Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. 1. Received $50,000 from stockholders. 2. Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable for the remainder. 3. Paid $3,000 rent for the month. 4. Recorded $12,500 of services provided on account. 5. Paid wages of $9,500. 6. Received $7,000 in cash for services provided. 7. Collected $2,000 from customers on account.

Q: explain the direct allocation method.

A: The objective of this question is to understand the concept of the direct allocation method in…

Q: Define the term line positions.

A: Employees in the line positions are primarily responsible for achieving the goals of the…

Q: Define control decisions.

A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,…

Q: What is full form of GAAP? Describe about it.

A: Generally Accepted Accounting Principles, are commonly known as GAAP

Q: The components of the conceptual framework ?

A:

Q: What are the steps to achieve conformance to specification?

A: Conformation to specification:   This refers to the regulatory requirements of an organization. The…

Q: What are the objectives of application controls?

A: An application control consists of compactness and validity checks, identification, authentication,…

Q: Explain the purpose of the conceptual framework.

A:

Q: How to calculate Specification identification

A: Inventory is considered as the items that kept in a business for production or sale or production.…

Q: explain the requirements for segment reporting, and calculate and interpret segmentratios;

A: Definition: Segment reporting: Segment reporting refers to the process of preparing accounting…

Q: What is Mark-up chain?

A: Introduction: Markup is generally shown as a percentage of the cost or the sale price. The term…

Q: Define Single-step format

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Define common size analysis

A: Financial statements are analyzed to determine the profit earning capacity of the business and also…

Q: Define Double-entry system.

A: Double entry system: Double entry system is a way of accounting or bookkeeping which implies that…

Q: Define operating activities.

A: Explain the meaning of operating activities:Statement of cash flows: This statement reports all the…

Q: Define the term Net method.

A: As per the net method, the company records the amount of purchase by deducting any potential…

Q: What is a reportable operating segment?

A: Operating segment is a segment of a company which can generate its own revenue and has its own…

Q: What is the LIFO conformity rule?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: What is the DCF method?

A: DCF is a complex tool for valuation which approximates the value of any investment depending upon…

Q: Define the term operating activities.

A: Operating activities are the functions of a business directly related to providing its goods and/or…

Q: What is the relevant range?

A: The concept of relevant range is used in the cost accounting. It tells under what level of…

Q: explain about functional and non functional requirements

A: The question is asking to explain the concepts of functional and non-functional requirements, which…

Q: describe the roles of fi nancial reporting and fi nancial statement analysis;

A: Financial reporting means representing records maintained by an organization in the form of…

Q: what is Reference control ?

A: I assumed as a question, as what is meant by the reference  to cost control?