Required information CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings $5,950 172,000 14,900 Cash Common Stock 325,000 Equipment 34,500 Land 134,500 33,750 Notes Payable (long-term) Retained Earnings Supplies 0 8,800 During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $54,750 cash from a local bank, payable in two years. c. Bought a building for $176,250; paid $44,250 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $236,000. e. Purchased supplies for $13,500 on account. CP2-2 (Algo) Part 5 5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. Answer is not complete. ATHLETIC PERFORMANCE COMPANY Balance Sheet At July 31 Assets Current Assets Current Liabilities ✓ Cash $189,400✔ Accounts Payable Supplies 22,300✔ Total Current Liabilities Total Current Assets 211,700 Notes Payable (long-term) Equipment 270,500✔ Buildings 348,250 Total Liabilities Land 134,500 Total Assets $ 964,950 3333 Liabilities Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 19,450 ✔ 19,450 220,500 239,950 725,000 0 725,000 $ 964,950 33 < Prev
Answers
The answer is Total Stockholders' Equity of $220,500 and Total Liabilities and Stockholders' Equity of $1,019,700
ATHLETIC PERFORMANCE COMPANY
Balance Sheet
At July 31
Assets:
Current Assets: Cash $189,400, Supplies $22,300
Total Current Assets $211,700
Long-Term Assets: Notes Payable (long-term) $54,750, Equipment $270,500, Buildings $348,250, Land $134,500
Total Long-Term Assets $808,000
Total Assets $1,019,700
Liabilities and Stockholders' Equity:
Current Liabilities: Accounts Payable $19,450
Total Current Liabilities $19,450
Stockholders' Equity: Common Stock $220,500, Retained Earnings $0
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Related Questions
An investment under consideration has a discounted payback of 5 years (which means that the project’s summed discounted cash flow in the first five years is larger than the initial cost) and an initial cost of $1,500,000. If the required return is 10 percent, what is the worst-case NPV?
Answers
The worst-case NPV would be zero, as the cash flows in the first five years cover the initial cost, and there are no additional cash flows beyond that period.
To calculate the worst-case NPV, we need to consider the scenario in which the project's cash flows are minimized. In this case, we assume that the cash flows for the remaining years after the discounted payback period are zero.
Given that the discounted payback period is 5 years, it means that the project's cash flows in the first five years cover the initial cost. Therefore, we only need to calculate the NPV for the first five years.
Using the formula for NPV:
NPV = CF1 / (1+r)^1 + CF2 / (1+r)^2 + ... + CF5 / (1+r)^5 - Initial Cost
In this case, CF1 to CF5 represent the cash flows in each year of the discounted payback period. Since the project is assumed to have a discounted payback of 5 years, the cash flows in these years would be positive and cover the initial cost.
Therefore, The worst-case NPV would be zero, as the cash flows in the first five years cover the initial cost, and there are no additional cash flows beyond that period.
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LaBouche Company had cash receipts from customers in 2017 of $142,000. Cash payments for operating expenses were $97,000. Kelly has determined that at January 1, unearned service revenues was $13,000, and prepaid expenses were $17,500. At December 31, unearned service revenues was $18,600, and prepaid expenses were $23,100. The service revenues on cash basis is:
Select one:
a. $155,000
b. $147,600
c. $142,000
d. $136,400
Answers
At the end of the year, prepaid expenses were $23,100 and unearned service revenues were $18,600. The service's cash basis revenues total $136,400.
$142,000 plus $97,000, or $136,400, is the service revenue on a cash basis.
Revenue is the money made from regular business operations and is calculated by multiplying the average sales price by the quantity of units sold. In order to calculate net income, costs must be deducted from the top line (or gross income) figure. On the income statement, revenue is also known as sales.
A company's revenue is the money generated by its operations. Depending on the chosen accounting approach, there are several ways to compute revenue. Sales made using a credit card will be counted as revenue for products or services that were delivered to the customer. In accordance with some regulations, revenue is recorded even if payment has not yet been made.
To determine how effectively a business collects unpaid debt, it is important to review the cash flow statement. Contrarily, sales will only be recorded as revenue in cash accounting after money has actually changed hands. A "receipt" is money given to a business. An example of an activity that results in a receipt but no revenue is when a consumer prepays for a service or undeliverable products.
