The following transactions occurred at the Maria Rivera Consulting Service Company. January 1 Opened business by issuing 20,000 shares of common stock for $50,000. 1 Leased a building for three years at $680 per month and paid six months' rent in advance 1 Paid Insurance for the business, $24,000 for 2 years. 1 Purchased equipment for $20,000, signing a two-year, 10% note. 4 Purchased $3,900 of office supplies on account. 8 Recorded cash consulting service performed of $5,000 for the first week. 15 Paid employee salaries, $1,900. 15 Paid partial payment of $2,000 for supplies purchased on account. 15 Paid advertising expenses, $1,200. 20 Paid cash for miscellaneous expenses, $400. 30 Paid utility expenses for the month, $900. 30 Service performed and billed to customers for the month, $35,000. Adjusting entries: 1. The Supplies account shows a balance of $2,500 on hand. 2. Depreciation on the equipment for the month of January, $300 3. Insurance premiums were paid for a 2-year period. 3. Employees' salaries for the end of January that will be paid on February 2 nd ,$3,500. 4. Interest Expense for one month on the Note Payable of $20,000, two-year, and 10% APR. Required: 1. Prepare journal entries for the month of January. 2. Post the journals entry to the General Ledger T Accounts 3. Prepared an Unadjusted Trial Balance 4. Prepared the necessary adjusting Entries 5. Prepared an Adjusted Trial Balance 6. Prepared the Financial Statements 7. Prepared the closing entries 8. Prepared a Post-closing Trial Balance
Answers
1. **Journal Entries for January:**
- Debit: Cash ($50,000), Building Lease Expense ($4,080), Prepaid Insurance ($24,000), Equipment ($20,000), Office Supplies ($3,900), Depreciation Expense ($300), Salaries Expense ($1,900), Advertising Expense ($1,200), Miscellaneous Expense ($400), Utility Expense ($900), Service Revenue ($40,000), Insurance Expense ($2,000), Interest Expense ($167)
- Credit: Common Stock ($50,000), Prepaid Rent ($4,080), Prepaid Insurance ($24,000), Notes Payable ($20,000), Accounts Payable ($3,900), Salaries Payable ($3,500), Supplies Expense ($2,500), Accumulated Depreciation ($300), Insurance Payable ($2,000), Interest Payable ($167)
2. **General Ledger T Accounts:**
- Cash: Debit ($50,000) and Credit ($85,947)
- Common Stock: Credit ($50,000)
- Building Lease Expense: Debit ($4,080)
- Prepaid Rent: Credit ($4,080)
- Prepaid Insurance: Debit ($24,000) and Credit ($26,000)
- Equipment: Debit ($20,000)
- Office Supplies: Debit ($3,900) and Credit ($2,500)
- Depreciation Expense: Debit ($300)
- Salaries Expense: Debit ($1,900)
- Advertising Expense: Debit ($1,200)
- Miscellaneous Expense: Debit ($400)
- Utility Expense: Debit ($900)
- Service Revenue: Credit ($40,000)
- Insurance Expense: Debit ($2,000)
- Notes Payable: Credit ($20,000)
- Accounts Payable: Credit ($3,900)
- Salaries Payable: Credit ($3,500)
- Supplies Expense: Credit ($2,500)
- Accumulated Depreciation: Credit ($300)
- Insurance Payable: Credit ($2,000)
- Interest Expense: Debit ($167)
- Interest Payable: Credit ($167)
3. **Unadjusted Trial Balance:**
Prepare a list of all ledger account balances, including debits and credits, without any adjustments.
4. **Adjusting Entries:**
- Debit: Supplies Expense ($400), Depreciation Expense ($300), Salaries Expense ($3,500), Insurance Expense ($1,000), Interest Expense ($167)
- Credit: Supplies ($400), Accumulated Depreciation ($300), Salaries Payable ($3,500), Prepaid Insurance ($1,000), Interest Payable ($167)
5. **Adjusted Trial Balance:**
Prepare a list of all ledger account balances after incorporating the adjusting entries.
6. **Financial Statements:**
- Income Statement: Calculate net income by subtracting total expenses from total revenue.
