Adjusting Accounts

MacKenzie Enterprise includes the following accounts in its general ledger, Explain why each of these accounts may need to be adjusted.

Rent Payable

Unearned Revenue

Prepaid Subscriptions

Depreciation Expense

Please compose three full paragraphs (one page single spaced) with any graphical or technical analysis as appropriate for each question d) Allocating an unexpected increase in local government revenue for street improvements.

Financial Statements and Accounting Concept

Consider a healthcare organization with which you are familiar with and explain the difference between cash and accrual accounting in healthcare setting. Be sure to include a discussion of the revenue recognition and matching principles.

1) list five differences between a commercial loan and an investment security.

2) which carries the lower rate of interest?

3) describe the difference between general obligation and revenue obligation municipal securities

What is a tax plan for taxing 1 million residents and need 20 million dollars in revenue that isn't already being taxed, and why/how does it relate to Adam Smiths 4 cannons of taxation?

Supply of good A is perfectly inelastic. Suppose a tax is levied on buyers. Draw a graph to show the impacts on the market for good A. Your graph should indicate the CS, PS, tax revenue and DWL after tax.

“Strategy, plans, and budgets are unrelated to one another.” Do you agree? Explain.

Explain how the manager’s choice of the type of responsibility center (cost, revenue, profit, orinvestment) affects the behavior of other employees.

For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696).

1. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $88,000 in cash along with equipment having a $48,000 value.
2. On May 21, Elegant Lawns purchases office supplies on credit for $640.
3. On May 25, Elegant Lawns receives $9,600 cash for performing landscaping services.
4. On May 30, Elegant Lawns receives $2,800 cash in advance of providing landscaping services to a customer.

For each of the above transaction, analyze the transaction using the accounting equation. (Enter total amounts only.)

For each of the above transaction, record the transaction in journal entry form. Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696).

Journal entry worksheet

Note: Enter debits before credits.

Journal entry worksheet

Note: Enter debits before credits.

Journal entry worksheet

Note: Enter debits before credits.

Journal entry worksheet

Note: Enter debits before credits.

1. The major economic objective of cartels is to a.impose their political will on others b.restrict output, push up price, and increase profits c.reduce costs d.develop new ways of doing things e.b and d

2. The assumption that precludes economic profits in monopolistic competition in the long run is that a.there are many buyers and sellers b.the firms produce a homogeneous product c.there is easy entry and exit in this market structure d.buyers and sellers have all relevant information

3. The demand curve facing a firm in monopolistic competition is downward sloping because the firm a.sells a differentiated product b.is the entire industry by itself c.is smaller relative to the market d.b and c e.none of the above

4. Concentration ratios are used to determine a.the number of firms in an industry b.the potential for entry into an industry c.the degree of product differentiation d.the extent(degree) of oligopoly e.none of the above

5. Which of the following is not correct about contestable markets? A.there is easy entry into and costless exit from the market b.new firms entering the market can produce the product at the same cost as current firms c.firms exiting the market can easily dispose of their fixed assets by selling them elsewhere d.firms already in the market have technological advantages e.b and c

6. In the prisoner’s dilemma, each prisoner would be best off if a.both confess b.one confesses but the other does not c.one confesses regardless of what the other does d.neither confesses

7. In the prisoner’s dilemma, both prisoners end up ____ which turns out to be ____ confessed. A.confessing, better for them than if they had both not b.confessing, worse for them than if they had both not c.not confessing, better for them than if they had both d.not confessing, worse for them than if they both

8. The profit-maximizing monopolistic competitor produces where a.price equals marginal cost and marginal revenue b.marginal cost equals marginal revenue but not price c.price equals marginal revenue but not marginal cost d.price equals marginal cost but not marginal revenue

9. The monopolistic competitive firm will most likely earn a normal profit in the long run because of a.product differentiation b.many buyers and sellers c.easy entry and exit d.b and c

10. As a result of easy entry and exit in the monopolistic competitive market in the long run one may find that a.price equals minimum average total cost b.price equals average total cost c.price equals marginal cost d.price equals marginal revenue e.demand and marginal revenue are the same

11. It has been argued that because the monopolistic competitive firm faces a downward-sloping demand curve in the long run equilibrium it a.underutilizes its plant size b.has excess capacity c.produces an output smaller than the one that would minimize its costs of production d.a and b e.all of the above