Answer:
1. $ 207,003.32
2. Dec 1 2020
Dr Lease Receivable $ 207,003.32
Dr Cost of good sold $116,000
Dr Sales $ 207,003.32
Cr Inventory $ 116,000.00
Dr Cash $31,448
Cr Lease Receivable $31,448
Dec 31 2020
Dr Interest Receivable $10,533.32
Cr Interest Revenue $10,533.32
3. Dr Cash $31,448
Cr Deposit Liability $31,448
4. Dr Inventory 980
Cr Gain on lease (Residual value) 980
Explanation:
1 Computation for the amount of the lease receivable
Annual Payments $31,448
x PVAD (6%,8 years ) $6.5824
Amount of lease receivables $ 207,003.32
($31,448*$6.5824)
Therefore the amount of the lease receivable will be $ 207,003.32
2. Preparation of all necessary journal entries for Sheridan for 2020.
Dec 1 2020
Dr Lease Receivable $ 207,003.32
Dr Cost of good sold $116,000
Dr Sales $ 207,003.32
Cr Inventory $ 116,000.00
(Being to record Lease Receivable)
Dr Cash $31,448
Cr Lease Receivable $31,448
(Being to record first lease Receivable)
Dec 31 2020
Dr Interest Receivable $10,533.32
[ ($ 207,003.32 - $31,448 ) x 6%]
Cr Interest Revenue $10,533.32
3. Preparation of the necessary journal entry for the company in 2020.
Dr Cash $31,448
Cr Deposit Liability $31,448
4. Preparation of the entry to recognize the receipt of the asset for Sheridan at the end of the lease term.
Dr Inventory 980
Cr Gain on lease (Residual value) 980
what is the author's main purpose in this article
The main purpose of the article is to talk about the fact that the companies were pushing to have better ways of having to deal with the people that work in their companies.
What is the main purpose of an article?This is the term that is used to refer to the central message that a given article is trying to pass. It is what the article is making a statement about. This particular article can be said to be more concerned with the ways that businesses have tpo treat the people that work in their organizations.
It talks about the concept of ethical dealings and fairness and all of the ways that they can focus on carrying out other responsibilities that are just beyond making profits in the businesses that they do.'
Hence we can say that The main purpose of the article is to talk about the fact that the companies were pushing to have better ways of having to deal with the people that work in their companies.
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Hyundai Heavy Industries Co. is one of Korea’s largest industrial producers. According to an article in BusinessWeek Online, the company is not only the world’s largest shipbuilder but also manufactures other industrial goods ranging from construction equipment and marine engines to building power plants and oil refineries worldwide. Despite being a major industrial force in Korea, several of the company’s divisions are unprofitable, or “bleeding red ink” in the words of the article. Indeed, last year the power plant and oil refineries building division recorded a $105 million loss, or 19 percent of its sales. Hyundai Heavy Industries recently hired a new Chief executive officer (CEO) who is charged with the mission of bringing the unprofitable divisions back to profitability. According to BusinessWeek, Hyundai’s profit-driven Chief executive officer (CEO) has provided division heads with the following ultimatum: “…hive off money-losing businesses and deliver profits within a year—or else resign.” Suppose you are the head of the marine engine division and that it has been unprofitable for 7 of the last 10 years. While you build and sell in the competitive marine engines industry, your primary customer is Hyundai’s profitable ship-building division. This tight relationship is due, in large part, to the technical specifications of building ships around engines. Suppose that in our end-of-year report to the Chief executive officer (CEO) you must disclose that while your division reduced costs by 10 percent, it still remains unprofitable. Make an argument to the Chief executive officer (CEO) explaining why your division should not be shut down.
The argument that would be made to the CEO would be based on the fact that there are complementarities of cost as well as economies of scope.
The argument that is to be madeCost complementarities and economies of scope are likely to occur given the tightly linked marine engine and shipbuilding sectors.
Eliminating marine engine division can actually increase the costs of the shipbuilding division, making the shipbuilding division non-profitable.
Showing the CEO that quadratic multi-product, a cost function presents cost complementarities and an economies of scope, which will occur when a 0andf-aQ1Q2> 0, respectively, and compare the profitability under various scenarios would help this particular argument withstand criticism.
My justification for maintaining the distinction is as follows:
Our division is still growing and needs a few more years to reach its full potential.