- Statement of Owner's Equity: Calculate the change in owner's equity by considering investments, net income, and withdrawals.
- Balance Sheet: List assets, liabilities, and owner's equity as of the end of the period.
7. **Closing Entries:**
- Debit: Service Revenue ($40,000)
- Credit: Income Summary ($40,000)
8. **Post-closing Trial Balance:**
Prepare a list of all ledger account balances after closing entries have been made, excluding temporary accounts like revenue and expense accounts.
Learn more about Prepaid Insurance here:
https://brainly.com/question/30361066
#SPJ11
Related Questions
What might you need to do to renew your credentials?
submit paperwork
fill out an application
attend a meeting
retake exams
start your education over
Answers
Answer:
submit paperwork, fill out an application, and retake exams
Explanation:
trust me
Answer:
<3
Explanation:
Assume that the standard cost to make one unit of product includes 12 units of raw materials at a price of $2 per unit. In Aug, 17,000 units of raw materials were purchased for $50,800, and 12,300 units of raw materials were used to produce 1,000 units of finished product.
What is the materials quantity variance?
a) $1,200 (U)
b) $ 600 (U)
c) $ 600 (F)
d) $1,800 (U)
Answers
Answer:
Direct material quantity variance= $600 unfavorable
Explanation:
Giving the following information:
Standard= 12 units of raw materials for $2 per unit.
Actual: 12,300 units of raw materials were used to produce 1,000 units.
To calculate the direct material quantity variance, we need to use the following formula:
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Standard quantity= 12*1,000= 12,000
Direct material quantity variance= (12,000 - 12,300)*2
Direct material quantity variance= $600 unfavorable
They have fixed costs of £200 per month Each item's raw materials cost £50 The items sell for £150 each
What is the Break Even Point for the business?
Answers
Answer:
2 unit
Explanation:
The break-even point is that point at which a business makes no profit after settling all the necessary fixed cost for the period. It is the point preceding profit making at which costs are recovered
It is calculated by dividing the fixed costs with the sales revenue less the variable cost per unit of an item.
Workings
Fixed cost = 200
Selling price = 150
Variable cost = 50
Break even point = 200/(150-50)
=2 units
Any sales below this ends up in a loss as the fixed cost will not be fully recovered.
Suppose you worked in the government. A company wants to set up a factory in your country. It would bring jobs, but it would also bring about pollution, which would lead to acid rain. Would you allow it?
Answers
fishermen along the coast of the gulf of mexico find that because of an oil spill, they have not caught nearly as many shrimp this year as they did the year before. economically speaking, what kind of change was caused in this scenario? no change in supply or demand shift in the supply curve movement along the supply curve shift in the demand curve
Answers
This scenario represents a shift in the supply curve, as the external factor (oil spill) has negatively affected the availability of shrimp, independent of the demand for them.
The example of shift in supply curveThe oil spill negatively impacted the availability of shrimp, resulting in a decrease in supply.
As the quantity of shrimp caught decreases, the supply curve shifts to the left. This shift indicates that at any given price, there is now a lower quantity of shrimp available in the market.
The change is not related to demand, as the willingness of consumers to buy shrimp at various prices remains unaffected.
It is also not a movement along the supply curve, as that would imply a change in price with the same available quantity.
Learn more about supply curve at
https://brainly.com/question/30727125
#SPJ11
What is one request a borrower can make of a lender if they know they will never be able to pay their full debt?
A. The borrower can ask for fees and penalties to be eliminated.
B. The borrower can ask for a reduction of the interest rate.
C. The borrower can ask to be absolved of some of the debt.
D. The borrower can ask for the monthly payment to be reduced.
Answers
The one request a borrower can make of a lender if they know they will never be able to pay their full debt is the borrower can ask for fees and penalties to be eliminated.
What happens if the borrower fails to repay the loan?A loan is known to be a kind of money that is borrowed for a length of time and it is known to be a non-performing asset (NPA).
When the repayment is overdue, the lender can seize the asset of the borrower and when a borrower can make of a lender if they know they will never be able to pay their full debt is the borrower can ask for fees and penalties to be eliminated.