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What kinds of products
and property do cyber-
protection laws cover?
Answers
Answer:
Act of threatening to share information about a person to the public, their friends or family, unless a demand is met or money is paid
Explanation:
A manufacturer has several identical machines that can be used to produce a product. Each unit product requires 143 minutes of machine time. The manufacturer has just received a new order of 999 units. Each machine can be used up to 11 hours per day. How many machines are needed to complete the order in 14 days ? Use at least 4 decimals in your calculation and answer .
Answers
Approximately 922.5714 machines are needed to complete the order in 14 days.
To calculate the number of machines needed, we need to determine the total machine time required to complete the order.
Since each unit product requires 143 minutes of machine time, the total machine time required for the order can be calculated as:
Total machine time = Number of units * Time per unit
Total machine time = 999 * 143 minutes
To convert minutes to hours, divide the total machine time by 60:
Total machine time in hours = (999 * 143) / 60
Since each machine can be used up to 11 hours per day, we can calculate the number of machines needed as follows:
Number of machines needed = Total machine time in hours / Hours per machine per day
Number of machines needed = (999 * 143) / (11 * 14)
Using at least 4 decimals in the calculation:
Number of machines needed = (999 * 143) / (11 * 14)
Number of machines needed ≈ 999 * 143 / 154
Calculating the answer:
Number of machines needed ≈ 922.5714
Therefore, approximately 922.5714 machines are needed to complete the order in 14 days. However, since machines cannot be divided, we would need to round up to the nearest whole number. Therefore, 923 machines would be needed to complete the order in 14 days.
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how can the law of demand be represented
Answers
The demand curve, a graph that illustrates the law of demand, has the amount desired on the x-axis and the price on the y-axis. The law of demand states that demand curves are by definition downward sloping. A demand curve is a graphical representation of the demand schedule.
It demonstrates the relationship between an item's price and the quantity of that commodity that a consumer is willing to buy. The relationship between price and quantity desired for a single consumer is represented by the individual demand curve. The link between price and quantity desired by each market consumer is represented by the market demand curve.
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hover software currently has an eps of $2.31, a benchmark pe of 13.5, and an earnings growth rate of 2.3 percent. what is the target share price 4 years from now?
Answers
The answer is $34.15 would be target price after 4 years, if hover software currently has an eps of $2.31, a benchmark PE of 13.5, and an earnings growth rate of 2.3 percent.
What does a benchmark look like in practice?For instance, benchmarks might be used to compare the procedures in one retail location with those in another location in the same chain. External benchmarking, often known as competitive benchmarking, evaluates a company's performance in relation to that of competing businesses.
What does the term "benchmark" signify in business?Benchmarking is the process of comparing the performance of your company to that of a rival in the same market. You will gain a better grasp of your company's performance and potential as a result.
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While on a business trip, an employee accesses the company's internal network and transfer files using an encrypted connection.
Which of the following digital security methods is being used?
Answers
The term "Virtual Private Network," or VPN, refers to the possibility of creating a secure network connection when utilizing public networks.
Is a VPN forbidden?Depending on the nation you're in, you can be punished for using a VPN. VPNs are lawful in the United States, therefore using one won't get you in trouble. You can, however, be punished for using a VPN if you live in a nation that outlaws them, such as China.
Is using a VPN a smart idea?By protecting your identity and IP address using a VPN, you can prevent anyone from tracking your whereabouts if you unintentionally irritate them. Avoid ISP sluggishness. For one reason or another, some internet service providers purposefully slow down their network.
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Choosing a home can be a very personal matter. Some people care most about the location, while others are most concerned about the size, style, and amenities. What are your top priorities in choosing a home? What do you feel is unimportant in a home? Based on your priorities, what type of house do you think you'd be likely to buy?
Answers
Answer:
1:if i have enough money for the purchase.
2:if it suits my personal attributes.
how are wages determined in a free market?
Answers
Answer:
Classical economists argue that wages—the price of labor—are determined (like all prices) by supply and demand. They call this the market theory of wage determination. ... Long story short: the price of labor is determined in the free market just like every other price, by the intersection of supply and demand.
Explanation:
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If a corporation issues shares of par value common stock for , the journal entry would include a credit to.
