Business, 24.06.2020 18:01 christianconklin22

The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $29,000 and receive cash.
b. Purchase office supplies on account for $19,000.
c. Pay $6,800 in salaries to employees for work performed during the month.

Required:
1. Analyze each transaction. For each transaction, indicate by how much each category in the accounting equation increases or decreases.

Assests = Liabilities + Stockholders Equity
a.
b.
c.
d.

2. Record the transactions. The company uses the following accounts: Cash, Supplies, Accounts Payable, Salaries Expense, and Service Revenue.
3. Post the transactions to T-accounts. Assume the opening balance in each of the accounts is zero.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 09:50

Is exploiting a distinctive competence or improving efficiency for competitive advantage. (a) cooptation (b) coalition (c) competitive intelligence (d) competitive aggression (e) smoothing

Answers: 1

Answer

Business, 22.06.2019 16:40

Consider two similar industries, portal crane manufacturing (pcm) and forklift manufacturing (flm). the pcm industry has exactly three incumbents with annual sales of $800 million, $200 million and $100 million, respectively. the flm industry has also exactly three incumbents, with annual sales of $500 million, $450 million and $400 million, respectively. which industry is more likely to experience a higher level of rivalry?

Answers: 3

Answer

Business, 22.06.2019 21:50

Varto company has 9,400 units of its sole product in inventory that it produced last year at a cost of $23 each. this year’s model is superior to last year’s, and the 9,400 units cannot be sold at last year’s regular selling price of $42 each. varto has two alternatives for these items: (1) they can be sold to a wholesaler for $8 each, or (2) they can be reworked at a cost of $251,100 and then sold for $34 each. prepare an analysis to determine whether varto should sell the products as is or rework them and then sell them.

Answers: 2

Answer

Business, 23.06.2019 06:00

If a society decides to produce consumer goods from its available resources, it is answering the basic economic question

Answers: 3

Answer

You know the right answer?

The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide...

Questions