Additionally, we introduced new equipment (technology) last year, which helped us cut costs by 10%. This year, thanks to our employees' thorough training on the new platform, we may cut costs even more in the upcoming fiscal year.
And because of the fresh investment in fixed capital, the division has suffered losses. i.e., even while total costs exceed entire revenues. The price of output is higher than the average variable cost.
As a result, the company has every right to continue operating because its AVC is greater than the price.
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The healthcare industry encouraged people to become radiology technologists as there were very few around the nation. This resulted in more radiology technicians than available jobs. This career has
a decrease in supply
an increase in demand
an increase in supply
no change in demand
As the encouragement of the healthcare industry resulted in more radiology technicians than available jobs, the career has increase in supply.
What is a job supply?The job supply means the availability of employees who are readily available to work in a industry.
Hence, as the encouragement resulted in more radiology technicians than available jobs, the career has increase in supply.
Therefore, the Option D is correct.
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Answer: (A) A decrease in supply.
Explanation:
When there are more people than open jobs, the supplies will go down as they will be using up more supplies then they have. I hope this helps! Good luck!
Which one of the following is a general characteristic of a securities broker?
• Trades from his or her own inventory
O Trades only foreign securities
O Trades listed securities in an auction market
• Is the principal trader of debt securities
Trades listed securities in an auction market: is a general characteristic of a securities broker. Thus, option C is the correct option.
Securities brokers provide relevant information to institutional and individual clients so they may purchase or sell stocks, bonds, commodities, and options. They could create or keep up a portfolio, which is a diverse collection of stocks.
Typically, commissions from each deal are used to pay brokers. A commission has traditionally been paid to a broker by investors to buy or sell stocks. Securities brokers provide relevant information to institutional and individual clients so they may purchase or sell stocks, bonds, commodities, and options.
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How does earned income, like wages, differ from unearned income, like interest or rental
income? How would you pay taxes on these different types of income?
Answer:
Your tax liability is based on your overall income, so it's important to understand the different types of income and how the IRS treats them. Earned income and unearned income each include diverse forms of payments and have unique tax implications.
Explanation: Hope this helps <3
The areas of academic study are called
Answer:
Academic Focus Areas are related majors that are grouped together because they share a foundation of common course requirements and recommendations. At most institutions, every program of study will fit into one of a limited number (five to seven, generally) of Academic Focus Areas.
An academic discipline or field of study is known as a branch of knowledge.
Explanation:
Answer: Branches of knowledge
Happy to help; have a great day! :)
Should I tell my parents I'm adopted?
Answer: Yes
Explanation:
It is important, when telling them about their adoption, to help them understand that they were born first—and that all children, adopted or not, are conceived and born in the same way. The birth came first, then the adoption. Waiting until adolescence to reveal a child's adoption to him or her is not recommended. “Halloween is the beginning of the holiday shopping season. That’s for women. The beginning of the holiday shopping season for men is Christmas Eve.”
—David Letterman
Now that you have analyzed both sides of fiscal and monetary policy, it’s time to create a debate for a television news show. Choose the information you compiled in either task 1 or task 2, and compose a script that meets these requirements:
Write 10 lines of dialogue each for two characters (20 dialogue lines in total). The dialogue must be economics related and relevant.
One character must take your viewpoint, and the other character must take the opposing viewpoint.
Script each character’s rationale for why the specific action they believe in should be taken.
Include each character’s main opposition to the opposing viewpoint.
Ensure that each character questions the other about points of perceived bias, with each character responding to the other’s question.
The appropriate response to the open question is this. Even though the question doesn't have the language or references for the fiscal and monetary policy arguments.
What is Monetory Policy ?We can nevertheless generate a debate for a television news programme.
Monetary policy refers to the macroeconomic strategy of the central bank.
The government of a country use this demand-side economic strategy to achieve macroeconomic objectives including inflation, consumption, growth, and liquidity. It entails controlling the interest rate and money supply.
In order to meet the demands of various economic sectors and hasten the pace of economic progress, the Reserve Bank of India's monetary policy in India strives to control the amount of money.
For instance, a nation's economy requires liquidity to expand.
Dialogues:
Legislator: I'm adamant that the nation needs to borrow money right now to deal with its problems.
