User Account

All Pages

Record the transactions

Assignment Help Accounting Basics
Reference no: EM133125199

Question - The following transactions occur for Cardinal Music Academy during the month of October:

1. Provide music lessons to students for $12,000 cash.

2. Purchase prepaid insurance to protect musical equipment over the next year for $3,600 cash.

3. Purchase musical equipment for $15,000 cash.

4. Obtain a loan from a bank by signing a note for $20,000.

Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue.

Reference no: EM133125199

Questions Cloud

What is the correct amount of inventory at december : Goods out on approval, at sales price of P32,500 (cost is P25,000). What is the correct amount of inventory at December 31, 2021
Cash flow risk and the risk of changes in tastes : In relation to cash flow risk and the risk of changes in tastes and technology, describe what procedures or protection strategies a business could adopt to redu
Write out the objective function and the constraints : A firm has three types of wood products (X1, X2, X3) each requires (or potentially requires) four inputs: A B, C and D.
Find the cost-minimizing solution : 1. The Freezing Cold Refrigerator Company has five production plants in Vancouver, Salem, Fresno, Bakersfield and Imperial. The harpsicords are all shipped to o
Record the transactions : Record the transactions - Purchase prepaid insurance to protect musical equipment over the next year for $3,600 cash
The national football league and brain injuries : The National Football League (NFL) was both the most popular spectator sport in the U.S. and a major economic entity,
Predictions of the grussman model : Evidence that Canadians over age 65 make up 25-30 percent more physician visits each year than those under age 35 is inconsistent with the predictions of the Gr
Variation across individuals in rates of time : Variation across individuals in rates of time preference is one possible explanation for the observed correlations between smoking, education levels, and health
What is the aggregate effect of ?scal policy package : At a given level of GDP the government decides to increase its purchase of consumption goods and services (G) by $1000 while cutting its transfer payments to do

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd