withdrew $1,170 cash for personal use by owner.
1. Journalize the above transactions.
Date Account Titles and Explanation Debit Credit
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28
Jan. 2Jan. 3Jan. 9Jan. 11Jan. 16Jan. 20Jan. 23Jan. 28

Answers

Answer 1
Answer:

Answer:

Jan.2

Dr Cash                      11,700

Cr Owner Equity       11,700

( to record owner's capital contribution to the business under the form of cash)

Jan.3

Dr Vehicles          3,510

Cr Cash               3,510

( to record the purchase of used car in cash)

Jan.9

Dr Supplies                  585

Cr Account Payable   585

(to record supplies purchase on account)

Jan.11

Dr Account Receivable          2,808

Cr Revenue                            2,808

( to record revenue earned in credit)

Jan.16

Dr Advertising expenses           410

Cr Cash                                      410

( to record advertising expenses paid in cash)

Jan.20

Dr Cash                              819

Cr Account Receivable    819

( to record the partial collection of receivables)

Jan.23

Dr Account Payable        351

Cr Cash                           351

( to record payment to creditor)

Jan.28

Dr Owner Equity              1,170

Cr Cash                           1,170

(to record owner's withdraw of capital in form of cash)

Explanation:


Related Questions

For the statements below select the appropriate terms from the given choices. 1. A revenue not yet recognized; collected in advance. 2. Office supplies on hand that will be used in the next period. 3. Interest revenue collected; not yet recognized. 4. Rent not yet collected; already recognized. 5. An expense incurred; not yet paid or recorded. 6. A revenue recognized; not yet collected or recorded. 7. An expense not yet incurred; paid in advance. 8. Interest expense incurred; not yet paid.
Paradise, Inc., has identified an investment project with the following cash flows.Year Cash Flow1 = $5752= $ 8253= $1,1254 =$1,325(a) If the discount rate is 11 percent, what is the future value of these cash flows in year 4?(b) What is the future value at a discount rate of 16 percent? (c) What is the future value at discount rate of 29 percent?
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the October 9 sale consisted of 55 units from beginning inventory and 185 units from the October 5 purchase; the October 29 sale consisted of 35 units from the October 18 purchase and 75 units from the October 25 purchase. (Round your average cost per unit to 2 decimal places.)
Several transactions for Trolley, Inc. are presented below. The company adjusts its books only at year-end.a. On August 1, the company rented some land from another company for $2,660 for a three-year time period. Trolley charged an expense account on August 1.b. On February 1, Trolley received $8,000 for a four-year technical service contract. Trolley is performing the services evenly over the four-year period. The company credited a liability account, Unearned Service Revenue, on February 1.c. On May 1, Trolley loaned $3,400 to another company on a 12%, one-year note.d. The weekly (five-day) payroll of Trolley amounts to $2,500. All employees are paid at the close of business each Friday. December 31 falls on a Thursday.Required:Prepare the adjusting entries for December 31.
Bob has saved $315 each month for the last 6 years to make a down payment on a house. The account earned an interest rate of .41 percent per month. How much money is in Bob's account

"The Federal Reserve raises the reserve requirement from 7 percent to 8 percent. Consequently banks must set aside more money and consequently have less money to lend. The result is that the banks will raise the interest rate they charge to their customers. These conditions make it harder and more expensive for people and businesses to borrow money. Because they can’t borrow as much, they can’t spend as much. If people aren’t spending as much, prices don’t go up. With this action, the Fed has lessened the likelihood of ________."

Answers

Answer: a. Inflation

Explanation:

Inflation refers to the general rise in prices of items in an economy in a certain period of time. Inflation essentially erodes the value of the domestic currency of the economy in question.

Central Banks like the Fed can use Monetary policy to influence inflation. In this case they reduced the amount of money in the economy by reducing bank loans. This will ensure that people cannot spend too much which would increase demand and therefore increase prices.

By doing this, they have limited the likelihood of inflation.

A firm has cash of 200,000, accounts receivable of 75,000, prepaid expenses of 12,500, accounts payable of $50,000, other current liabilities of 35,000, common stock of 375,000 and long term liabilities of 65,000. The firm also produced a profit of 20,000 during the last calendar year. What is the firm working capital?

Answers

Answer:

$202,500

Explanation:

Working capital is the difference between current assets and current liabilities. Therefore, the formula for calculating working capital is as below.

