After-Tax Profit Targets Olivian Company wants to earn $360,000 in net (after-tax) income next year. Its product is priced at $300 per unit. Product costs include: Direct materials $90.00 Direct labor $66.00 Variable overhead $15.00 Total fixed factory overhead $445,000 Variable selling expense is $12 per unit; fixed selling and administrative expense totals $295,000. Olivian has a tax rate of 40 percent.
Required:
a. Calculate the before-tax profit needed to achieve an after-tax target of $420,000.
b. Calculate the number of units that will yield operating income.
Answers
Answer:
(A) $700,000
(B) 12,308 units
Explanation:
(A) The before-tax profit that is needed to achieve an after-tax target of $420,000 can be calculated as follows
= after-tax income/1-tax rate
= $420,000/(1-40/100)
= $420,000/1-0.4
= $420,000/0.6
= $700,000
(B) The number of units that will yield operating income can be calculated as follows
= desired contribution margin/Contribution margin per unit
Desired contribution margin= $445,000 + $295,000 + $700,000
= $1,440,000
Contribution margin per unit= 300-(90+66+15+12)
= 300-183
= 117
Therefore the number of units that will yield the operating income is
= 1,440,000/117
= 12,308 units
Related Questions
A cat food company’s marketing department knew that consumers wanted natural products in their pets’ food, so they changed the labels on the cans to stress which ingredients were natural, but left off the other ingredients. This illustrates
A. greenwashing
B. alternative facts
C. whiteboarding
D. plagiarism
E. whistleblowing
Answers
This scenario illustrates the concept of "greenwashing." So, the correct choice is option A.
Greenwashing refers to the deceptive or misleading marketing practices employed by companies to present their products or services as more environmentally friendly or natural than they actually are.
In this case, the cat food company's marketing department recognized the consumer demand for natural pet food and decided to capitalize on it by changing the labels on the cans. By emphasizing the natural ingredients and intentionally omitting the other ingredients, they create a misleading perception that their product is entirely natural.Greenwashing is a form of marketing manipulation that aims to attract environmentally conscious consumers by providing a false impression of sustainability or naturalness. It can involve various strategies, such as selective labeling, misleading claims, or exaggeration of environmentally friendly features. The intention is to influence consumer perception and purchasing decisions without necessarily making substantial changes to the product itself.However, greenwashing undermines consumer trust and the credibility of companies that engage in such practices, as it can mislead consumers and hinder their ability to make informed choices.
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15. What is the net operating income for the year?
Answers
Where the above conditions are given, the net operating income for the year is $785,700
How is this so?Sales revenue - Cost of goods sold = Gross profit
Gross profit - Selling and administrative expenses = Operating income
Sales revenue - $2,970,000 Cost of goods sold - Beginning inventory - $52,800 Raw materials used in production - $608,000 Direct labor - $580,000 Manufacturing overhead applied - $647,500 (41,000 direct labor-hours $15.75 per direct labor-hour) Total cost of goods sold - $1,808,300Selling and administrative expenses - $376,000
Operating income is given as $2,970,000 - $1,808,300 - $376,000 = $785,700
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A bakery hires a baker who can make 15 cakes per day. The bakery then decides to hire a second baker who will use the kitchen at the same time as the first baker. The bakery finds that the second baker can produce only an additional nine cakes per day. What concept does this scenario illustrate
Answers
Answer:
Diminishing marginal product
Explanation:
The concept of Diminishing marginal product states that there is a point at which more variable input results in initial faster rate of output growth. However later the rate of growth will start declining as more variable input is added.
In the scenario given above only one Baker can produce 15 cakes, that is 15 cakes per Baker.
As variable input increases (one more Baker is added) overall output per Baker decreases.
The additional Baker can produce 9 cakes while the old Baker can produce 15 cakes. That is a total of 24 cakes.
The average number of cakes produced per Baker is now
24 ÷ 2 = 12 cakes per Baker.
This indicates a reduction in output per baker, and exemplifies Diminishing marginal product
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,000 ? Transferred Out Purchases ? End. Bal. 6,400 Cost of Goods Sold 57,000 Work-in-Process Inventory Beg. Bal. 7,500 ? Transferred Out Materials 18,000 Labor 13,500 Overhead 8,000 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,500 End. Bal. 4,200 What is the amount of the materials purchased?
