Answer:
Correct cash balance is $ 1,580
Explanation:
Balance as per cash book $ 1,681
Less: Bank charges $ ( 11)
Less: NSF cheques <u>$ ( 90)</u>
Adjusted balance per cash book <u> $ 1,580</u>
Balance per bank statement $ 1,484
Add: Deposits in transit $ 317
Less; Outstanding checks <u>$ ( 221)</u>
Adjusted balance per bank statement <u>$ 1,580</u>
Answer: Cash $1,960
Sales returns and allowances $800
Sales discount $40
Accounts receivable $2,800
Explanation:
Sales = $2,800
Sales returns = $800
Discount rate = 2%
The final amount due will be:
= Sales- Sales returns
= $2,800 - $800
= $2,000
Sales discount = 2% × $2,000 = $40
Cash received will be:
Final amount due - Sales discount
= $2,000 - $40
= $1,960
The journal entry will be:
Debit Cash $1,960
Debit Sales returns and allowances $800
Debit Sales discount $40
Credit Accounts receivable $2,800
Answer:
1. Actual Hour = 145 hour
2. Actual rate per hour = 28.17 per hour
Explanation:
According to the scenario, computation of the given data are as follow:-
1). Labor Efficiency Variance= Labor Rate Variance + Labor Spending Variance
= 170 + 120
= 290
Labor Efficiency Variance = Standard Rate × (Standard Hour - Actual Hour)
-290 = 29 × (54 × 2.5-X)
-290 = 29 × (135 - X)
-290 = 3,915 - 29x
29x = 4,205
X = 4205 ÷ 29 = 145
Actual Hour = 145 hour
2). Labor Rate Variance = Actual Hour × (Standard Rate-Actual Rate)
120 = 145(29-x)
120 = 4,205-145x
145x = 4,085
X= 4,085 ÷ 145
Actual rate per hour = 28.17 per hour
Answer and Explanation:
The journal entry required to close the expense account is given below:
Income summary Dr $33,520
To Wages Expense $19,000
To Depreciation Expense $1,800
To Utilities Expense $320
To Insurance Expense $700
To Maintenance Expense $9,000
To Income Tax Expense $2,700
(being the expenses accounts are closed)