That is the absolute last thing the nation needs, so of course not, secretary. Legislator: Mr. Secretary's limited perspective is regrettable.
Secretary: Senator, you could not be more wrong. With regard to the federal government's fiscal policy, it is known as responsibility.
Legislator: It is inconceivable that the Department you oversee would refuse to take the necessary steps to assist our citizens.
Secretary: We conduct ourselves responsibly. The debt owed by the nation is enormous. We are unable to avoid taking on additional debt.
Legislator: But these are challenging times!
Secretary: This implies that you and your group alter your interpretation of the word simple.
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at a firms current rate of output, the marginal cost is $65, the average variable cost is $35, the average fixed cost is $30 and the product price is $65. which of the following statements is true for the firm
a. economic profits are zero because price equals average total cost
b. decreasing average total cost through an increase in economies of scale
c. The accounting profits are less than her implicit costs
a. Economic profits are zero since the firm's following statements are accurate in that price equals average total cost.
What exactly are economic gains?The opportunity cost can be subtracted from the accounting profit to determine economic profit. The investment that the company will have to forgo making on the current opportunity is known as the opportunity cost. Often, accounting profit is what is meant when discussing profit in a business.
Hence, when we say that our company has made money, we are talking about an accounting profit. Economic profit is a crucial concept in trade-offs. An organization must select what it will invest in and produce. The corporation makes simultaneous investments in a variety of endeavors, and this will decide its profitability.
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Which is an example of a short-term investment?
Osavings bond
Osavings account
O retirement fund
checking account
Wisdom Toys has budgeted sales and production over the next quarter as follows: Unit Sales Production September 43,000 44,400 October 50,000 52,800 November 64,000 61,200 The company requires that 20% of the next month’s sales in units are on hand at the end of each month. December sales are expected to be 50,000 units. How many video games are in inventory at October 31?
Answer:
$12,800
Explanation:
This can be calculated as follows:
November sales in unit = 64,000
Since Wisdom Toys requires that 20% of the next month’s sales in units are on hand at the end of each month, we have:
Number of video games in inventory at October 31 = November sales in unit * 20% = 64,000 * 20% = 12,800
Therefore, 12,800 video games in inventory at October 31.
Define the term creativity
Answer:
Creativity is defined as the tendency to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others.
Answer:
Creativeness is defined as the tendency to generate or recognize ideas, alternatives, or opportunities which can be useful for problem-solving, communication, and for fun with others.
Explanation:
Examples include creative thinking: problem-solving, writing, visual art, communication skills, and openness.
In 2019, website and moving development, web production, user interface, and interaction design as well as design and visual design will be the main fields for creative grabbing.
At which stage does advertising catch the attention of customers by building awareness of the product?
A. product existence
B. product capture
С.customer interest
D. product purchase
Answer:
C i think tell me if im wrong
Answer:
the answer is A
Explanation:
just took the test and got 100%
A___ Relationship would include your co-workers and friends.
Answer:
A colleague Relationship would include your co-workers and friends.
Dale is a guitar teacher and Terrence is a tile layer. If Dale teaches Terrence's daughter to play the guitar in
exchange for Terrence tiling Dale's kitchen floor,
a. only Dale is made better off by trade.
O b. both Dale and Terrence are made better off by trade.
c. neither Dale nor Terrence are made better off by trade.
O d. only Terrence is made better off by trade.
If Dale teaches Terrence's daughter to play the guitar in exchange for Terrence tiling Dale's kitchen floor Option B. both Dale and Terrence are made better off by trade.
In this scenario, Dale is a guitar teacher and Terrence is a tile layer. Dale teaches Terrence's daughter how to play the guitar in return for Terrence tiling Dale's kitchen floor. It is a classic example of trade and bartering. Dale, the guitar teacher, would have had to pay for tile installation if he hadn't bartered with Terrence, the tile layer. Terrence, on the other hand, would have had to pay for guitar lessons if he hadn't traded with Dale.
Both Dale and Terrence, therefore, benefit from the trade, and they are both better off as a result. Because Dale receives tile installation in exchange for teaching guitar lessons, and Terrence receives guitar lessons in exchange for tile installation, both benefit.
In conclusion, the answer is (b) both Dale and Terrence are made better off by trade. When both parties are better off after a trade, it is known as a mutually beneficial trade. Trade, in general, promotes mutual gains by allowing people to concentrate on what they do best and exchange their output with others for goods and services that they desire. Therefore, the correct option is B.