Answers
Answer:
$16,400
Explanation:
Calculation for What is the amount of the materials purchased
Materials purchased=(Direct Materials Inventory Beg. Bal. 8,000 + purchases – $18,000) -End. Bal. 6,400
Materials purchased=-10,000-6,400
Materials purchased = $16,400
Therefore the amount of the materials purchased will be $16,400
PLEASE HELP!!!!
How is a check treated by the US government?
a. as currency
b. as a legal contract
c. as a negotiable instrument
d. as a promise from the payee to the payer
Answers
Answer:
legal contract
Explanation:
should be it or currency
When is the only time to abbreviate on a job application?
Question 3 options:
In the Personal Information section
In the Position & Availability section
Only when space is limited
Signature section
Answers
What should you do if the recycler rejects a bill? (select all that apply)
You can reinsert any rejected bill up to three times by selecting the Restart button.
Enter the POS cash amount from the Action 3 code slip and reinsert any rejected bill.
Set aside the rejected bills and dp them into the vault.
Place the rejected cash in the register bag and leave the rejected coins in the till drawers.
Answers
Answer:
Enter the POS cash amount from the Action 3 code slip and reinsert any rejected bill.
Set aside the rejected bills and deposit them into the vault.
If a bill is rejected by the recycler, it is critical to follow the relevant processes to guarantee appropriate management of the rejected bill and accurate records of the cash transaction.
Set the rejected banknotes aside and deposit them in the vault. It is not advised to reinsert the bill or leave it in the register bag or till drawer as this may result in inconsistencies in cash management and audits. Furthermore, the recycler may have rejected the bill owing to a fault or problem, rendering it worthless, thus it is essential to address it independently.
In a business context, rejected bills can be reinserted into the recycler, the Action 3 code slip can be entered into the POS for another try, or if continuously rejected, they should be set aside and put in a vault or register bag. Rejected coins can be left in the till drawers.
Explanation:Handling rejected bills from a recycler in a business environment can be approached in a variety of ways. Firstly, you can attempt to reinsert the bill into the recycler up to three times by selecting the Restart button to see if it accepts it upon further tries. Secondly, if the bill continues to be rejected, you can enter the POS cash amount from the Action 3 code slip and try to reinsert the rejected bill. Lastly, if none of the above options work, you can set aside these rejected bills, then place them into a secure location like a vault or in the register bag. Please note that rejected coins can be left within the till drawers.
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Consider the following list containing several price elasticity of demand determinants:
- The avallability of close substitutes - Whether a good is a luxury or necessity - How broadly the market is defined - The time horizon under consideration
Answers
A good without any substitute in the market is going to have relatively inelastic demand
What is price elasticity of demand?Price elasticity of demand is a measure of the responsiveness of the quantity of a good or service demanded to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. In other words, it measures the degree to which changes in price affect the quantity of a good or service that consumers are willing and able to buy.
If a good or service is price elastic, it means that a small change in price will result in a relatively large change in the quantity demanded. On the other hand, if a good or service is price inelastic, it means that a change in price will result in a relatively small change in the quantity demanded.
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In a manufacturing company, which budget is used as the basis for creating the direct materials budget, the direct labor budget, and the manufacturing overhead budget?
Answers
In a manufacturing company, the budget which is used as the basis for creating the direct materials budget, the direct labor budget, and the manufacturing overhead budget is the Production budget.
The materials budget is used to plan how many raw materials we will need to have on the side in order to meet our production targets. This budget is prepared in the same manner as the production budget, as the company must decide how much raw materials inventory to keep on hand at the end of each quarter.
The direct labor budget is basic. Firstly, we need to know how many units are needed from the production budget. Then, we need to know how many direct labor hours are required to complete one unit, as well as the cost per labor hour.
The manufacturing overhead budget is the final budget for manufacturing. It is developed in accordance with how the company allocates overhead.
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Describe TWO ways in which the above law protects citizens against human
rights violations.
Answers
Answer:
1. Protection of Human Rights Act 1993: declares the rights pertaining to life, equality, liberty,and dignity of an individual that is guaranteed by the Constitution of India.
