Business, 14.06.2021 21:40 milkshakegrande101

Pina Colada Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,880.
4 Pays insurance in advance for 3 months, $1,500.
16 Receives $880 from clients for services rendered.
27 Pays the secretary $680 salary.

Required:
Indicate the basic analysis and the debit-credit analysis.

Answers: 1

Show answers

Answers

Answer from: 1234567890lknn

Answer and Explanation:

The indication of the basic analysis and the debit credit analysis is as follows;

Date Basic Analysis Debit - Credit Analysis

Aug. 1 The asset Cash is increased; Debits increase assets;

the stockholders' equity account Debit Cash

Common stock is increased. $10,880

Credits increase stockholders' equity

Credit Common stock

$10,880

Aug. 4 The asset Prepaid Insurance Debits increase assets;

is increased; Debit Prepaid Insurance

the asset Cash is decreased. $ 1,500

Credits decrease assets;

Credit Cash

$ 1,500

Aug. 16 The asset Cash is increased; Debits increase assets;

the revenue Service revenue Debit Cash

is increased. $880

Credits increase revenues:

Credit Service revenue

$880

Aug. 27 The expense Salaries expense Debits increase expenses:

is increased; Debit Salaries expense

the asset Cash is decreased. $680.

Credits decrease assets:

Credit Cash

$680

Answer from: Quest

There are three key entities in thefederal reserve system: the board of governors, the federal reserve banks(reserve banks), and the federal open market committee (fomc). while the federal reserve has frequent communication with executive branch and congressional officials, its decisions are made independently.

Answer from: Quest

Iam pretty sure a because if u are exiting you need to know the exit plan

Other questions on the subject: Business

Business, 21.06.2019 22:50, emmanuelcampbel

What happens when a bank is required to hold more money in reserve?

Answers: 3

continue

Business, 22.06.2019 01:00, lin550

Throne technical university is looking for three people to work in its plant-biology laboratory. the hiring manager is finding that the most suitable job candidates live in other countries and are not willing to move to the city where the university is located. which situation is the university facing? a. lack of flexible workforce b. surpluses in labor talent c. an appearance of quota systems d. deficits in minimum wage demands

Answers: 1

continue

Business, 22.06.2019 23:30, glissman8459

What is the difference between career options in the law enforcement pathway and career options in the correction services pathway?

Answers: 1

continue

Business, 23.06.2019 01:00, ashley232323

Need with an adjusting journal entrycmc records depreciation and amortization expense annually. they do not use an accumulated amortization account. (i. e. amortization expense is recorded with a debit to amort. exp and a credit to the patent.) annual depreciation rates are 7% for buildings/equipment/furniture, no salvage. (round to the nearest whole dollar.) annual amortization rates are 10% of original cost, straight-line method, no salvage. cmc owns two patents: patent #fj101 and patent #cq510. patent #cq510 was acquired on october 1, 2016. patent #fj101 was acquired on april 1, 2018 for $119,000. the last time depreciation & amortization were recorded was december 31, 2017.before adjustment: land: 348791equpment and furniture: 332989building: 876418patents 217000

Answers: 3

continue

You know the right answer?

Pina Colada Corp. has the following transactions during August of the current year. Aug. 1 Issues s...