Answer: Option (a) is correct.
Explanation:
Product costs are the costs that are associated with the production of a product. This is a cost that is incurred in making a product. Product cost includes direct labor cost, direct material cost, consumable supplies and manufacturing overhead. Product costs are also related to the cost of a worker or labor needed to rendered a service to a consumer.
Explanation:
Total Sales = 75,000
Bad debt = 75,000*3% = 2250
Entry: Debit Credit
Bad debt expense 2250
Allowance for Doubtful debt 2250
Answer:
The correct answer is D
Explanation:
The journal entry which is to be posted on December 31, is as:
Rent receivable A/c............................Dr $4,400
Rent Earned A/c...............................Cr $4,400
As the two months rent is not paid so the adjusting entry which is to be posted is that the rent receivable account is debited whereas the rent earned account is credited with the amount of two months rent. (which is $2,200 + $2,200 = $4,400).
Answer:
Journal Entry to record the first interest payment
June 30, 2019
Dr. Interst Expense $19,979.32
Dr. Premium on Bond $1,620.68
Cr. Cash $21,600
Explanation:
First, we need to calculate the premium on bond amortization as follow
Premium on bond amortization = Coupon Payment - Interest Expense
Premium on bond amortization = ( $480,000 x 8% x 6/12 ) - ( $499,483 x 8% x 6/12 )
Premium on bond amortization = $21,600 - $19,979.32
Premium on bond amortization = $1,620.68
