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kicyunya [14]
3 years ago
8

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?

Business
1 answer:
Alexeev081 [22]3 years ago
7 0

Please see attached image to see the given data.

 

The trial balance totals of the debits and credits are $2,250 debit, $2,250 credit.

 

<span>$1000 (cash) + $500 (Equipment) + $750 (Salaries Expense) = $2,250 Debit

$350 (Accounts Payable) + $900 (Capital) + $1000 (Service Fees) = $2,250 Credit</span>

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State two goals you hope to achieve through applying your coursework this term to your workplace experience
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Incomplete question. I answered from a general working perspective.

Answer:

<u>1. communication skill improvement</u>

<u>2. time management skill improvement</u>

Explanation:

1. Note, in virtually every work environment today, effective communication is key to achieve the objectives of the organization. Therefore, it is important to know;

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2. Having time management skills is vital in today's fast pace work environment. Therefore, applying the coursework to gaining this skill-set is surely worth commendation.

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3 years ago
Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2
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Explanation:

The Journal Entry for 3 May is as shown below:-

Allowance for Doubtful Accounts Dr,             $2,000  

               To Accounts Receivable A. Hopkins               $2,000

(Being the write off is recorded)

Therefore for passing the journal entry we simply debited allowance for doubtful account and credited the accounts receivable)

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Lund Company applies manufacturing overhead to jobs using a predetermined overhead rate of 75% of direct labor cost. Any under o
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Answer:

A. $5,250

Explanation:

As for the provided details we have,

The total cost of work in process on 31 March = $14,000

In this amount included as cost of direct labor = $5,000

This means the remaining amount $14,000 - $5,000 = 9,000 relates to cost of direct material and cost of manufacturing overheads.

Also provided that manufacturing overheads are applied using the predetermined rate of 75% of direct labor.

Thus, amount charged to work in process inventory for manufacturing overheads shall be $5,000 direct labor cost \times 75% = $3,750

Thus, direct material cost in work in process = $14,000 - $5,000 - $3,750 = $5,250

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