Learn more about a borrower from
https://brainly.com/question/25599836
Answer:
C. The borrower can ask to be absolved of some of the debt
Explanation:
what are some economic concerns that may need to be addressed in the future?
Answers
A machine at a manufacturing company is programmed to fill shampoo bottles such that the amount of shampoo in each bottle is normally distributed with mean 0.60 liter and standard deviation 0.04 liter. let the random variable a represent the amount of shampoo, in liters, that is inserted into a bottle by the filling machine.
Answers
The probability that a randomly selected bottle of shampoo will be underfilled is 0.0062.
What is the meaning of Probability?
The area of mathematics known as probability deals with numerical representations of the likelihood that an event will occur or that a statement is true. An event's probability is a number between 0 as well as 1, where, roughly speaking, 0 denotes the event's impossibility and 1 denotes certainty.
Simply put, the probability is the likelihood that something will occur. When we don't know how an event will turn out, we can discuss the likelihood or likelihood of several outcomes. Statistics is the study of events that follow a probability distribution.
Learn more about Probability here:
https://brainly.com/question/30034780
#SPJ4
What is the greatest concern with applying new technologies like the cloud in manufacturing?
theft of intellectual property
obsolete technology
limited storage capacity
global warming
Answers
Answer:
Theft of intellectual property.
Explanation:
Cloud computing is making hardware, software and data available on demand via a network, often the internet. The cloud stands for a network that, with all the computers connected to it, forms a kind of 'cloud of computers', where the end user does not know how many or which computers the software runs on or where those computers exactly stand. In this way, the user no longer needs to be the owner of the hardware and software used and is therefore not responsible for maintenance. The details of the information technology infrastructure are hidden from view and the user has his own virtual infrastructure, scalable in size and possibilities. The cloud is therefore a technique with which scalable online services can be offered. Without the ability to scale, an online service offered does not relate to cloud computing.
When a hotel does not fill a room and therefore the sale of that room on that day is lost forever, that refers to...
a.) product services-mix length
b.) seasonability
c.) perishability
d.) productservices-mix width
e.) tangible
Answers
Answer:
c.) perishability
Explanation:
The term perishability is used in marketing to describe the inability to keep or store services for sale in the future. Services are intangible and by nature. Once a service has been performed, it is deemed to have been consumed and cannot be returned or resold.
Once a service is offered, and the customer does take up the offer, it cannot be stored or kept for sale at a later date. If a hotel room is not booked for a particular night, the room does not generate any revenues for that night. The hotel cannot store the room services for that night and offer them to customers any other time. The inability to preserve a service for sale at a later date is what marketers refer to as perishability.
which of the following statements is true about the relationship between business processes and information systems? group of answer choices information systems incorporate all business process activities and hence, should be developed before business processes. the relationship between business processes and information systems is one-to-one. developing information systems before business processes ensures that all activities are considered in the development process. a business process need not relate to any information system, but an information system relates to at least one business process.
Answers
A business process need not relate to any information system, but an information system relates to at least one business process, this statements is true about the relationship between business processes and information systems.
A business process is a logically related sequence of actions that specify how particular business tasks are carried out. It is a distinctive method of coordinating work, information, and knowledge inside an organization. Business processes are important for managers to be aware of since they affect how well a firm can conduct its operations and could provide a competitive edge. Each of the main business functions has its own unique business processes, but many of them are cross-functional. Information systems assist firms restructure and streamline business operations by automating certain of these procedures.
The official organizational division in charge of information technology services is the information systems department. It is in charge of maintaining the networks, data storage, hardware, and software that make up the company's IT infrastructure. The department is often led by a CIO and is made up of professionals including programmers, systems analysts, project managers, and information systems managers.
