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jonny [76]
3 years ago
15

Why are posting references entered in the journal when entries are posted to the ledger accounts?

Business
1 answer:
wolverine [178]3 years ago
3 0

Answer:

c. So we know that the entry has been posted.

Explanation:

  • The posting reference are entered in the journal entries are done so as to find them in the account ledgers and these entres are post in the this account is insert to keep and store the booking entry for the balance sheets and includes the incomes statements and accounts like the receivables and the accounts payable and accrued expenses also.
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Department S had no work in process at the beginning of the period. It added 13,600 units of direct materials during the period
lora16 [44]

Answer:

Cost of units completed = $176,528

Workings are attached:

Explanation:

Equivalent unit of production

An equivalent unit of production is an expression of the amount of work done by a manufacturer on units of output that are partially completed at the end of an accounting period. Basically the fully completed units and the partially completed units are expressed in terms of fully completed units.

Equivalent units are used in the production cost reports for the producing departments of manufacturers using a process costing system. Cost accounting textbooks are likely to present the cost calculations per equivalent unit of production under two cost flow assumptions: weighted-average and FIFO.

Conversion costs

Conversion costs is a term used in cost accounting that represents the combination of direct labor costs and manufacturing overhead costs. In other words, conversion costs are a manufacturer's product or production costs other than the cost of a product's direct materials.

Expressed another way, conversion costs are the manufacturing or production costs necessary to convert raw materials into products.

The term conversion costs often appears in the calculation of the <u>cost of an</u> <u>equivalent unit in a process costing system.</u>

For the sake of this question, we will be determining the <u>equivalent units of production:</u>

  • Units completed and transferred subject to material and conversion costs
  • Units in the closing inventory subject to material and conversion costs
  • We will then calculate the cost per units with respect to material and conversion costs for the equivalent units.
  • These cost per units will enable us to determine the cost of items completed.
Download xlsx
4 0
2 years ago
The bank is considering paying interest to customers carrying daily checking account balances in excess of a certain amount. If
olya-2409 [2.1K]

Answer:

If the amount is 1 for example,

And the bank does not want to pay more than 4%, then the amount will be,

4/100 ×1= 0.04

5 0
3 years ago
The following transactions occurred during July:1. Received $1,200 cash for services performed during July.2. Received $6,400 ca
nikklg [1K]

Answer:

The amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

Explanation:

The applicable accounting concept here is accrual concept.

Accrual concept states that revenue is recognized when it is earned and expenses are also recognized when they are incured no matter when cash is received or paid.

Based on the accrual concept, only transactions 1 and 4 will be used in calculating the amount of revenue for July as follows:

July revenue = Cash received for services performed during July + Billing of customers for services performed on account in July = $1,200 + $4,100 = $5,300

Therefore, the amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

7 0
3 years ago
The meaning of the “To cash (Tax paid)” entry posted in the Provision for taxation account is
Yanka [14]

Answer:

(a) Last year taxation is paid through the current year provision

4 0
2 years ago
Economists refer to their methodology for analyzing oligopolies as a game theory​ because, as in​ games _____.
melisa1 [442]

Answer:

e. all of the above

Explanation:

Just like inn games, all the features enumerated in the options apply.

Specifically, actions by players determine outcomes. Also, players employ strategies to obtain desired results.

7 0
3 years ago
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