Answer:
Given that,
Amount paid = $72,000
Time period = 6-months
As cash is received it is debited and unearned revenue is credited as it is treated as liability until service is provided.
Therefore, the journal entry for this transaction is as follows:
Cash A/c Dr. $72,000
To unearned revenue A/c $72,000
(To record the unearned revenue)
Answer:
A debit to Salaries Expense and a credit to the Salaries Payable Account.
Explanation:
This adjusting entry brings the salary expense account to its accrued balance in line with the accrual concept and matching principle of generally accepted accounting principles. These state that expenses and revenues should not reflect only the cash basis but the accrual basis, whereby unpaid or prepaid expenses, deferred or unpaid revenues that relate to the accounting period are brought into consideration.
Answer: C. Work in Process Inventory.
Explanation:
When Raw Materials are purchased they are simply put into the Materials Account.
When the company needs to start working on them however, they will transfer the raw materials to the Work in Progress account which records the Direct Materials and Direct Labor that are used in the Production process. By Debuting this account they indicate that the materials in it have increased.
It is conducted by the Electronic Communications Privacy Act
(ECPA) and the Patriot Act, but the ECPA originally set up protections (such as
a warrant requirement) to protect email, those protections have been weakened
in many instances by the Patriot Act. It reduce their status as a protected communication
in 180 days, then the email can be access by simple subpoena.
<u>Explanation:</u>
1. Calculation of labor spending variance for the month of march
Labor spending variance = (Actual rate x actual hours)- (Standard rate x Standard hours)
=(13 x 63000) - (12 x (26000 x 3))
=-1,38,600
Labor spending variance for the month of March is $138600
2.Calculation of variable manufacturing overhead planning cost
Variable manufacturing overhead planning cost= (Planning budget units x required hours x cost per hour)
=(21000 x 3 x7)
=441,000
Variable manufacturing overhead planning cost is $441,000
3. Calculation of Variable manufacturing overhead cost
Variable manufacturing overhead cost= (Actual units x required hours x cost per hour)
=(26600 x 3 x7)
=$558,600
Variable manufacturing overhead cost is $558,600
4. Calculation of Variable overhead rate variance
Variable overhead rate variance= Actual hours ( actual rate - standard rate)
=63000((510930/63000)-8)
=63000(8.11-8)
=63000(0.11)
=6930
Variable overhead rate variance is =6930
