For each of the following transactions, determine if there is an increase, decrease, or no change on
Question:
1. Gardenia Lane earned $12,000 in monthly sales.
2. The firm recorded a decrease in inventory of $7,500 due to the monthly sales.
3. Supplies were purchased for $50, and all of them were used.
4. The company paid employees $1,715 for current work done.
5. The company purchased land for $26,500.
6. Gardenia Lane paid rent of $2,500 for the current month.
7. The firm paid $1,000 in cash dividends.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
1 Increase 2 Decr...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Question Posted:
Students also viewed these Accounting questions
-
For each of the following transactions for Boston Co. (the seller), journalize what the entry would be for the buyer (Main Co.). Sold on account to Main Co. Note paid by Main Co. on duedate a....
-
For each of the following transactions or economic events, indicate the impact on the elements of the accounting equation (whether each element increases, decreases, has no net effect, or there is no...
-
For each of the following transactions or economic events, prepare the journal entry that would be required. Assume the year end in each case is December 31: a. On April 2, 2017, Barthel Inc. issued...
-
For each of the following, determine (i) the market in question; (ii) whether a shi in demand or supply occurred, the direction of the shi, and what induced the shi; and (iii) the effect of the shi...
-
Exercise 4 in Module 25 examined the relationship between hours spent studying for final exams and overall GPA. Here is the ANOVA summary table: Conduct a Tukey HSD on the ANOVA at a = .01. Between...
-
Find the equivalent viscous-damping constant for Coulomb damping for sinusoidal vibration.
-
If Bonzai Boards, Inc., returned $3,600 of snowboards to a supplier it would record the transaction as follows: DATE a. ACCOUNTS Cost of Goods Sold Inventory b. Accounts Payable Sales Returns and...
-
The City of Bedford is studying a 600-acre site on Route 356 for a new landfill. The startup cost has been calculated as follows: Purchase cost: ........$450 per acre Site preparation:...
-
Galaviz Company's quality cost report is to be based on the following data: Net cost of spoilage Test and inspection of in-process goods Supplies used in testing and inspection Quality engineering...
-
1. Array Subsets Given an integer array, divide the array into 2 subsets A and B while respecting the following conditions: The intersection of A and B is null. The union A and B is equal to the...
-
Enter each transaction into the accounting equation and identify an increase or decrease to assets, liabilities, shareholders equity, revenues, or expenses of Captured Memories Photography, Inc. 1....
-
Fill in the amounts for X, Y, and Z in the table. The company started business on July 1,2008. June 30, 2009 $2,000 $500 $ 800 June 30, 2010 $4,250 $2,500 700 Assets Liabilities Contributed capital...
-
Easton Company manufactures and sells three models of baby cribs Angel, Bella, and Cutie. The information on these three products is as follows: Eastons production capacity is 20,000 machine-hours...
-
ABC Products is a division of a major corporation. The following data are for the most recent year of operations: Sales Net operating income $ 37,180,000 $ 3,158,960 $ 8,700,000 The company's minimum...
-
pest analysis and a marketing mix for the company tui and From your market and company analysis make relevant recommendations of how the company could improve their marketing mix (price, product,...
-
Discuss the two marketing pillars (Differentiation and Positioning) regarding medical tourism in Egypt.
-
The income statement of Ellen Corporation for the years 2018 and 2019 showed the following information. Sales 2019 2018 $97,000 $74,000 Cost of Goods Sold $74,000 $47,000 Gross Profit $23,000 $27,000...
-
Accountants, Ethics, and the Financial Statements ( 2 5 Marks ) For some time, Hernadez Pty Co . a beverage manufacturer has been selling to the west coast region, however recently their market share...
-
Determine the magnitude of each Coriolis force on a 1.5-kg parcel of air with wind v. (a) v is 25 m/s toward the east at the equator (b) v is 25 m/s toward the east at 45N (c) v is 35 m/s toward the...
-
Test whether the 5-year survival rate for breast cancer is significantly different between African American and Caucasian women who are younger than 50 years of age and have localized disease....
-
Paul Simard was delighted when Ancol Ltd. offered him the job of manager at its Jonquiere, Quebec plant. Simard was happy enough managing a small metal stamping plant with another company, but the...
-
Can a business enter into a transaction that affects only the left side of the basic accounting equation? If so, give an example.
-
Can a business enter into a transaction that affects only the left side of the basic accounting equation? If so, give an example.
-
Are the following events recorded in the accounting records? Explain your answer in each case. (a) A major stockholder of the company dies. (b) Supplies are purchased on account. (c) An employee is...
-
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Age of Accounts...
-
Recently, a famous movie star won a defamation trial against his ex-wife, also a famous movie star. The ex-husband claimed that his ex-wife had defamed him in a Washington Post column, where she...
-
On 1 August 2022, Jack, with the written approval of Mega Phones Board, then approaches Jill from Techworld to supply 500 Apple iPhones Mark XYZ, which have recently been released, for a total price...
Study smarter with the SolutionInn App