All categories

4 years ago

The account titles for transaction (C) 5/4 should appear in the Account Title column of the journal entry as

1 answer:

7 0

The account titles for transaction (C) 5/4 should appear in the Account Title column of the journal entry as supplies Cash

Hope this helps!!

You might be interested in

Your supervisor has come to you with the following list of expenditures for the year and is asking you whether they should be ca

Trava [24]

Answer:

Capitalized Expenditures:

2. Added a new wing onto the office building.

5. Had an engine rebuilt in one of their fleet cars.

Explanation:

Capitalization is the process of delaying the full recognition of an expense for the acquisition of a new asset with long-term life so that the costs can be treated as an expense gradually over its useful life through an accounting method known as depreciation or amortization.

The criteria for capitalizing expenditure depend on whether the expenditure is necessary to bring the asset to the condition and location where it can be operated as desired by the management. It must also meet the threshold amount set by management for capitalization. This is because some assets can be used for more than one year and still they are not regarded as capital assets. Example is a stapling machine that costs less than a dollar.

6 0

3 years ago

If Division Inc. expects to sell 200,000 units in the current year, desires ending inventory of 24,000 units, and has 22,000 uni

Lyrx [107]

Answer:

a) True

Explanation:

Sales = Opening + Production - Closing

$200,000 = $22,000 + Production - $24,000

Production = 202,000 Units

Hence, the answer is a. True

4 0

3 years ago

Equity securities acquired by a corporation which are accounted for by recognizing unrealized holding gains or losses are Group

yawa3891 [41]

Answer

Associate: where a company has holdings of between 20% and 50%.

Minority Interest: where a company has holdings of less than 20%

Parent Company: where a company has holdings of more than 50%.

Explanation:

An associate company (or associate) is a company that owns a business beyond 20% and not more than 50%. In business valuation such a company that has invested significantly in the shares of another company will have voting rights in the board of the acquired company.

Minority Interest is the term used to describe the investments of one company in another company, when such investments are less than 20% of the total value of the acquired company.

Parent Company is a company that owns more than half (50%) of the shares or value of another company.

4 0

4 years ago

Gemstone designs and creates luxury items like jewelry and hair accessories. It sells its merchandise only through Francone's, a

lara31 [8.8K]

The Answer is A distributor

8 0

3 years ago

Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpet

Usimov [2.4K]

Answer: please find the explanation column for answers

Explanation:

journal entry to record the sales transaction of a merchandising company:

Date Account Debit Credit

Apr 1 Account receivables $5,400

Sales $5,400

To record cost of goods sold

Apr 1 Cost of merchandise sold $3,240

Merchandise inventory $3,240

2. To record sales return of goods.

Date Account Debit Credit

Apr 4 Sales Return $620.00

Account Receivable $620.00

Cost of merchandised returned

Apr 4 Merchandise Inventory $372.00

Cost of Goods Sold $372.00

3.To Record Sales made from merchandise

Date Account Debit Credit

Apr 8 Account Receivable $2,200.00

Sales $2,200.00

To Record cost of merchandise Sold

Apr 8 Cost of Goods Sold $1,540.00

Merchandise Inventory $1,540.00

4.Journal to record payment received from sales of merchandise

Date Account Debit Credit

Apr 11 Cash $4,780.00

Account receivable $4,780.00

Calculation

Amount due from Apr 1 st sale less than return on April 4 =Account receivables - Sales Return= $5,400- $620=$4,780.00

4 0

3 years ago