To learn more about information system please click on the given link: https://brainly.com/question/28945047
#SPJ4
Basic Decision Analysis Using CVP Refer to the data for Balance, Inc., in Exercise 3-26. Assume that the company plans to sell 700,000 units per month. Consider requirements ( b ), ( c ), and ( d ) independently of each other. Required a. What will be the operating profi t? b. What is the impact on operating profi t if the sales price decreases by 10 percent? Increases by 20 percent? c. What is the impact on operating profi t if variable costs per unit decrease by 10 percent? Increase by 20 percent? d. Suppose that fi xed costs for the year are 10 percent lower than projected, and variable costs per unit are 10 percent higher than projected. What impact will these cost changes have on operating profi t for the year? Will profi t go up? Down? By how much?
I need complete explaination how to interpret profit and loss+ how can we interpret increase or decrease in profit or loss??
Answers
Profit and loss interpretation:Profit and loss accounts are used by organizations to record their financial results for a certain amount of time. It offers a thorough report on a company's incomes and expenditures, resulting in a net profit or loss.
The revenue that is generated by an organization's operations is considered profit. Profit is determined by deducting all of the expenses incurred in generating that revenue. On the other hand, if the expenses surpass the revenue, the organization will have a loss.The following items must be considered in order to analyze the profit and loss account of an organization:Revenue - This refers to the total amount of money that an organization generates from the sale of products or services.
Impact on operating profit if variable costs per unit increase by 20 percent:If variable costs per unit increase by 20 percent, the operating profit will decrease by $1,400,000.The impact on operating profit due to the changes in fixed and variable costs for the year are as follows:Impact on operating profit due to 10% lower fixed costs and 10% higher variable costs per unit:In this case, the operating profit will decrease by $800,000. The profit will go down by $800,000.
To know more about Profit visit:
https://brainly.com/question/29662354
#SPJ11
Question 6 of 20
which skill is part of financial literacy?
o a. calculating the national debt
o b. identifying barriers to trade
o c. comparing trade blocs
d. planning for retirement
Answers
The skill which is a part of financial literacy is the calculation of national debt.
Option A is the correct answer.
What is financial literacy?Financial literacy is the capability of an individual to make informed decisions regarding the management of monetary matters.
The skills which are required in financial literacy are the capability to utilize the financial data and resources for evaluating the financial dues, credits, investments, borrowings, and budgetary statements for future use.
Therefore, the computation of national debt is regarded as one of the components of financial literacy.
Learn more about the financial literacy in the related link:
https://brainly.com/question/1456546
#SPJ1
Analyse the importance of location for TADS. (6 marks)
Answers
The correct structure and function of TAD requires CTCF protein binding at both boundaries, which appears to block the active and dynamic mechanism of 'cohesin-mediated loop extrusion'.
The three-dimensional (3D) organization of the mammalian genome is a combination of structures at various length scales. Within this organization, topology-associated domains (TADs) are visible in the sub-megabase-scale Hi-C heatmap.
TAD integrity is critical for correct gene expression, but is context-dependent and accomplished in a variety of ways. The correct structure and function of TAD requires binding of CTCF proteins at both boundaries, which appears to block the active and dynamic mechanism of 'cohesin-mediated loop extrusion'. appears as the so-called 'loop domain' in the Hi-C data, which is the focus of this review.
Here, we present a reanalysis of TADs from three 'golden standard' mammalian Hi-C datasets. Despite the prominent presence of TADs in the Hi-C heatmaps of all studies, we consistently find that regions within these domains are only moderately isolated from their surroundings.
Furthermore, single-cell Hi-C and high-resolution microscopy have shown that the structure of TADs and the location of their borders can vary from cell to cell. Therefore, the function of TADs as units of gene regulation may require additional considerations, possibly including the mechanism of loop extrusion. Recent developments in single-cell and multi-contact genomics and high-resolution microscopy assays help link the formation and structure of TADs to their function in transcriptional regulation.
To learn more about Topologically Associating Domains, here:
https://brainly.com/question/30835628
#SPJ4
briefly explain 3 ways in which multinational corporations are developed
Answers
Multinational Corporations (MNCs) set up their factories or production units close to markets where they can get desired type of skilled or unskilled labour at low costs along with other factors of production. After ensuring these conditions MNCs set up production units in the following ways :
(a) Jointly with some local companies of the existing country.
(b) Buy the local companies and then expand its production with the help of modern technology.
(c) They place orders for small producers and sell these products under their own brand name to the customers worldwide.
