Peter loves dogs and cats. For the past several years, he has owned and operated Homeward Bound, which temporarily houses pets while their owners go on vacation. For the month of June, the company has the following transactions:1. June 2 Obtain cash by borrowing $19,000 from the bank by signing a note.2. June 3 Pay rent for the current month, $1,200.3. June 7 Provide services to customers, $3,300 for cash and $1,600 on account.4. June 11 Purchase cages and equipment necessary to maintain the animals, $6,500 cash.5. June 17 Pay employees’ salaries for the first half of the month, $4,600.6. June 22 Pay dividends to stockholders, $1,075.7. June 25 Receive cash in advance from a customer who wants to house his two dogs (Chance and Shadow) and cat (Sassy) while he goes on vacation the month of July, $1,150.8. June 28 Pay utilities for the month, $1,400.9. June 30 Record salaries earned by employees for the second half of the month, $4,600. Payment will be made on July 2.1. Record each transaction(journal entries)2. determine the transactions involving cash.3. Assuming the balance of cash at the beginning of June is $12,800, post each cash transaction to the cash T-account.June 112,800

Answers

Answer 1

1) The Journal entries for the Homeward Bound owned by Peter:

June 2: Debit Cash $19,000; Credit Notes Payable $19,000.June 3: Debit Rent Expense $1,200; Credit Cash $1,200.June 7: Debit Cash $3,300; Debit Accounts Receivable $1,600; Credit Service Revenue $4,900.June 11: Debit Equipment $6,500; Credit Cash $6,500.June 17: Debit Salaries Expense $4,600; Credit Cash $4,600.June 22: Debit Dividends $1,075; Credit Cash $1,075.June 25: Debit Cash $1,150; Credit Unearned Revenue $1,150.June 28: Debit Utilities Expense $1,400; Credit Cash $1,400.June 30: Debit Salaries Expense $4,600; Credit Salaries Payable $4,600.

2) Transactions involving cash are:

June 2: Obtain cash by borrowing $19,000 from the bank by signing a note.June 3: Pay rent for the current month, $1,200.June 7: Provide services to customers, $3,300 for cash.June 11: Purchase cages and equipment necessary to maintain the animals, $6,500 cash.June 17: Pay employees’ salaries for the first half of the month, $4,600.June 22: Pay dividends to stockholders, $1,075.June 25: Receive cash in advance from a customer who wants to house his pets for the month of July, $1,150.June 28: Pay utilities for the month, $1,400.June 30: Record salaries earned by employees for the second half of the month, $4,600.

3) Cash T-Account:

June 2: Debit $19,000, Credit $0, Balance $19,000.June 3: Debit $0, Credit $1,200, Balance $17,800.June 7: Debit $3,300, Credit $0, Balance $21,100.June 11: Debit $6,500, Credit $0, Balance $27,600.June 17: Debit $4,600, Credit $0, Balance $23,000.June 22: Debit $1,075, Credit $0, Balance $21,925.June 25: Debit $1,150, Credit $0, Balance $23,075.June 28: Debit $0, Credit $1,400, Balance $21,675.June 30: Debit $4,600, Credit $0, Balance $26,275.

The journal entries represent the financial transactions that Homeward Bound had during the month of June. Each entry involves debits and credits that reflect the economic impact of the transaction on the company's financial position. Debits increase assets and decrease liabilities, while credits increase liabilities and decrease assets. These entries provide a record of the company's financial activities that can be used to prepare financial statements and assess the company's performance.

The transactions involving cash are the ones where there is an inflow or outflow of cash. These transactions are important as they affect the company's liquidity position.

The cash T-account shows the balance of cash at the beginning of June, as well as the cash transactions that occurred during the month. The T-account helps to keep track of the company's cash balance and how it changes over time.

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Related Questions

What is the goal of materials handling? a. Minimize length of time product is held in storage b. Minimize time spent sorting delivered products c. Minimize the time spent coding and tagging products d. Minimize the number of times a product is handled e. Minimize the number of times a product is transported

Answers

Answer:

d. Minimize the number of times a product is handled

Explanation:

Material handling is the process by which products are passed from different stages of production and delivery before getting to the consumer.

Since material handling is an essential activity in production businesses plan to reduce cost on this activity.

The best way to reduce handling cost is to reduce the number of time a product needs to be handled.