2. The Universal Declaration of Human Rights (UDHR)- declared by the United Nations General Assembly in the year 1948.
Explanation:
What is the role of government assistance programs?
A. to provide benefits to those who want them
B. to provide benefits to those whose employers paid into them.
C. to provide benefits to those who qualify for them.
D. to provide benefits to those who paid into them.
Answers
Answer:
c. to provide benefits to those who qualify for them
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 790 $ 4,740
October 4 Sale 4
October 10 Purchase 5 800 4,000
October 13 Sale 3
October 20 Purchase 4 810 3,240
October 28 Sale 7
October 30 Purchase 8 820 6,560
$ 18,540
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31
Answers
The cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.
The LIFO method (last-in, first-out) of inventory valuation requires that the most recent purchases of inventory be used first in the cost of products sold and ending inventory calculations. The ending inventory and cost of products sold at the end of October will be calculated using the LIFO method, based on the data given in the table.Based on the data given, the total units sold is 14, and the total units purchased is 17. Here's how to calculate the ending inventory and cost of products sold using the LIFO method:Step 1: The last purchase of 8 units at a cost of $820 each on October 30 is deducted from the inventory count, leaving 9 units.Step 2: The previous purchase of 4 units at a cost of $810 each on October 20 is deducted from the inventory count, leaving 5 units.Step 3: The next purchase of 5 units at a cost of $800 each on October 10 is deducted from the inventory count, leaving 0 units.Step 4: Based on the LIFO method, the cost of the ending inventory is the sum of the cost of the oldest units remaining in stock, which is 4 units at a cost of $790 each on October 1, totaling $3,160.Step 5: Based on the LIFO method, the cost of goods sold (COGS) is calculated by adding the total cost of units sold, which is 14 units at a cost of $820 each on October 30, 4 units at a cost of $810 each on October 20, and 5 units at a cost of $800 each on October 10, totaling $17,260.Therefore, the cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.For more questions on cost of goods sold (COGS)
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true/false. forecasting ignores that taxpayers may respond to a tax change by changing their behavior. forecasting attempts to account for possible taxpayer responses to the tax law change.
Answers
''Static forecasting ignores that taxpayers may respond to a tax change by changing their behavior. Dynamic forecasting attempts to account for possible taxpayer responses to the tax law change.'' is true
What is dynamic and static forecast?The lagged dependent variable's actual value is used in static forecasting (if it is available). In most cases, dynamic forecasting is the sole method that can be used for out of sample forecasting (due to the lack of actual data, static forecasting is impossible).Dynamic forecasting uses real-time data that is updated often, usually every quarter or month. This contrasts with traditional annual budgeting and projections, or static planning, which depends on laboriously slow cycle times and human spreadsheets.The lagged dependent variable's predicted value is used in dynamic forecasting. The lagged dependent variable's actual value is used in static forecasting (if it is available).Learn more about Dynamic forecast refer to :
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Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and merchandise are sold at a 25% mark-up on cost. The following transactions took place during May 2023:
Date
Transaction
R
6
Purchased merchandise from Matsene Traders and paid cash
14 200
15
Sold merchandise to Mr Hall for cash
3 525
29
Purchased merchandise from Zittace Traders on account
9 078
31
Returned merchandise purchased on credit to Zittace Traders
3 162
The opening balance of the inventory account on 1 May 2023 was R5 559
Answers
Note that the general ledger account for the above transactions are attached accordingly.
What is the explanation for same?The opening balance of the inventory account is carried forward from the previous month.
The purchases and sales transactions increase and decrease the inventory balance, respectively. The returned goods transaction decreases the inventory balance.
The cash account balance is increased by the amount of cash paid for purchases and decreased by the amount of cash received from sales.
The accounts payable account balance is increased by the amount of goods purchasedon credit and decreased by the amount of goods returned.