Working capital = current assets- current liabilities

in this case

current assets =

cash     $200,000

account receivable      $75,000

prepaid expenses of       $12,500,

Total current assets   =      $287,500

current liabilities

accounts payable of   $50,000

other current liabilities of  $35,000

Total current liabilities = $85,000

working capital = $287,500 - $85,000

                          =$202,500

Which of the following statements is NOT CORRECT? a. Foreign bonds and Eurobonds are two important types of international bonds.
b. A Eurodollar is a U.S. dollar deposited in a bank outside the U.S.
c. The term Eurobond applies only to foreign bonds denominated in U.S. currency.
d. Any bond sold outside the country of the borrower is called an international bond.
e. Foreign bonds are bonds sold by a foreign borrower but denominated in the currency of the country in which the issue is sold.

Answers

Answer:

b. A Eurodollar is a U.S. dollar deposited in a bank outside the U.S.

Explanation:

A Eurodollar is a bond issued by a foreign company in US dollars instead of heir own domestic currency. Eurodollars are issued and redeemable at the foreign country, no the US. It has nothing to do with money deposited in banks outside of the US, since it refers to bonds, not deposits.

A company is in its first month of operations. Supplies worth $4,000 were purchased on January 5. At the end of the month supplies worth $3,000 were in hand. What adjusting entry would be made at the end of January?

Answers

Answer:

Adjustying Entry at the end of January

                                                 Dr.        Cr.

Supplies Expense Account  $1,000

Supplies Inventory Account             $1,000

Explanation:

Opening supplies  = 0 (First month of operation)

Purchases on January 5 = $4,000

Supplies on January 31 = $3,000

Closing Inventory = Opening Inventory + Purchase during the month - Expense for the month

$3,000 = $0 + $4,000 - Expense for January

Expense for January = $4,000 - $3,000 = $1,000

Everything else the same, the higher the expected rate of inflation, _____. a. the lower the loss in purchasing power of investors
b. the higher the required rate of return on an investment
c. the lower the maturity premium required by the investors
d. the higher the money supply in the economy
e. the lower the tax rate in the economy

Answers

Answer: b. the higher the required rate of return on an investment

Explanation: Inflation is an increase in the general level of prices or in the cost of living. It is the decline in the value of money and as such it erodes the purchasing power of future cash flows or investments. All things being equal, higher inflation rates (current or expected) equates to rising yields across the yield curve. As a result, investors demand this higher yield to account for the risk of inflation. This makes option b the only option that is true and accurate.

Final answer:

The higher the expected rate of inflation, the higher the required rate of return on an investment.

Explanation:

The correct answer is b. The higher the expected rate of inflation, the higher the required rate of return on an investment. When the expected rate of inflation is high, investors require a higher rate of return to compensate for the loss in purchasing power of their money. This is because high inflation erodes the value of money over time, reducing the real return on an investment. Therefore, investors demand a higher rate of return to maintain their purchasing power.

Learn more about expected rate of inflation here:

brainly.com/question/36617009

#SPJ3

The total product curve: a. will become flatter as output increases if there are diminishing returns to the variable input. b. will be downward-sloping if there are diminishing returns to the variable input. c. shows the relation between output and the quantity of a variable input for varying levels of the fixed input. d. will become horizontal when the marginal product of the variable input is constant.

Answers

Answer:

B) Will become flatter as output increases if there are diminishing returns to the variable input

Explanation:

Other Questions
2. Jamie Lee and Ross are estimating that they will be putting $40,000 from their savings account toward a down payment on their home purchase. Using the traditional financial guideline suggestion of "two and a half times your salary plus your down payment," calculate approximately how much Jamie Lee and Ross can spend on a house.3. Using Your Personal Financial Plan Sheet 24, calculate the affordable mortgage amount that would be suggested by a lending institution and based on Jamie Lee and Ross’ income.How does this amount compare with the traditional financial guideline found in Question #2?Use the following amounts for Jamie Lee and Ross’ calculations:• 10% down payment• 28% for TIPI• $500.00 per month for estimated combined property taxes and insurance• 5% interest rate for 30 years4. Jamie Lee and Ross found a brand new three-bedroom, 2 ½ bath home in a quiet neighborhood for sale. The listing price is $275,000. They would like to place a bid of $260,000 on the home. The seller’s counteroffer was $273,000. What should Jamie Lee and Ross do next to demonstrate to the owner that they are serious buyers?5. Jamie Lee and Ross received a signed contract from the buyer accepting their $273,000 offer! The seller also agreed to pay two points toward Jamie Lee and Ross’ mortgage. Calculate the benefit of having points paid toward the mortgage if Jamie Lee and Ross are putting a $40,000 down payment on the home.6.Calculate Jamie Lee and Ross’ mortgage payment, using the 5 percent rate for 30 years on the mortgage balance of $233,000.