HOPE IT HELPS YOU OUT PLEASE MARK IT AS BRAINLIEST AND FOLLOW ME PROMISE YOU TO FOLLOW BACK ON BRAINLY.INsmall business firms create many -blank- opportunities that help develop communities as well as the counties economy
it's a type your own answer thing
Answers
Answer: Small businesses contribute to local economies by bringing growth and innovation to the community in which the business is established. Small businesses also help stimulate economic growth by providing employment opportunities to people who may not be employable by larger corporations.
The situation where the buying power of money in terms of goods and services increases is called:_____
Answers
The situation where the buying power of money in terms of goods and services increases is called deflation
In economics, deflation is a general decline in the price level of goods and services. Deflation occurs when inflation falls below 0% (negative inflation). Inflation depreciates a currency over time, while sudden deflation increases it. As a result, more goods and services can be purchased with the same currency than before. Deflation is different from disinflation, which is a slowdown in the rate of inflation. H. Inflation is declining but still positive.
Economists generally consider sudden deflationary shocks to be a problem in the modern economy. This is because the real value of debt increases, especially if deflation occurs unexpectedly. Deflation can also exacerbate the recession and lead to a deflationary spiral.
Learn more about deflation here: https://brainly.com/question/13562161
#SPJ4
write at least three ways savings accounts differ from checking accounts.
Answers
Answer:
checking accounts are better for transaction such as paying pills purchases, atm withdraws while saving accounts are better for storing money and earning interest,
Explanation:
What research will help prepare you before you apply for a job?
Informational interviews on the position and background research on the
company.
Research on the subjects you need to study.
Interviewing friends and family to know if the position is a good fit for you.
Researching the salary for that job.
Answers
Answer:
Informational interviews on the position and background research on the
company.
Explanation:
A job interview helps select a suitable person to fill in the vacant position. The interviewer will ask questions to gauge the candidate's understanding of that position. Research on the positions will give a candidate confidence and content when responding to questions.
Research on the company provides background understanding, which helps them relate the job requirements and the company. This information will help convince interviewers of one suitability on the job. A candidate appears knowledgeable and familiar with what is expected of them.
How do credit card companies make money?
O (A) Fees and interest paid by cardholders
O (B) Investing your credit card debt
O (C) Fees paid by merchants
O All of them
O A and B
O A and C
OB and C
Answers
Answer:
A and C
Explanation:
Credit card companies get their income form the following three main sources
Interest paid by cardholdersFees charged to cardholders' credit cards.transaction charges paid by merchants who accept credit cardsInterests form the bulk of income to the card companies. Typically charge interest arises when customers carry a balance from a month to the next. Fees charged include annual fees, late fees, cash advance fees, balance transaction fees, among others. Merchants usually pay a percentage for every transaction conducted via a credit card. The percentage ranges between 1% to 3 %.
The customer asked for no cheese on their salad. They are lactose intolerant and the cheese would make them sick. The server accidentally hit the “extra cheese” button instead of the “no cheese” button.
Answer:
Answers
Apologize to the customer to show that you understand the mistake you made and that you acknowledge their complaint. Then, find a solution to the problem. In this case, you can take back the salad with cheese (unless they want to keep it to give to someone else). Make a new salad with no cheese and give it to them. Make sure that they're satisfied with their new salad by following up with them. You can also send them a hand-written note with a gift card or some kind of exclusive offer for them (e.g., a discount on their next order, free item(s), etc.) to show your sincerity.
Use what you have learned about secured and unsecured loans to complete these sentences.
A loan that is associated with a valuable asset that can be taken by the lender is
.
Ray needs to get a new set of tires for her car, so she uses her credit card. If she does not pay her bills, there is no asset that can be seized. This means her loan is
.
Jack agrees to take out a mortgage. If he fails to make his payments, the bank may repossess his house, so his loan is
Answers
A loan that is associated with a valuable asset that can be taken by the lender is a secured loan.
Ray needs to get a new set of tires for her car, so she uses her credit card. If she does not pay her bills, there is no asset that can be seized. This means her loan is an unsecured loan.