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If you owned a business what would be the way to protect your personal assets from liablity?
Answer:
When you form an LLC, you establish a new business entity that's legally separate from its owners. This separation provides what is called limited liability protection. As a general rule, if the LLC can't pay its debts, the LLC's creditors can go after the LLC's bank account and other assets.Sep 4, 2020
“I own three Hummer vehicles and do not think they contribute to air pollution any more than a smaller, family sedan.”
This statement exemplifies a problem with
a.
Currency
c.
Structure
b.
Content
d.
Objectivity
Please select the best answer from the choices provided
A
B
C
D
Answer:
D. Objectivity
Explanation:
I had this problem too I searched up somewhere else I hope it's right!
Answer:
It is D
Explanation:
Got it right on edge
How can you begin applying your knowledge of Fiscal Policy with, stabilizing and/or corrective capabilities, to the current political dialog among the many elected Public officials, as well as those who are seeking election, at the Federal and State Levels, who are expressing their Macroeconomic ideas that are thought to be the only possible policy cures that will actually redirect and strengthen the recovery of the U.S. economy?
Federal and State Levels, are the expressing the recovery of the U.S. economy are the economic growth, and the wages and prices, and the employment.
What is economy?
The mechanism through which a nation or region organizes its money, industry, and trade is concerned to as its “economy.” The economy is the important part of the country. The primary sector of the economy is the industrial sector and agriculture sector.
According to the Federal and State Levels, there are the express the recovery of the U.S. the employment are the created the wages and the economy of the economic growth.
As a result, in the Federal and State Levels, are the expressing the recovery of the U.S. economy are the economic growth, and the wages and prices, and the employment.
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Question 2
(10 Marks)
A company uses 15,000 units of stock item 6786 each year. The item has a purchase cost of R4 per
unit. The cost of placing an order for re-supply is R220. The annual holding cost of one unit of the item
is 10% of its purchase cost.
Data relating to stores item 6787 are as follows.
Daily use:
Lead time for re-supply:
Reorder quantity:
Required:
i.
ii.
300 Units
5-20 Days
10,000 Units
EOR
What is the economic order quantity for item 6786, to the nearest unit?
What would be the effect of an increase in the annual holding cost per unit on (1) the EOQ and (2)
total annual ordering costs?
What should be the reorder level for this stock item (6787), to avoid the possibility of inventory-outs"
1. The economic order quantity for item 6786 is approximately 2,568 units. If the annual holding cost per unit increases, the EOQ will decrease. The total annual ordering costs will also decrease if the annual holding cost per unit increases.
2. The reorder level for stock item 6787 should be set at 6,000 units to avoid the possibility of inventory-outs.
How did we arrive at these assertions?To calculate the economic order quantity (EOQ) for item 6786, we can use the following formula:
EOQ = √((2 × Annual Demand × Cost per Order) / Holding Cost per Unit)
Given the following data:
Annual Demand = 15,000 units
Cost per Order = R220
Holding Cost per Unit = 10% of R4 = R0.4
Substituting these values into the formula:
EOQ = √((2 × 15,000 × 220) / 0.4)
EOQ = √(6,600,000)
EOQ ≈ 2,568 units (to the nearest unit)
Therefore, the economic order quantity for item 6786 is approximately 2,568 units.
Effect of an increase in the annual holding cost per unit:
1) The EOQ: If the annual holding cost per unit increases, the EOQ will decrease. This is because a higher holding cost per unit means it becomes more expensive to hold inventory, and therefore, it is more cost-effective to order smaller quantities more frequently.
2) Total annual ordering costs: The total annual ordering costs will also decrease if the annual holding cost per unit increases. This is because the decrease in the EOQ will result in more frequent orders, leading to more ordering costs but less holding costs. The decrease in holding costs will outweigh the increase in ordering costs, resulting in a lower total.
Reorder level for stock item 6787 to avoid inventory-outs:
To calculate the reorder level, we need to consider the daily use and lead time for re-supply. The reorder level should be set to ensure that there is enough stock to cover the daily demand during the lead time.