That is reducing to the barest minimum the touch points in process like sorting, moving, preparing, and storing products

The process by which a firm attempts to have the consumer associate two ideas such as a drug and headache relief is called ______.

Answers

Cognitive Learning is process by which a firm attempts to have the consumer associate two ideas such as a drug and headache relief.

What is Cognitive Learning?

Cognitive learning is a form of of learning which main focus is how to use the brain more accurately and effectively.

To understand cognitive learning, the meaning of cognition is Paramount.

Cognition is a form of mental procedure to acquire knowledge and understand what is taught, experiences or what we think about.

An example of Cognitive Learning is when teachers help their students to find new solutions to problems of what they are been cognitive

Therefore, Cognitive Learning is process by which a firm attempts to have the consumer associate two ideas such as a drug and headache relief.

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In a global context, economic development is _________________ correlated with the level and efficiency of financial markets and institutions.

Answers

Answer:

Highly

Explanation:

In a global context, economic development is highly correlated with the level and efficiency of financial markets and institutions.

Financial markets can be defined as any marketplace where the trading of securities occurs.

Types of financial markets includes:

1. Money market

2. Foreign exchange market (forex)

3. Bond market

4. Over the counter market

5. Stock market

Economic development refers to the process by which a state improves the economic, political, and social well-being of its citizens. It involves structural transformation, technological innovation and industrial upgrading which will increase labor productivity and improvements in infrastructure.

Stages of economics development includes:

1. Traditional stage

2. Pre-condition for take off stage

3. Take off stage

4. Drive to maturity stage

5. Age of high mass consumption stage

Answer:

Highly

Explanation:

In a global context, economic development is highly correlated with the level and efficiency of financial markets and institutions.

An agreement that requires employees to settle disputes with their employer using arbitration instead of a lawsuit is known as

Answers

An agreement that requires employees to settle disputes with their employer using arbitration instead of a lawsuit is known as a mandatory arbitration agreement .

In such agreements, both the employer and the employee agree to resolve any conflicts or disputes that may arise in the course of employment through arbitration rather than through the court system.

Arbitration is a form of alternative dispute resolution where an independent third party, known as an arbitrator, reviews the evidence and arguments presented by both parties and makes a binding decision on the matter.

It is considered an alternative to litigation and is often seen as a more cost-effective and efficient way to resolve disputes.

However, critics of mandatory arbitration agreements argue that they can limit employees' access to justice and reduce their ability to pursue legal claims against their employers.

They claim that arbitration may not always provide employees with the same level of procedural fairness and protections as a court trial and can favor employers, leading to potential injustices.

As a result, the use of mandatory arbitration agreements in employment contracts has been a topic of ongoing debate and legal scrutiny.

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Analyze the pros and cons of raising the minimum wage. What position do you support for our economy and explain your reasoning?

Answers

Analyzing the pros and cons of raising the minimum wage is important. However, taking a specific position on this matter requires a comprehensive analysis of various factors.

Raising the minimum wage has several potential pros and cons. Pros include reducing income inequality, improving workers' standard of living, and stimulating consumer spending. However, it may lead to job losses, increased costs for businesses, and potential inflationary effects. When considering the position of our economy, it's crucial to strike a balance between supporting workers' well-being and considering the potential impact on businesses, job creation, and overall economic stability.

Policy decisions should be based on thorough research, considering the unique circumstances of the economy and the potential trade-offs involved.

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Greg is a founder who needs more money to continue operating his company. The company has a path to profitability and greg does not want to dilute his equity. He borrows $100 million from the silicon valley bank. What is this an example of? venture capital equity capital debt capital private equity

Answers

The given case of GREG is an example of Debt capital

Borrowed money that needs to be paid back later is referred to as debt capital. Any type of expansion capital that a business obtains through borrowing is referred to here. These loans could be either short- or long-term, like overdraft protection. Legally, businesses must fully remit interest on debt capital before paying any dividends to shareholders. As a result, debt capital takes precedence over annual profits on a company's list of goals.

When it comes to the payment of yearly returns, debt capital scores higher than equity capital. Therefore, legally, the interest on any debt capital must be fully returned before any dividends are paid to any equity contributors.

