Answer:
see below
Explanation:
Operating expenses are the cost a business incurs while engaging in its normal business operations. They are the costs not directly be attached to the production process. A business incurs operating expenses in managing it day to day activities. They exclude one time expenses such as judgment cost, accounts adjustments, and other non-recurring costs.
Operating expenses are classified into administrative, selling, and general expenses. Businesses cannot avoid operating expenses; hence the management should strive to keep them as low as possible. Examples of operating expenses include rent, salaries, employee benefits, transport, depreciation, repairs, taxes, sales commissions, amortization, and pension contributions.
Answer:
Cost accounted for= $300,000
Explanation:
Giving the following information:
beginning work in process inventory of $24,600
ending work in process inventory of $13,600.
During the month, $289,000 of costs were added to production.
The cost to be accounted for is the cost incurred during production and send to finished goods inventory. Therefore, we need to use the following formula:
Cost of the period= beginning inventory + cost added - ending inventory
Cost of the period= 24,600 + 289,000 - 13,600= $300,000
Answer:
1. Vacation pay expense Dr. 3500
Vacation pay payable 3500
2. It is recorded at the company's balance sheet as the accrued liabililty at the liabilities portion.
3. The amount will be removed once the vacation pay is paid and is debited to income account.
Explanation:
The journal entry is shown below:
Unearned rent revenue Dr $1,250
To Rent revenue $1,250
(Being the unearned rent revenue is recorded)
The computation is shown below:
= Received amount ÷ number of months × given number of months
= $5,000 ÷ 2 months × 0.5 months
= $1,250
So it include a debit to unearned rent revenue for $1,250 and credit the rent revenue for $1,250
FALSE. Pay down the credit card, 100%, FIRST because it's probably the most expensive credit you have. Don't put things on the credit card that you won't be able to pay for this month.