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Full Question:
Although part of your question is missing, you might be referring to this full question:
Shabangu Suppliers (not a registered VAT vendor) is a retail entity situated in the Limpopo province. The perpetual inventory system is in use and merchandise are sold at a 20% mark-up on cost. The following transactions took place during May 2023:
Date Transaction R
6 Purchased merchandise from Matsene traders and paid cash. 7548
15 Sold merchandise to Mr Hall for cash 2568
29 Purchased merchandise from Zittace traders on account. 10 800
31 Returned merchandise purchased on credit to Zittace traders 2703
The opening balance of the inventory account on 1 May 2023 was R5 411
Required:
Post the above transactions to the general ledger account provided below.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. When no amount needs to be entered in a column, then indicate this by entering "0" in the column.
Job candidates are leaving an office every 50 minutes. Each candidate goes through three activities during the office visit: verification, written test, and interview. Verification takes 1 minute, the written test takes 40 minutes, and the interview takes 10 minutes. Assume there is only one resource dedicated to each activity. What is the utilization of the bottleneck resource?
Answers
Answer:
80%
Explanation:
Calculation to determine the utilization of the bottleneck resource
First step is to calculate the Flow rate
Flow rate = 1/50
Flow rate = 0.02 customer per minute.
Second step is to calculate the Bottleneck capacity
Bottleneck capacity = Min(1, 1/40, 1/10)
Bottleneck capacity= 0.025 customer per minute.
Now let determine the Utilization of the bottleneck resource using this formula
Utilization of the bottleneck resource = Flow rate/Capacity
Let plug in the formula
Utilization of the bottleneck resource= 0.02/0.025
Utilization of the bottleneck resource= 80%.
Therefore the utilization of the bottleneck resource is 80%
how to gain competitive advantage
Answers
Answer:
I know ur answer.
Explanation:
1. become the low-cost supplier
2. develop differentiated, innovative products and services
3. target a niche: geography, industry, product/service
4. employ differentiated business methods and approaches.
Answer:
Gaining a competitive advantage can be challenging, but there are several strategies businesses can adopt to achieve this goal. Here are some recommendations to improve your business's competitiveness:
1. Differentiation: One way to gain a competitive advantage is to differentiate your product or service from those of competitors. You can stand out by focusing on a unique feature or benefit that none of your competitors offer.
2. Cost Leadership: Another approach is to lower your costs and offer lower prices than your competitors. This helps attract price-sensitive consumers who value cost savings while still making a profit.
3. Innovation: Building new and innovative products or services can help you stand out in the market, attract customers who like new trends, and establish a competitive advantage in the industry.
4. Quality products and services: Offering high-quality products or services can increase customer satisfaction and loyalty that can set a business apart from competitors.
5. Customer focus: Focusing on customer satisfaction by regularly evaluating customer needs and concerns, improving service or product quality, and striving to exceed customer expectations can create a competitive advantage for your business.
In summary, businesses can gain competitive advantage by offering unique features or benefits, lowering cost, innovating, providing high-quality goods and services, and focusing on outstanding customer service.
you are the manager of a firm that receives revenues of $60,000 per year from product X and $100,000 per year from product Y. The own price elasticity of demand for product X is −2, and the cross-price elasticity of demand between product Y and X is 1.5. How much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 2 percent?
Answers
Firm's total revenues will change to $600 if you increase the price of good X by 2 percent
Price elasticity of demand = percentage change in quantity demanded / percentage change in price −2 = percentage change in quantity demanded / 2% percentage change in quantity demanded = --2 x 2% = -4% The quantity demanded of good X would fall by 4% Revenue would change by -0.04 x $60,000= -$2400 Cross price elasticity of demand measures the responsiveness of quantity demanded of good Y to changes in price of good X. 1.5 = percentage change in quantity demanded of good Y / 2% percentage change in quantity demanded of good Y = 1.5 x 2% = 3.0% The quantity demanded of good Y would increase by 3.0% Revenue would change by 0.030 x $100,000= $3000 Total change = -$2400+ $3000=$600
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Hi there
Can anyone please explain to me what is meant by How would you conduct training?
Answers
Answer: Not me getting deleted-
Explanation:
Which country listed has the highest human development ranking?
Which 2 countries listed have very high GDP rankings, but much lower rankings in human development?
Which country has a lower GDP ranking and a lower HDI ranking?
Answers
Answer:
The answers to all 3 questions are:
1. Norway
2. China and India
3. Afghanistan
Explanation:
Just completed the 2020 Edge Assignment
The country that has the highest Human development Ranking is Norway and the nations that have very high GDP are china and India. The nation having low HDI is Afghanistan.