Reorder Level = Daily Use × Lead Time for Re-supply
Given the following data:
Daily Use = 300 units
Lead Time for Re-supply = 5-20 days (let's take the maximum value, which is 20 days)
Reorder Level = 300 × 20
Reorder Level = 6,000 units
Therefore, the reorder level for stock item 6787 should be set at 6,000 units to avoid the possibility of inventory-outs.
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Is the manager of telkom actively involved in the decisions of the business
A manager is actively involved in the decisions of a business if he acts directly in the operation of the business and does not delegate tasks to others.
Who is a Manager?This refers to the person that is in charge of coordinating the activities of a group of individuals.
Hence, we can see that A manager is actively involved in the decisions of a business if he acts directly in the operation of the business and does not delegate tasks to others.
He makes direct decisions for his business.
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As the level of inventory increases to provide better customer service both inventory costs and quality-related customer service costs increase.
a) true
b) false
Answer:
A. True
Explanation:
level of inventory is very essential as far as customer service is concerned, inventory are amount of goods that is stocked for some purposes, this could be to sell, to distribute.
It should be noted that As the level of inventory increases to provide better customer service both inventory costs and quality-related customer service costs increase.
Mazu Mavuso is a 43-year-old South African resident who was employed by Veg & Fruit Limited, a South African company, until 30 November 2022. On 30 November 2022, Veg & Fruit Limited ceased its operations and the pension fund that Veg & Fruit Limited established for its employees also closed down. The Veg & Fruit Limited pension fund paid out R80 000 to Mazu Mavuso during the 2023 year of assessment. All Mazu Mavuso's pension fund contributions have been deducted in the determination of his taxable Income. Mazu Mavuso also decided to join a retirement annuity fund, to which he made a total contribution of R7 000 during the 2023 year of assessment. For the 2023 year of assessment, Mazu Mavuzo's receipts and expenses were as follow: Salary Director's fees earned Local dividends from South African companies Local interest from a non 'tax free investment' Pension fund contributions at 6.5% of his salary Retirement annuity fund contributions Qualifying medical expenses paid Donation to a qualifying section 18A Public Benefit Organisation R 720 000 110 000 45 000 24 500 ? 7 000 61 630 6 000 Calculate Mazu Mavuso’s taxable income for the 2023 year of assessment. (25 marks) 1.2) Calculate Mazu Mavuso’s total normal tax liability for the 2023 year of assessment. Assume that Mazu Mavuso had a taxable income of: • R770 900 before any retirement fund lump sum withdrawal benefits. • R843 900 after any retirement fund lump sum withdrawal benefits. (17 marks) Competency Framework Reference: E1.2 Interpretation of tax legislation b) Demonstrate the ability to apply the principles of tax interpretation to any new or unfamiliar tax legislation. E1.3 Application of tax legislation to calculate tax obligation a) Analyse the taxpayer’s tax profile. c) Apply the relevant law to the facts, determine the tax position and compute the tax payable (VAT or normal tax) for individuals and companies.
Explanation:
to calculated this question to solve
when interest rates on savings accounts are high, consumers (invest, spend or save) more and (spend, save, or invest) less in order to receive higher returns
When interest rates on savings accounts are high, consumers save more and invest less in order to receive higher returns.
How do consumers respond to high interest rates?When interest rates on savings accounts are high, consumers tend to save more and invest less in order to take advantage of the opportunity to receive higher returns.
The higher interest rates incentivize individuals to allocate more of their income towards savings accounts as the potential gains from interest accrual are more attractive.
By saving more, consumers aim to maximize their returns and build up their savings over time.
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If you have many competing financial goals, what should you do to help yourself focus on the most important ones?
A.
Get more unearned income.
B.
Prioritize and make a budget.
C.
Open a checking account.
D.
Diversify your investments.
Answer:
B.
Prioritize and make a budget.
what is the present value of an annuity of $27 received at the beginning of each year for the next six years? The first payment will be received today
Answer:
$129.35
Explanation:
Here is the full question :
What is the present value of an annuity of $27 received at the beginning of each year for the next six years? The first payment will be received today, and the discount rate is 10%
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow each year from year 0 to 5 = $27
I = 10%
PV = $129.35
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
You are given the following particulars of a business having three departments: 963
Department
Purchases
Opening Stock
A
200 units
B
300 units
ISO units
71
1500 units
1000 units
2000 units
Additional Information:
1. Purchases were made at total cost of Rs.92,000.
2. The % of gross profit on turnover is the same in each case.
3. Purchases & Sales prices are constant for the last 2 years.
4. Selling price per unit:
A
Department
B
C
You are required to prepare Departmental Trading Account.