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most of the revenue that magazine companies generate comes from what?
A.subscriptions from readers
B.publishing content articles
C.selling space to advertisers
D.store and newsstand sales

Answers

Answer:

C.selling space to advertisers

Explanation:

Selling advertising space to advertisers is one of the oldest ways that magazines have been using to generate revenue. To date, advertising still accounts for a massive percentage of revenues for magazines.  Despite the emergence of other revenue streams for magazines, such as subscriptions, advertisers are still the biggest revenue source. Up to 59.5% of magazine revenue is through the sales of selling space to advertisers.

Answer:

C

Explanation:

Randall wants to become a certified public accountant. To accomplish this, he must be certified by the ________ in which he plans to provide accounting services.

Answers

He must be certified by the state in which he plans to provide accounting services.

For a person or an individual to have the license to operate as a certified public accountant such person must be certified by the state in which he or she plans to render accounting service to.

In order to be a certified or qualified public accountant all the necessary requirement must be meant by the person.

The person must sit for the CPA examination and must pass the certified public accountant examination before being certified to operate as one by the state.

Inconclusion he must be certified by the state in which he plans to provide accounting services.

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which activity is most likely to be outsourced by an automotive company such as Ford Motor Co.?
a) the concept design for future cars
b) final car assembly
c) design of the engine
d) production of tires

Answers

The correct option is D, production of tires is most likely to be outsourced by an automotive company such as Ford Motor Corporation.

A corporation is a legal entity that is separate and distinct from its owners, known as shareholders. It is created under the laws of a particular state or country and has the ability to enter into contracts, borrow money, sue and be sued, and conduct business operations.

The shareholders of a corporation provide capital in exchange for ownership through shares of stock. The corporation is managed by a board of directors who are elected by the shareholders and are responsible for setting policy and making major business decisions. One of the key benefits of incorporating is limited liability. This means that the shareholders are generally not personally liable for the debts and obligations of the corporation.

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How can allocative efficiency be achieved?

Answers

Allocative productivity happens when one party doesn't determine the advantages of an item to the detriment of another party. Every individual should trade the ware with someone else for the two players to benefit.

Allocative productivity will happen when the two shoppers and makers have free admittance to data (so no deviated data), permitting them both to pursue the most proficient potential choices in buying and creation.

Allocative proficiency isn't accomplished in light of the fact that cost (what item is worth to shoppers) is above negligible expense (opportunity cost of item). Preferably, result ought to extend to a level where P=MC, yet this will happen just under unadulterated serious circumstances where P = MR.

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Lindsay is a personal trainer who works with athletes to get them ready for their events. She helps them learn how to strengthen their muscles and keep their bodies in prime condition so that they will perform at their best. The pathway in the Education and Training cluster that Lindsay’s career falls into is _____.

Answers

Answer: Fitness trainer

Explanation:

A fitness trainer is an individual who is responsible for the sole purpose of training individuals on how they can keep their body in fit condition, either for competition reasons, for their health sake or a personal decision by them. Most fitness trainer are paid and they are professionals who have undergone training either by education or have been taught by someone to carry out such practise

Answer:

C. Professionals Support Services

Explanation:

Based on your reading of the following passage, to which listed careers do you think John might be suited? (Select all that apply. ) John is a high school graduate. He is smart and ambitious but does not wish to pursue a college degree. John has good technical skills, can operate computers, and has a strong grasp of basic physical sciences. He served in the navy for four years. John is not opposed to joining a union. He does not have a spouse or any children. John is physically healthy, strong, and has good vision without any significant issues. John might be suited to be: a seaman a seaman a rail yard worker a rail yard worker a ship's captain a ship's captain a dispatcher

Answers

Answer:

a seaman

a seaman

a rail yard worker

Explanation:

To give consumers an incentive to try its new Doritos Locos Tacos, Taco Bell gave out free samples of the new tacos to its customers. The free Doritos Locos tacos giveaway is an example of ________.

Answers

The free Doritos Locos Tacos giveaway by Taco Bell is an example of a Sales Promotion.

Sales Promotion is a marketing strategy that aims to increase sales, customer loyalty, or market share by offering consumers incentives to buy or try a product or service. In this case, Taco Bell offered free samples of their new product to entice customers to try it and potentially purchase it in the future. Sales promotions can take many forms, including coupons, free samples, loyalty programs, contests, and trade shows, among others.