Jack agrees to take out a mortgage. If he fails to make his payments, the bank may repossess his house, so his loan is a secured loan.
What is a Secured Loan?A secured loan is a type of loan in which the borrower pledges some form of collateral, such as a property, a car, or another valuable asset, as a guarantee that they will repay the loan. This means that if the borrower fails to make the payments on the loan as agreed, the lender can take possession of the collateral and sell it to recover their money.
Secured loans are usually available at lower interest rates than unsecured loans because they are considered less risky for lenders. This is because the lender has some form of security that they can use to recover their money in case the borrower defaults on the loan.
Learn more about secured loan here: https://brainly.com/question/28687864
#SPJ1
Answer:
1. Secured
2. Unsecured
3. Secured
Explanation:
Edge 2023
For frequently purchased items such as soap, toilet paper, or laundry detergent, a consumer will likely perform a(n) ______ search for information.
Answers
A consumer will likely perform a(n) internal search for information for frequently purchased items.
What is consumer behaviour?Consumer behaviour is the study of how people make decisions about what they buy, want, need, or act in regards to a product and service.
Consumer behaviour shows how consumers think and feel about the different alternatives available in the market. They make research on the products they intend to buy.
Hence, a consumer will likely perform a(n) internal search for information for frequently purchased items.
Learn more about consumer behaviour here: https://brainly.com/question/24438632
Size is limited under a Sole Proprietorship.
True
False
Answers
Answer:
True
Explanation:
because 1 person can't control a huge company or business
demand is ___ when the price change results in a relatively larger change in the quantity demanded
Answers
Answer:
Demand is elastic when the price change results in a relatively larger change in the quantity demanded :3
Explanation:
:3
which choice best reflects why some people consistently make bad investmets
Answers
explanation: because all of the answers reflect why some people make bad investments
pls refer to photo thank you!
Answers
Owners of coffee plantations in the country of Cantonica grow their own coffee beans and supply them to various stores and restaurants all over the country. There are many plantation owners supplying to a huge number of companies, and they are typically unable to differentiate their products from one another. They also do not have the power to fix their own prices in the industry. In addition, these suppliers can only achieve competitive parity and not a competitive advantage. Thus, the coffee bean industry in Cantonica best illustrates a(n) ________ structure.
Answers
Answer:
Perfectly competitive structure
Explanation:
Based on the information we can say that the coffee bean industry in Cantonica best illustrates a(n) PERFECTLY COMPETITIVE structure reason been that this type of competitive structure companies can easily produce their own products and as well supply this product to different stores which makes them to have many small firms .
Secondly PERFECTLY COMPETITIVE structure allow owners of plantation to easily supply their product to different companies which which makes it hard for people to easily differentiate these products from one another.
Thirdly in PERFECTLY COMPETITIVE structure the firm involve have little or no right to increase the price of the product.
Therefore the coffee bean industry in Cantonica best illustrates a(n) PERFECTLY COMPETITIVE structure .
Question #4
Multiple Choice
Values are principles that typically guide or influence an individual's decision-making process. Two
areas of life most often affected or influenced by values include
emotions and reactions
decisions and responses
physical health and feelings
attitudes and behaviors
Answers
The two spheres of life that are most frequently impacted or altered by values are attitudes and behaviors. The correct response is option (4).
Define attitudes and behaviors.An individual's attitude is defined as their mental perspective, or how they feel or think about someone or something. Behavior describes the actions, motions, conduct, or behaviors of an individual or a group toward other individuals. built upon. Experience and observation.
When people put more focus on their own attitudes and feelings, they tend to act more in line with those feelings, therefore there is a link between attitude and behavior. Additionally, when people feel greater responsibility for their individual actions rather than the actions of a collective, their opinions are more consistent with their behavior.
To know more about attitudes and behaviors, visit:
https://brainly.com/question/29486334
#SPJ1
There will be a lower equilibrium price and quantity if _____.
demand increases and supply increases
demand increases and supply decreases
demand decreases and supply stays the same
none of the above
Answers
Answer:
Its C demand decreases, and supply stays the same.
Explanation:
I took the test and got a 100%