Closing Stock
100 units
160 units
200 units
Rs.
20
25
30
Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement:
Sales $1,674,000
Variable expenses 588,000
Contribution margin 1,086,000
Fixed expenses 1,195,000
Net operating income (loss) $(109,000)
In an effort to resolve the problem, the company would like to prepare an income statement segmented by division. Accordingly, the Accounting Department has developed the following information:
Division
East Central West
Sales $384,000 $690,000 $600,000
Variable expenses as a percentage of sales 45% 28% 37%
Traceable fixed expenses $270,000 $326,000 $204,000
Required:
a. Prepare a contribution format income statement segmented by divisions, as desired by the president.
b. As a result of a marketing study, the president believes that sales in the West Division could be increased by 20% if monthly advertising in that division were increased by $15,000. Would you recommend the increased advertising?Required:
Answer:
Wingate Company
a. Contribution format income statement segmented by divisions:
Division East Central West Total
Sales $384,000 $690,000 $600,000 $1,674,000
Variable expenses $172,800 $193,200 $222,000 588,000
Contribution margin $211,200 $496,800 $378,000 $1,086,000
Traceable fixed expenses 270,000 326,000 204,000 800,000
Non-traceable fixed expenses 395,000
Net operating income (loss) ($58,800) $170,800 $174,000 ($109,000)
b. Yes. I would recommend the increased advertising. The net operating loss reduces from $109,000 to $48,400.
Explanation:
a) Data and Calculations:
Wingate
Most recent monthly contribution format income statement:
Sales $1,674,000
Variable expenses 588,000
Contribution margin 1,086,000
Fixed expenses 1,195,000
Net operating income (loss) $(109,000)
Division East Central West
Sales $384,000 $690,000 $600,000
Variable expenses as a percentage of sales 45% 28% 37%
Traceable fixed expenses $270,000 $326,000 $204,000
b) Increase of sales by 20% and advertising by $15,000:
Division East Central West Total
Sales $384,000 $690,000 $720,000 $1,794,000
Variable expenses $172,800 $193,200 $266,400 632,400
Contribution margin $211,200 $496,800 $453,600 $1,161,600
Traceable fixed expenses 270,000 326,000 219,000 815,000
Non-traceable fixed expenses 395,000
Net operating income (loss) ($58,800) $170,800 $234,600 ($48,400)
Through______managers get to know employees and their work ethics, and they can determine which
employees will help the business achieve its goals and meet its objectives.
Through Interviews managers get to know employees and their work ethics, and they can determine which employees will help the business achieve its goals and meet its objectives.
What do you mean by Ethics?In order to understand what is morally right or wrong, just or unjust, ethics explores the intellectual justifications for our moral judgments.
Ethics is what guides us to tell the truth, keep our promises, or help someone in need. There is a framework of ethics underlying our lives on a daily basis, helping us make decisions that create positive impacts and steering us away from unjust outcomes.
Many employers value candidates who have a strong work ethic. Being more marketable and getting better job possibilities can be achieved by exhibiting the virtues of a strong work ethic.
Therefore, Through Interviews managers get to know employees and their work ethics, and they can determine which employees will help the business achieve its goals and meet its objectives.
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Consider a 3-year bond with a par value of $1,000 and an 8% annual coupon. If interest rates change from 8 to 6% the bond's price will:___________
a. Increase by $51.54
b. Decrease by 51.54
c. Increase by $53.46
d. Decrease by $53.46
How do I journalize " owner borrowes $125000 to fund/start business with 5 year term"?
The journal entry for borrowing money to start a business is:
Date Account Title Debit Credit
XX-XXXX Cash $125, 000
Loan Payable $ 125, 000
How to journalize loans ?When loans are received by the business, it means that the bsuiness has just experinced a fresh injection of cash. As such that cash is to be accounted for by debitting the cash account with the amount of the loan.
The account that will be credited will be the " Loan Payable " account as this account will show that the business has incurred a liability of the amount borrowed, which in this case is $ 125, 000. Liabilities are credited when they increase.
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