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Alamos Co. exchanged equipment and $17,800 cash for similar equipment. The book value and the fair value of the old equipment were $80,700 and $90,800, respectively. Assuming that the exchange lacks commercial substance, Alamos would record a gain/(loss) on exchange of assets in the amount of: $10,100. $(10.100) $0. $27.900

Answers

Alamos Co. exchanged equipment and $17,800 cash for similar equipment.

The term "commercial substance" refers to a deal that has a significant change in cash flows. A transaction that has no commercial substance should be considered as a loss if the exchange is greater than the cost of the old asset, and as a gain if it is less than the cost of the old asset.

In this scenario, the old equipment had a book value of $80,700 and a fair value of $90,800, indicating that the equipment was worth more than its book value, implying that it had been revalued. Alamos Co. exchanged it for similar equipment and $17,800 in cash. The exchange lacks commercial substance, implying that the new equipment received was equal in value to the old equipment exchanged.

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A large scale study conducted over a one year period has shown that break-ins at home occur about 6% of the time in the population. the study also shows home security alarms went off 4% of the time when no one was breaking into the home. the security alarm failed to go off 3% of the time when someone was really breaking into the home. what is the probability that a home has been broken into and the alarm did not go off?

Answers

Answer:

0.0018

Explanation:

The computation of the probability in the case when the home is broken and the alarm did not go off is shown below:

= P(Broken into) × P(Alarm did not go off)

= 0.06 × 0.03

= 0.0018

By multiplying the broker into with the alarm did not go off so that the probability could come and the same is to be considered

What must owners of agricultural land do each year in order for it to qualify for protection under the Green Belt Law

Answers

In order for the land to qualify for the green belt law, it has to be used primarily for the sake of agriculture or good faith commercial agricultural purposes.

What is the Green Belt law?

This is an exemption that is given to land owners in the state of Florida if the land is used for the bona fide purpose of agriculture.

The law has it that the land owner applies for classification if they want the law applicable to them.

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Melissa plans to become a nurse. What would be a good extracurricular activity for Melissa during high school? O A. O B. O C. O D. joining the cheerleading squad taking charcoal drawing lessons participating in gymnastics volunteering at a health clinic after school​

Answers

Answer:

Volunteering at a health clinic after school​

Explanation:

If Melissa plans on becoming a nurse, she should look for extracurriculars which could help support her in her future years. Volunteering at a health clinic could provide her with hands on experience opposed to cheerleading or charcoal drawing which are good for hobbies and fun activities. But if Melissa really has a passion to become a nurse she should look for extracurriculars which not only interest her but may be of benefit to her.

imagine a trader buys a put option on a stock with a strike price of 500 and pays a premum of 25. what is the traders break even point

Answers

By deducting the cost per share from the strike price, one can determine the put option's break-even point. The break even point is therefore 50 -25, giving us 475.

What is break even point?

The break-even point in economics, business, and cost accounting is the point at which total costs and total revenues are equal, or "even." There is no net loss or gain, and one has "broken even," even though opportunity costs have been paid and capital has received the risk-adjusted, expected return.

The term "break-even point" (BEP) in accounting refers to the situation where a company's revenues and expenses were equal for a specific accounting period. It means the company "broke even," which means there were neither net profits nor losses.

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Help what is the answer?

Help what is the answer?

Answers

The economy is at its natural level of employment and potential output in the long run when full wage and price flexibility and market adjustment have been achieved.

At the potential output level, the long-run aggregate supply curve is a vertical line.

What is a Long-Run illustration?

Since the company is not obligated by the lease agreement after the first year, a business with a one-year lease will define its long run as any period longer than one year.

What other name is given to long-term growth?

An economy's capacity to produce more goods and services over time is referred to as long-term growth. A nation's GDP is closely linked to population growth, in addition to pricing and supply and demand. Should Read: What separates macroeconomics from microeconomics? Long-Term Economic Development.

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which of the following are true of the expenditure multiplier concept? select the correct answer below: it is the concept that increasing national income affects the equilibrium level of gdp on par with the amount of increased income. it is the idea that decreasing national income affects the equilibrium level of gdp by the same amount of that decrease in income. it is the concept that an increase in spending causes a more than proportionate change in gdp. the expenditure multiplier is the idea that a given change in spending leads to an equal change in the equilibrium level of gdp.

Answers

The expenditure multiplier concept states that an increase in spending causes a more than proportionate change in GDP, amplifying the initial impact and stimulating economic activity.