Answers
The journal entry would include a credit to option C. Common Stock for $4,860 if a company issued shares of par value common stock.
Par value of common stock = number of shares x par value
= 2700 x 1.80
= 4860
A security that symbolizes ownership in a firm is called common stock. Common stock owners choose the board of directors and cast ballots for corporate rules. Long-term rates of return are often higher with this type of stock ownership.
Companies issue common stock to attract capital from investors who frequently make investments. Companies use this money to further develop and expand their enterprises.
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Somebody help I'll give 30 points
Answers
Answer:
1. Salesforce helps their people feel good by giving back to the community. They also offer great challenges and rewards, and have open communication culture.
2. Cisco offers good benefits that focus on family and enabling people to combine parenthood with their jobs. It’s also a great place to learn and develop professionally.
3. Admiral allows people to give back to the community through charity. They have built a strong sense of belonging and believe in the importance of having fun so people bring their best to work.
Explanation:
Answer:
Happy meal wih a mcdoobale
Explanation:
What is the business?
Annette started working as a repairperson in a local appliance store when she was in school. She loved the work and was promoted to service manager within a few years. Annette had always wanted to own her own business, and she started to research ways to achieve her goals. The next year, Annette opened her own store, Annette’s Appliance and Repair Shop. Her store is a distributor for Whirlpool washers and dryers.
Answers
Answer:
supplier
Explanation:
Answer: product trade-name franchise
Explanation:
franchising is the licensing of a franchisee or dealer to sell or distribute a specific product using the franchisor’s trademark, trade name, and logo. Standard forms of franchising include product franchising, traditional franchising, and business format franchising.
Critical Thinking:
8. Seventeen year old Kara, who is also black, wants a laptop computer of her own. She goes to Best Buy to purchase a new laptop with part of the money she saved from her part-time job. The laptop cost $1,100. Kara offers to put down $400 and make monthly payments through the store’s credit plan. Because Kara is only 17, the manager of the store refuses to sell her the laptop and asks her to return with her parents to possibly work out a deal.
1) Is this fair to Kara? Explain.
2) Is this discriminatory or illegal? Explain.
a.
3) What concerns might the manager have about selling a computer to Kara? (2)
a.
b.
Answers
Answer:
1) It may not be fair to Kara,but since many teenagers are ill-responsible, it may be best to work out deals with their parents, rather than a child. Since she is supposed to be making monthly payments, that may mean that she forgets, or doesn't do so. By having a parent there, Kara and the manager can ensure that there is understandment about the product that is being sold.
2) Kara is under 18, which means that a salesperson does not have to sell her a product if they feel it is not fit for them. So no, it is not illegal or discriminatory to her race, but perhaps to her age group..
3) a. The manager may be worried that Kara is not mature or old enough to have the responsibilities that come with paying a month-to-month rate.
b.The manager also may be worried that Kara took the money from her parents to secretly buy the computer, rather than buying the computer with her own money.
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he group of consumers most likely to purchase a particular product are called a a) consumer market b) pre-purchase market c) seller's market d) buyer's market e) target market
Answers
The appropriate choice is option (e). A target market is a population that has been chosen because of similar traits like age, income, and lifestyle as the most probable candidates to purchase a product.
What Function Does a Target Market Serve?A target market is a portion of a firm's serviceable market place that the company focuses its marketing resources and efforts on. It is also referred to as a serviceable achievable market. A target market is a subsection of the broader market for a good or service.
A product is defined by its target market, and vice versa.
Once a target market has been determined, it can have an impact on a product's distribution, pricing, design, and packaging.
Men's products won't come in pink plastic packaging. You won't find a high-end cosmetic in a pharmacy. A pricey pair of shoes includes both a shoebox and a branded cloth drawstring bag. The target market receives signals from each of those elements that they have chosen the right product.
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Ivie Clarke has decided to launch a numbers game like Sudoku. She estimates her fixed costs to be £5,000. The variable costs are £1.20 per game. She intends to sell the games for £5.00 each. Ivie estimates she will sell 1,400 games a month. 7 (a) What is her total revenue if she sells 1,400 games? (1) (b) What are her total costs if she sells 1,400 games?(1) (c) How much profit does she make if she sells 1,400 games?(1) 8 How many games does she need to sell to cover her total costs?(1) 9 In fact the fixed costs of the business were actually £5,500. How much profit or loss would Ivie make if she sold 1,400 games. (2)
Answers
Her total revenue if she sells the 1,400 games of the numbers game is £7,000.
