Answer To: I need help with my realtime financial management exam on June 2 2-5am (EDT). Please choose 4...
Akshay Kumar answered on May 26 2021
Question 1
A. Journal Entries
Transaction Particular Debit Credit
1 Dr. Cash $ 180,000.00
Cr. Capital $ 180,000.00
2 Dr. Furniture & Fixture $ 80,000.00
Cr. Cash $ 50,000.00
Cr. Accounts Payable $ 30,000.00
3 Dr. Cash $ 86,900.00
Cr. Revenue $ 86,900.00
4 Dr. Cash $ 35,750.00
Dr. Account Receivable $ 29,250.00
Cr. Revenue $ 65,000.00
5 Dr. Rent Expense $ 22,000.00
Dr. Prepaid Rent $ 44,000.00
Cr. Cash $ 66,000.00
6 Dr. Supplies $ 3,500.00
Cr. Cash $ 3,500.00
7 Dr. Account Payables $ 30,000.00
Cr. Cash $ 30,000.00
8 Dr. Insurance Expense $ 5,900.00
Cr. Accrued Insurance $ 5,900.00
9 Dr. Salaries Expense $ 91,800.00
Cr. Cash $ 91,800.00
10 Dr. Utilities Expense $ 1,650.00
Cr. Cash $ 1,650.00
B Trail Balance
Particular Debit Credit
Cash $ 59,700.00
Account Receivable $ 29,250.00
Prepaid Rent $ 44,000.00
Supplies $ 3,500.00
Furniture & Fixture $ 80,000.00
Accrued Insurance $ 5,900.00
Capital $ 180,000.00
Revenue $ 151,900.00
Rent Expense $ 22,000.00
Salaries $ 91,800.00
Utilities Expense $ 1,650.00
Insurance Expense $ 5,900.00
Total $ 337,800.00 $ 337,800.00
C. Cash Ledger
Cash
T1 $ 180,000.00 $ 50,000.00 T2
T3 $ 86,900.00 $ 66,000.00 T5
T4 $ 35,750.00 $ 3,500.00 T6
$ 30,000.00 T7
$ 91,800.00 T9
$ 1,650.00 T10
$ 302,650.00 $ 242,950.00
Balance $ 59,700.00
4. Adjusting Entries
Transaction Particular Debit Credit
5 Dr. Rent Expense $ 22,000.00
Cr. Prepaid Rent $ 22,000.00
8 Dr. Accrued Insurance $ 5,900.00
Cr. Cash $ 5,900.00
Question 3
a
Market Equilibrium is a situation at which Quantity demanded is equal to quantity supplied. With the improvement in the production technology, Supply Increases which means that the Supplier is willing to supply more goods. However, With the increase in the supply, the price will start to...