Waht is Huamn developnet Index ?The HDI is a measure of human development that involves the human condition and capacity. The United Nations uses this measure to compare the nations of the world on the basis of standards of living, education, and focus on economic growth along with social justice. The top-ranking counties on the scale include Norway.
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Name one Business Owner who started out with a background in Arts and provide the name of the business . Please use complete sentence's.
Answers
One Business Owner who started out with a background in Arts and provide the name of the business is Oprah Winfrey.
Who is an art entrepreneur?Arts entrepreneurship can be described as the person that is focus on the creation and pursuit of novel ideas.
They are those that engage in artistic activities and are ready to share, and distribute creative work as a means of their business, therefore, One Business Owner who started out with a background in Arts and provide the name of the business is Oprah Winfrey.
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kris is a member of laboratory services, llc, a limited liability company. kris can participate in the firm's management only to the extent that she assumes liability for the firm's debts. only to the extent of her investment in the firm. to any extent. to no extent.
Answers
Kris can participate in the management of Laboratory Services, LLC, to the extent of her investment in the firm. Investment is the commitment of money or capital into the business to make purchase of assets or financial instruments.
A limited liability company is a type of business structure which limits the personal liability of its members, meaning that members are not personally responsible for the debts of the company. Therefore, Kris can only assume liability for the firm's debts in proportion to her investment in the firm. For example, if Kris invested $1000 into the company and the company had a debt of $10,000, Kris would only be responsible for $1000 of the debt.
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Why does demand for substitutes tend to move in the opposite direction from
each other?
O A. One of the substitutes is usually elastic, while the other is
inelastic.
O B. When the price of a good goes up, consumers shift their demand
to its substitute.
C. Substitute goods have perfect unit elasticity for each other.
O D. Substitute goods tend to have inelastic demand.
Answers
Answer:
O B. When the price of a good goes up, consumers shift their demand
to its substitute.
Explanation:
Substitute goods are products that can be used in place of one another. Consumers will be happy to consume either of the products. Substitute goods provide similar solutions to customers' problems.
Should the price of one substitute good increases, its demand is likely to fall. Consumers will prefer to consume the alternative product resulting in an increase in demand for the substitute.
If IBM has a beta of 1.2 when the risk-free rate is 6% and the expected return on the market portfolio is 18%, the expected return on IBM is:
Answers
Answer:
20.4%
Explanation:
Calculation to determine what the expected return on IBM is:
Using this formula
E(Ribm)=Risk-free rate+(Market portfolio -Risk-free rate) Beta
Let plug in the formula
E(Ribm) = 6% +(18%-6%)1.2
E(Ribm)=6%+12%(1.2)
E(Ribm)=6%+14.4%
E(Ribm)=20.4%
Therefore the expected return on IBM is:20.4%
Federal debt now stands at $23 trillion USD. You must pay 5% simple interest on the debt at the end of the year ... and the US Congress over-spent by another $500 billion deficit this year! Calculate the anticipated new Federal debt at the end of the year (type a number expressed in trillions of dollars)
Answers
Answer:
ion know im dumb
Explanation:
Explain how each of the following events would affect the equilibrium price and quantity of new textbooks. (Explain which curve(s) would shift and in which direction(s).)
Answers
The events that would affect the equilibrium price and quantity of new textbooks include changes in production costs, shifts in student enrollment, changes in government policies etc.
How do these events impact the equilibrium price and quantity?The changes in production costs will shift the supply curve of new textbooks. If production costs increase, the supply curve would shift to the left resulting in decrease in the equilibrium quantity and an increase in the equilibrium price.
But if production costs decrease, the supply curve would shift to the right leading to an increase in the equilibrium quantity and a decrease in the equilibrium price of new textbooks.
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Can anyone let me use their Netflix account?
Thank you!
Answers
what are the four basic types of motivetional?
Answers
Answer:
The Four Forms of Motivation
Extrinsic Motivation
Intrinsic Motivation.
Introjected Motivation.
Identified Motivation.
Explanation:
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Last month, Lani’s Pizza Parlor generated $75,000 in revenues. Her total expenses last month were $63,000. Create the formula Lani needs to calculate the amount of profit she made last month.