What is revenue?The average sales price is multiplied by the quantity of units sold to arrive at revenue, which represents the money generated by normal business operations. Net income must be deducted from the top line (or gross sales) figure in order to be calculated. In the salary summary, revenue and sales are synonymous. To determine how effectively a business collects unpaid debt, it is critical to review the cash flow summary. Cash accounting, in comparison, only records purchases as revenue when actual money changes hands. "Receipt" is the term used to describe money provided to a business. For receipts to show, income is not necessary. For instance, there will be a receipt but no income from a customer who pre-paid for a service or goods that were never delivered.
Ivie's total revenue if she sells the 1,400 games is:
Revenue = Price per game x Number of games sold
Revenue = £5.00 x 1,400
Revenue = £7,000
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Because Pure Foods is the only provider of responsibly farmed, sustainable beef products in the Midwest, it has achieved ______. Multiple choice question. market segmentation a core value production control a competitive advantage
Answers
Answer: a competitive advantage
Explanation:
Pure Foods is the only provider of responsibly farmed, sustainable beef products in the Midwest, it has achieved a competitive advantage. Hence, option D is correct.
What is meant by competitive advantage?Competitive advantage is the benefits that a company get over their rivalry as they have some sort of specification in their products and they product extra of something, it might be the cheap rates than the competitors.
These factors provide the producing unit the advantage over rivals in terms of sales or margins. The four basic methods for gaining a competitive edge are cost leadership, differentiation, defensive strategies, and strategic alliances.
One of the three basic types of competitive advantages that businesses can actually take advantage of. They are price, the uniqueness of the good or service, and niche marketing techniques.
Thus, option D is correct.
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Explain why it is important to have some goals when developing a budget plan?
Answers
Answer:
U might go broke on tha cash
Explanation:
Jim paid $250,000 for an apartment building with a fair market value of $260,000. At the time of the sale, the building was appraised at $225,000. For income tax purposes, what would be the basis of the apartment building
Answers
The amount of $225,000 will be the would be the basis of the apartment building for income tax purposes.
Basically, the cost basis is the purchase cost which is $225,000.
The fair market value and appraised cost does not have anything to do with tax basis for income tax purposes.
In conclusion, the amount of $225,000 will be the would be the basis of the apartment building for income tax purposes
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Joni, a college student, has $400 worth of expenses monthly. How much should she save be financially secure?
Answers
Answer:
200 i think sorry if im wrong
Explanation:
If a conventional loan is at 16% and the VA loan is at 15%, the lender will want to charge how many points to increase the yield on investment?
Answers
The lender will have to charge eight points to increase the interest on the investment or debt. A loan occurs when one or more people, businesses, or other entities lend money to other people, businesses, entities or borrower.
The borrower incurs a debt and is frequently liable for the interest charges up until the debt is paid off, in addition to the principle amount borrowed. The payment of interest encourages the lender to make the loan. A legal loan's responsibilities and restrictions are all enforced by a contract, which may also expose the borrower to extra restrictions known as the loan covenants.
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Henry Ford paid his workers $5 a day in 1914 when the CPI was 10. Today with a price index at 177, the $5 a day is worth $88.50. True or false?
Answers
The statement Henry Ford paid his workers $5 a day in 1914 when the CPI was 10. Today with a price index at 177, the $5 a day is worth $88.50 is FALSE.
To determine the value of $5 in 1914 in terms of today's purchasing power, we need to adjust it for inflation using the CPI (Consumer Price Index). The CPI is a measure of the average change over time in the prices paid by urban consumers for a basket of goods and services. According to the Bureau of Labor Statistics, the CPI in 1914 was 10, while in 2021 it was 273.
To calculate the inflation-adjusted value of $5 in 1914, we can use the following formula:
(1914 CPI / 2021 CPI) x $5 = inflation-adjusted value of $5 in 1914
Plugging in the numbers, we get:
(10 / 273) x $5 = $0.18
Therefore, $5 in 1914 is equivalent to about $0.18 in 2021 dollars. This means that the $5 a day that Henry Ford paid his workers in 1914 would be worth about $177.50 today, not $88.50 as stated in the original statement.
