Answer:
D. A credit manager issues credit cards to himself and a staff accountant in the accounting office, and when the credit card balances are just under $1,000, the staff accountant writes off the accounts as bad debt. The credit manager then issues new cards.
Answer:
(A). A Debit to Notes Payable for $960
Explanation:
In case of a promissory note, there are three parties to it, namely,
- Maker i.e Jones here
- Payee, to whom money is to be paid i.e the bank here
- Holder i.e the one who currently holds the promissory note i.e the bank here
Upon issue of promissory note, in the books of the maker (Jones), the entry is,
Name Of The Bank A/C Dr. $960
To Notes Payable A/C 960
(Being a promissory note issued to bank against a payment of $960)
Upon maturity i.e date of payment, the entry would be,
Notes Payable A/C Dr. $960
To Cash/Bank A/C 960
(Being payment of promissory note honored)
Thus, the correct answer would be, (A) a debit to notes payable account for $960.
Answer:
Please refer to the attached
Explanation:
Please refer to the attached.
Note that in trial balance Debit side must always be equal to debit side
Answer:
See below
Explanation:
A. Cost of goods manufactured
Beginning work in process
$18,000
Add: Beginning raw materials
$26,000
Raw material purchases
$73,000
Less: Ending raw material
($22,000)
Add: direct labor cost
$93,000
Add: manufacturing overhead cost applied
$43,100
Less: Ending work in process
($11,000)
Balance
$220,100
B. Schedule of cost of goods sold
Beginning finished goods
$49,000
Add: cost of goods manufactured
$220,100
Less: Ending finished goods
($57,000)
Unadjusted COGS
$212,100
Add: Under applied MOH
$1,100
Adjusted COGS
$213,200