The expenditure multiplier concept suggests that an increase in spending leads to a more than proportionate change in the equilibrium level of GDP. When spending increases, it stimulates economic activity and generates additional income, which then prompts further spending. This multiplier effect amplifies the initial impact, resulting in a larger overall change in GDP.

The concept does not imply that increasing national income affects the equilibrium level of GDP on par with the amount of increased income, nor does it suggest that decreasing national income affects GDP by the same amount of the decrease. Additionally, the expenditure multiplier does not propose an equal change in the equilibrium level of GDP for a given change in spending. The key idea is that increased spending has a magnified impact on GDP due to the subsequent rounds of spending it generates.

Therefore, the expenditure multiplier concept states that an increase in spending causes a more than proportionate change in GDP, amplifying the initial impact and stimulating economic activity.

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Which federal regulatory agency would most likely bring a civil suit against a business that broke securities laws?

Answers

Which federal regulatory agency would most likely bring a civil suit against a business that broke securities laws?

answer:

THE SEC

What may happen if your job does not require you to use the aptitudes you possess?

Answers

Hmm you should ask related questions about it to see if it’s worth your time to work there
they will be underused and learning new interests may become necessary. Explanation: Aptitudes usually refer to a person's inborn abilities or talents which include their mental and physical skills.

what shows the notice about foreign employment​

Answers

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what shows the notice about foreign employment

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➡Foreign employment refers to being employed in a different country than that of a person's origin.

Blue, newspapers or professional journals; Red, personal contacts abroad; Green, recruitment websites.

suppose you have developed a new product for you business.outlineany five steps in developing a rematch instrument​

Answers

Answer:

But I am too young to start a new business

What is Jack doing to ensure savings for a new car?

Answers

Answer:

Could you add more context?

Explanation:

Answer:

He could be putting the money into the bank.

Explanation:

What are examples of quality appraisal cost from the followings choices? (choose all that apply)
Group of answer choices
a. Process inspection and audit cost
b. Cost of routine equipment maintenance
c. Cost of lab testing on finished product quality
d. Cost of repairing a product under warranty
e. Cost of hiring a consulting firm to improve product design for a better quality
f. Cost of loss of future customers due to poor quality
g. Cost of job training during off-duty hours
h. Cost of reworking on defective products

Answers

Yes. okay thank me for a quick call to me when you’re ready to go eat me or something you want. 9283

interview any business owner on impact of crime​

Answers

Answer:

Businesses that had been affected by crime were found to be 17 to 22 percent less likely to increase employment. Almost half the businesses said that fear of crime among their clients or customers had had a negative impact on their businesses. This figure was particularly high in townships and inner city locations.

Explanation:

I hope this helps you sorry if it doesn’t

What type of accounting is more rules-based?

Answers

GAAP

Explanation:

That would be the Generally Accepted Accounting Principles (GAAP) system which is rules based.

Alternatively:

The International Financial Reporting Standards. (IFRS) on the otherhand would be the one thats principles based.

Explain any four points to be
consired while conducting a business​

Answers

Answer: See explanation

Explanation:

The things to consider while conducting a business include:

a. Business idea: The main thing to consider when conducting a business is to have a business idea. One has to come up with an idea there unique and would make he or she standout from others. The business idea should be able to solve the challenges that people face with regards to a certain issue.

b. Location: Another factor is location. When conducting a business, it is important to set it up in a location that can be easily accessible for the people. Also, a location close to the market and nearer to the raw materials used for the production process should be chosen.

c. Finance: Without the required funds, no business can be set up. Therefore, it's important for one to have the funds ready to start the business. This can be from personal savings, loans etc.

d. Competition: It is vital for one to know his or her competitors and how ones business can stand out from others.

why does asymmetric information make it hard to restructure a firm that is close to financial distress?

Answers

When extending credit to borrowers, lenders are unsure of their creditworthiness to the point that they are unable to see certain of the borrowers' traits and behaviours.

These knowledge asymmetries lead to issues with moral hazard and adverse selection, which may render conventional competitive market conclusions worthless. Any transaction in which one of the two parties has more  lenders information than the other and can, therefore, make a more informed decision is an example of asymmetric information in financial markets.

According to economists, asymmetric information causes markets to fail. Information asymmetry alters the balance of power in transactions, which can occasionally result in inefficient transactions and, in the worst case scenario, market failure.

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