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Tju [1.3M]
3 years ago
12

Transactions for Skysong Company for the month of May are presented below. Prepare journal entries for each of these transaction

s. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) May 1 B.D.Skysong invests $3,800 cash in exchange for common stock in a small welding corporation. 3 Buys equipment on account for $1,086. 13 Pays $410 to landlord for May rent. 21 Bills Noble Corp. $500 for welding work done. (Use Service Revenue account.)
Business
1 answer:
ExtremeBDS [4]3 years ago
3 0

Answer:

Explanation:

The journal entries are shown below:

May 1 -  Cash A/c $3,800

                To Common stock A/c  $3,800

(Being stock is exchanged for cash)

May 3 -  Equipment A/c Dr $1,086

                  To Account payable A/c $1,086

(Being equipment purchased in credit)

May 13 - Rent expense A/c Dr  $410

                 To Cash A/c                      $410

May 21 - Accounts receivable A/c  Dr $500

                 To Service Revenue A/c                     $500

(Being the completed work recorded)

 

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Alecsey [184]

Answer:

5,500 units

Explanation:

The computation is shown below:

Given that

Need to sell the units in a month = 4,000 units

Beginning inventory = 1,000 units

Desired ending inventory = 2,500 units

So, by considering the above information, the units to be produced is

= Desired ending inventory + need to sell the units in a month - beginning inventory

= 2,500 units + 4,000 units - 1,000 units

= 5,500 units

5 0
3 years ago
"Auditors should be familiar with the terminology employed in IT processing. The following statements contain some of the termin
mr Goodwill [35]

Answer:

Explanation:

Step 1:

the auditor is required to provide reasonable assurance for the financial statement audited.To provide such reasonable assurance,appropriate evidence must be obtained to confirm that no material misstatement material is present in the financial statement

Step 2:

For each statement select true or false in the following manner

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FALSE

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TRUE

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TRUE

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FALSE

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3 0
3 years ago
The information below pertains to Basselier, Inc.:
wel

Answer and Explanation:

The journal entry to record the tax provision is given below:

Income tax expenses $48,840,000

Deferred tax assets ($10,900,000 ×0.40) $4,360,000

        To Deferred tax liability (($15,900,000 + $1,900,000)×0.40) $7,120,000

          To Income tax payable ($129,000,000 ×0.40) $51,600,000

(To record income tax expenses)  

Here the income tax expense and deferred tax asset should be debited as it increased the asset and expenses and credited the liability & tax payable as it increased the liability  

4 0
3 years ago
"factors of production are the most likely to earn economic rent when they"
soldier1979 [14.2K]
When there is highly inelastic supply of the factor and highly inelastic demand of the factor, in these situations the owners supply factors of production are the most likely to earn economic rent. So, the answer should be:
factors of production are the most likely to earn economic rent when they are highly inelastic supply of factor and highly inelastic demand of the factor.
3 0
3 years ago
Pre-determined overhead rates are calculated by dividing estimates of total factory overhead cost in the upcoming accounting per
Anna11 [10]

Answer:

The correct option is A, true

Explanation:

The predetermined overhead absorption rate is a forecast overhead rate usually computed by estimated total factory overhead by the planned usage or capacity  of the unit of the activity.

This is more like planning ahead for the overhead to be incurred, hence the correct option is A , which truly supported that the statement made in the question

3 0
3 years ago
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