Monmath Corp

question 64

Essay

Monmath Corp.started operations in March of Year 3.The following transactions occur during March.
a. On March 1, Year 3, Monty contributes $20,000 for 10,000 shares of $1 par value stock.
b. On March 1, Year 3, Monmath borrows $50,000 on a note from the bank to finance the purchase of a building.
c. Monmath buys $15,000 of inventory on account (this is the gross price before any possible discounts).
d. Monmath pays a $12,000 account payable with cash.
e. Monmath paid the annual rent of $11,760.
f. Monmath pays for one half of the inventory purchased in (c) above. There are no discounts given.
g. Issued 300 shares of $1 par value stock in settlement of $300 accounts payable.
h. Received $400 from a customer for merchandise to be delivered on April 15, Year 3.

Required:
Prepare the journal entries for transactions a through h, assuming Monmath uses the accrual basis of accounting.

Distinguish between Gantt and PERT charts.

Understand the process of calculating early start dates based on project start dates.

Recognize estimation as an educated guess involving knowledge, experience, and fact.

Understand the impact of delays in activities on the critical path on overall project completion time.

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Definitions:

General Cognitive Ability

The overall mental capability involving reasoning, problem-solving, planning, abstract thinking, complex idea comprehension, learning from experience, and more.

Job Satisfaction

The level of contentment a person feels regarding their job, which can affect their performance and overall well-being.

Learning

A relatively permanent change in behavior potential that occurs due to practice or experience.

Complex Tasks

Tasks or jobs that require a high level of cognition, involving multiple and variable elements that need to be processed simultaneously.