It's worth noting that $5 a day was a relatively high wage for factory workers in 1914, and Ford's decision to pay his workers well helped him attract and retain a loyal workforce. However, the value of that wage has decreased significantly due to inflation over the past century.
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Two countries, Country A and Country B, produce petroleum and seafood. A 4-column table has 2 rows. The first column is labeled country with entries Country A, Country B. The second column is labeled Cost (units) with entries 1, 1. The third column is labeled Petroleum (units) with entries 16, 8. The fourth column is labeled Seafood (units) with entries 8, 8. Based on the data in the table, has the absolute advantage in producing petroleum.
Answers
Answer:
Country A
Explanation:
Based on the data in the table, has the absolute advantage in producing petroleum is country A.
What is absolute advantage?
A country has an absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries.
Looking at the table, Country A, produces 16 units of pertroluem while Country B produces 8 units. Thus, Country A has an absolute advantage.
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Which career pathways involve high risk due to exposure to dangers?
Firefighters in the Emergency and Fire Management pathway, Correctional Officers in the Corrections pathway, and Detention Officers in the Law Enforcement pathway
Firefighters in the Emergency and Fire Management pathway, Detention Officers in the Corrections pathway, and Intelligence Analysts in the Security and Protective Services pathway
Intelligence Analysts in the Security and Protective Services pathway, Detention Officers in the Corrections pathway, and Police Officers in the Law Enforcement pathway
Firefighters in the Emergency and Fire Management pathway, Detention Officers in the Corrections pathway, and Police Officers in the Law Enforcement pathway
Answers
Answer:
Firefighters in the Emergency and Fire Management pathway, Correctional Officers in the Corrections pathway, and Detention Officers in the Law Enforcement pathway.
Explanation:
The career pathways that involve high risk due to exposure to dangers is :
A) Firefighters in the Emergency and Fire Management pathway, Correctional Officers in the Corrections pathway, and Detention Officers in the Law Enforcement pathway.
"Career Pathways"The career pathways that involve high risk due to exposure to dangers is:
Firefighters in the Emergency
Firefighters too give an critical part in teaching the open with respect to fire and security.
Instructing fire anticipation and teaching the open on how to reply in crisis circumstances can offer assistance spare lives.
Fire Management pathway
Candidates require a long time of work encounter in law requirement, fire security, or an crisis administration field.
Crisis administration executives ordinarily require a bachelor's degree
Correctional Officers in the Corrections pathway
Corrections officers may do a few or all of the taking after:
supervise prisoners' day by day schedule, which incorporates feast, work and amusement times. screen, evaluate and oversee the conduct and security of detainees watch jail buildings and grounds.
Detention Officers in the Law Enforcement pathway.
A detainment officer forms prisoners, keeps up imprison security, serves dinners, transports detainees, gets and forms detainees into care of educate, looks detainees, and takes charge of individual property and gives detainees with opportunity to call their lawyer or relative.
A Career Pathway traces the positions, compensation, and preparing required to development in an industry.
Thus, the correct answer is A.
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According to hazlitt, what should be done to help those who are hurt by economic progress? what should not be done?
Answers
For Hazlitt, there must be more production with the same workforce to achieve economic progress, generating more opportunities for individuals.
What should not be done are rules and norms that infringe on morals and ethics.
What is Henry Hazlitt's main contribution to the economy?Through a simple and objective writing, he wrote in 1946 the book "Economy in a lesson" that instituted governmental actions and norms to achieve economic development, being a highlight of libertarianism philosophy.
Therefore, Hazlitt's ideas were focused on libertarianism, which was based on the practice of morality and freedom to build a more developed society.
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Who owns the TD bank? Is it the government?
Answers
rent received Rs. 10,000/-
Answers
Answer:
Okay, but where is the question or it's free points?
"To increase the welfare of producers, a subsidy is always
better than a price floor". Explain the validity of the statement
in 500 words and support with suitable diagram(s).
Answers
A subsidy is always preferable to a price floor in increasing the welfare of producers. However, this assertion is not universally valid and depends on specific market conditions and the objectives of the policy.
