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goldenfox [79]
2 years ago
8

Prepare the necessary general journal entries for the month of October for Crane Retail for each situation given below. Crane us

es a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Oct. 5 Paid cash of $10,332 for operating expenses that were incurred and properly recorded in the previous period.
9 Purchased merchandise for $18,000 on account. Credit terms: 3/10, n/30.
12 Paid a freight bill of $90 for merchandise purchased on October 9.
17 Paid for merchandise purchased on October 9. The company takes all discounts to which it is entitled.
20 Sold merchandise for $6,560 to Rattles Distribution on account. The cost of the merchandise sold was $2,624. Credit terms: 2/10, n/30.
26 Issued a credit memo to Rattles Distribution for $246 for merchandise returned from the sale on October 20. The cost of the merchandise returned was $148.
Business
1 answer:
harkovskaia [24]2 years ago
3 0

The necessary journal entries for October month are attached below in the image :

<h3>What do you mean by journal entries?</h3>

All company transactions are documented in journal entries. Generally speaking, a transaction is any financial activity that has an effect on a business.

All the necessary journal entries are attached below:

Learn more about journal entries:

brainly.com/question/13483463

#SPJ1

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Which of the following is a manufacturing overhead cost? A. labor cost of plant workers that can be traced accurately and easily
sweet-ann [11.9K]

Answer:

The correct answer is letter "B": to a particular product overtime premiums paid.

Explanation:

Overhead costs is an accounting term used for expenses that have to be paid, even if the business does not earn any revenue. The business would not be able to operate without paying its overhead expenses even if the expenses do not directly relate to the product or service being produced.  

Examples of <em>overhead costs are rent, utilities, office supplies, repairs and maintenance, insurance, taxes, </em>or <em>the salaries of human resources and accounting personnel</em>. <em>Overtime premiums paid to plant workers</em> fall into this category as well.

7 0
3 years ago
A foreign supplier could furnish Barlow with additional stocks of the raw material at a substantial premium over the usual price
jeka94

Answer:

They should not pay any more than the original price plus the contribution margin.

Explanation:

Since there's already unfilled demand for the products, paying extra in the form of contribution margin is not much. But any additional costs over the original cost price plus added contribution margin should not be accepted as this will greatly increase the cost of the product thereby making the sale of extra units of the three products unprofitable. Barrow company purchase price ceiling should be at initial cost plus contribution margin.

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4 years ago
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships fo
bulgar [2K]

Answer:

The solution according to the given query is provided below.

Explanation:

The given question seems to be incomplete. The attachment of the complete query is provided below.

Now,

The additional investment will be:

= Ending \ owner's \ equity-Beginning \ owner's \ equity+Drawings-Net \ income

By putting the values, we get

= 40000-25000+37000-45000

= 7,000

Now,

The drawings will be:

= Ending \ owner's \ equity-Beginning \ owner's \ equity+Additional \ investment-Net \ income

By putting the values, we get

= 130000-80000-25000-40000

= -15,000

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<u><em>SIMPLY: </em></u>

<em>ANSWER</em>:

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<em>It is a tough task to compare the two as there exist several financial institutions, and each of these differ from banks by a significant extent. Differentiating between banks and financial institutions is as good as comparing a deposit-taking financial institution with a non-deposit-taking financial institution. </em>

<em> </em>

<em>If that criteria is taken into consideration both financial set-ups differ from each other on the basis of depositing facility, which is only provided by banking institutions. That’s true to a certain extent, but it is by no means complete. </em>

<em>Even though banks are deposit-taking financial institutions themselves, they can at times differ from other deposit-taking financial institutions. Credit unions, for instance, allow consumers to deposit (or borrow) money, but in order to avail this facility, you need to be a member of the said credit union. </em>

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Which is an example of a withholding you might see on your pay stub?
stiks02 [169]
A withholding that you can see on your pay stub could include a health insurance payment or a retirement savings.
8 0
4 years ago
Read 2 more answers
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