Answers
Answer:
$12,000
Explanation:
Calculation for the amount of profit she made last month
Using this formula
Profit=Revenues-Expenses
Let plug in the formula
Profit=$75,000-$63,000
Profit=$12,000
Therefore the amount of profit she made last month is $12,000
Marco works as a freelance science writer. He wants to improve his productivity. Which of the following steps is he most likely to take? (5 points)
Group of answer choices
Build a website highlighting his expertise and publications
Take a week off to relax and play video games
Invest in a better computer and a faster Internet connection
Take out an advertisement for his services
Answers
Answer:
its c and dont remove it this time eroupa
Explanation:
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable: Supplies; Office Equipment; Accounts Capital; Jason Payne, Drawing: Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Oct. 1 Paid rent for the month, $3,600
3 Paid advertising expense, $1,200.
5 Paid cash for supplies, $750
6 Purchased office equipment on account, $8,000
10 Received cash from customers on account, $14,800
15 Paid creditors on account, $7,110
27 Paid cash for miscellaneous expenses, $400.
30 Paid telephone bill (utility expense) for the month, $250
31 Fees earned and billed to customers for the month, $33,100
31 Paid electricity bill (utility expense) for the month, $1,050.
31 Withdrew cash for personal use, $2,500
Journalize the transactions for October 2019
Answers
Answer:
Journal entries for October 2019
Date Accounts Titles and Explanation Debit Credit
Oct 1 Rent expense $3,600
Cash $3,600
(To record entry for payment of rent for month)
Oct 3 Advertising expenses $1,200
Cash $1,200
(To record entry for Advertising expenses)
Oct 5 Supplies $750
Cash $1750
(To record entry for purchase of supplies)
Oct 6 Office equipment $8,000
Accounts Payable $8,000
(To record purchase of office equipment on account)
Oct 10 Cash $14,800
Accounts Receivable $14,800
(To record cash received from customers on account)
Oct 15 Accounts payable $7,110
Cash $7,110
(To record payment made to creditors)
Oct 27 Miscellaneous expenses $400
Cash $400
(To record repair expense of office equipment)
Oct 30 Telephone expense $250
Cash $250
(To record payment made for telephone bill)
Oct 31 Accounts receivables $33,100
Service fees $33,100
(To record fees earned)
Oct 31 Utility expense $1,050
Cash $1,050
(To record payment made for electricity bill)
Oct 31 Personal use $2,500
Cash $2,500
(To record payment of dividend)
The Journal Entries are mentioned below.
What are Journal Entries?A journal entry is the first step—and an essential function—of the accounting process. They are the record of monetary transaction of a business.
Journal Entries in the books of Concrete Consulting Co.
for October 2019
Date Accounts Titles and Explanation Debit Credit
Oct 1 Rent expense A/c Dr. $3,600
To Cash A/c $3,600
(Being rent paid)
Oct 3 Advertising expenses A/c Dr $1,200
To Cash A/c $1,200
(Being Advertising expenses paid)
Oct 5 Supplies A/c Dr $750
To Cash A/c $750
(Being payment for purchase of supplies)
Oct 6 Office equipment A/c Dr $8,000
To Accounts Payable A/c $8,000
(Being office equipment purchased)
Oct 10 Cash A/c Dr $14,800
To Accounts Receivable A/c $14,800
(Being cash received from customers)
Oct 15 Accounts payable A/c Dr $7,110
To Cash A/c $7,110
(Being payment made to creditors)
Oct 27 Miscellaneous expenses A/c Dr $400
To Cash A/c $400
(Being expense made for repair of office equipment)
Oct 30 Telephone expense A/c Dr $250
To Cash A/c $250
(Being payment made for telephone bill)
Oct 31 Accounts receivables A/c Dr $33,100
To Service fees A/c $33,100
(Being fees earned)
Oct 31 Utility expense A/c Dr $1,050
To Cash A/c $1,050
(Being electricity bill paid)
Oct 31 Personal use A/c Dr $2,500
To Cash A/c $2,500
(Being cash withdrawn for personal use)
Therefore the above Journal Entries captures all the transactions.
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