The validity of the statement depends on the context and goals of the policy. A subsidy directly provides financial assistance to producers, effectively lowering their costs and increasing their profitability. This can stimulate production, encourage investment, and support producers' welfare. In contrast, a price floor sets a minimum price that must be paid for a product. While it may protect producers from low prices, it can lead to surplus production and create inefficiencies in the market.
The diagram below illustrates the effects of a subsidy and a price floor on the supply and demand equilibrium in a market:
In the diagram, the initial equilibrium is represented by the intersection of the supply (S) and demand (D) curves. When a subsidy is implemented, the supply curve shifts downward by the amount of the subsidy, resulting in an increase in quantity supplied (Q1 to Q2) and a decrease in price (P1 to P2). This benefits producers by reducing their costs and increasing their revenue.
On the other hand, implementing a price floor sets a minimum price (Pf) above the equilibrium price. This leads to a decrease in quantity demanded (Q1 to Q3) and an increase in quantity supplied (Q1 to Q4). The surplus (Q4 - Q3) represents excess production that is not demanded by consumers, which can result in wasted resources.
While the subsidy generally appears more favorable for producers' welfare, it is important to consider the broader consequences and potential distortions caused by both policies. Market conditions, the elasticity of supply and demand, and the overall goals of the policy should be taken into account when determining the most appropriate approach to support producers' welfare.
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Johnston, Inc., engaged in the following transactions involving treasury stock.
Feb. 10 Purchased for cash 17,000 shares of treasury stock at a price of $31 per share.
June 4 Reissued 6,000 shares of treasury stock at a price of $34 per share.
Dec. 22 Reissued 4,000 shares of treasury stock at a price of $22 per share.
a. Prepare general journal entries to record these transactions.
Answers
Answer and Explanation:
The journal entries are shown below
On Feb 10
Treasury stock Dr (17,000 shares × $31) $527,000
To cash $527,000
(Being the treasury stock purchased for cash is recorded)
On June 4
Cash (6,000 shares × $34) $204,000
To Treasury stock (6,000 shares × $31) $186,000
To Additional paid in capital - Treasury stock (6,000 shares × $3) $18,000
(being the reissuance of the treasury stock is recorded)
On Dec 22
Cash (4,000 shares × $22) $88,000
Additional paid in capital - Treasury stock (4,000 shares × $9) $36,000
To Treasury stock (4,000 shares × $31) $124,000
(being the reissuance of the treasury stock is recorded)
Explain the concept of market and market identification.
Identify communications channels used in sales promotion.
Explain types of advertising media.
Describe effective advertising layouts.
Write copy for advertisements.
Answers
Copywriting for advertisements should be concise and to the point, utilize descriptive language, use active voice, include an attention-grabbing headline, and provide a clear call-to-action.
What is Copywriting?Copywriting is the practice of crafting words and phrases in order to create promotional materials that are designed to sell products or services. It requires a great deal of creativity and an ability to write in an engaging and persuasive manner. Copywriting involves researching, understanding the target audience, creating attention-grabbing headlines and crafting persuasive copy to persuade readers to take action. It is an essential part of the marketing process and can be used to effectively reach potential customers and increase sales. Copywriters use a variety of techniques to create effective copy, such as using powerful words, creating vivid imagery, and making use of persuasive language. Copywriters must be able to understand the needs of their target audience, create compelling headlines and body copy, and be able to effectively target the right people. In addition, copywriters must be able to measure the success of their copy and make adjustments based on the results.
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The transactions of the Blue Spruce Store are recorded in the general journal below.
Accounts Receivable
3,000
Service Revenue
3,000
Cash
3,900
Service Revenue
3,900
Rent Expense
1,800
Cash
1,800
Cash
1,750
Accounts Receivable
1,750
How do I turn these into T-Accounts and compute the balances?
Answers
When given the transactions of Blue Spruce Store and you need to convert them to T-accounts, you need to debit the expenses and assets and credit the revenue.
How to make T-account?You will need to make the following accounts:
Cash account Service revenue accountAccounts receivable accountAll cash entries will be debited to the cash account and if they are for cash sales, they are to be credited to the service revenue account.
Entries that were made on credit will be debited to the Account receivable account and credited to Service revenue. Add the entries to find the balances.
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