Answer:
See explanation Section
Explanation:
The journal entry to record the purchase of merchandise -
Merchandise Inventory Debit $300
Cash Credit $300
Note: As the perpetual inventory shows the running inventory of cost of goods available for sale. Therefore, every purchase of merchandise will directly debit the merchandise inventory and not the purchase account. Since the company paid immediately, cash decreased.
Answer:
Milner's Star Express Cleaning
Income Statement For the Year Ended December 31, 20--
Fees Earned 13,835
Utilities Expense 153
Rent Expense 1,200
Wages Expense 1,650
total expenses <u> 3,003 </u>
net income 10,832
Explanation:
We will subtract the expenses account from the fees earned to get net income
The other accounts will be ignores as they are not used in the calculations for the net income
Answer:
B. Blanket loan
Explanation:
According to my research on the different types of loans provided by banks, I can say that based on the information provided within the question the type of loan that Monty will need is called a Blanket Loan. This is because this is a type of loan that is given by a bank in order for an individual to be able to buy multiple pieces of real estate
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