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Nastasia [14]
2 years ago
13

Partially correct answer iconYour answer is partially correct. This information relates to Windsor Co.

Business
1 answer:
I am Lyosha [343]2 years ago
4 0

1.  Dr Merchandise inventory    25100

                Cr  Accounts payable       25100

        (To record purchase of inventory on account)

2. Dr Merchandise inventory   530

               Cr  Cash                          530

       ( To record freight cost )

3. No entry

4.  Dr Accounts payable   3600

             Cr  Merchandise inventory    3600

       ( To record purchase return)

5.  Dr Accounts payable   ( 25100-3600)  21500

                         Cr  Cash                                        21500

      (To record paid the amount due).

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Q 4.24: At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended
Nookie1986 [14]

Answer:

At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended on April 28. Paul’s received 100% of the total payment for the project on May 3. In this situation, both cash basis accounting and GAAP require that Paul’s recognize the employees’ total salary expense in April.

Explanation:

A collection of accounting rules and standards usually followed, for financial reporting is known as GAAP (generally accepted accounting principles) .

For businesses, GAAP needs accrual accounting.

Accrual accounting operates on the basis of matching both revenue and expenses. Revenues and the related expenses occur concurrently, though the cash transaction concerning thereto might happen in some other period.

In the situation given in the question, the revenue from the project is earned in April, subsequently, the salary expense related to that work should also be recognized in the same period due to an accrual basis.

7 0
2 years ago
Read 2 more answers
What are the issues of integrity, ethics and law posed in the case study? What options does the woman have, and what should she
Dovator [93]

The integrity, ethics, and law issues raised in the case study are illegal and unethical conduct.

The woman must reject the economic proposal made by the company and maintain her complaint so that the executive is judged for what she did because she would avoid future harm to other employees.

<h3>What is ethics?  </h3>

Ethics is a term that refers to moral philosophy. This focuses on the study of human behavior based on right and wrong according to duty. Contemporary ethics is usually divided into three branches which are:

  • Metaethics studies the origin, nature, and meaning of ethical concepts.
  • Normative ethics seeks norms or standards to regulate human conduct.
  • Applied ethics examines specific ethical controversies.

According to the above, it can be inferred that the situation presented is an example of an unethical and illegal act because the company and the executive want to bribe the employee to prevent the executive from being removed from his position and the company from being judged for endorsing that conduct of the executive.

Note: The question is incomplete because the information is missing. Here is the complete information:

Case study 4

A woman is sexually harassed by a top-level senior executive in a large company. She sues the company, and during settlement discussions she is offered an extremely large monetary settlement. In the agreement, the woman is required to confirm that the executive did nothing wrong, and after the agreement is signed the woman is prohibited from discussing anything about the incident publicly. Before the date scheduled to sign the settlement agreement, the woman's lawyer mentions that she has heard the executive has done this before, and the settlement amount is very large because the company probably had a legal obligation to dismiss the executive previously. The company however wants to keep the executive because he is a big money maker for the company.

What are the issues of integrity, ethics and law posed in the case study? What options does the woman have, and what should she do and why?

Lecturer Guidelines

Some of the issues raised by this case study include initial issues of unethical and unlawful conduct, by the executive and the company; whether the company should allow the executive to continue working because of the revenue he generates, in view of his propensity to harm co-workers, and whether this action is ethical or reflects integrity; whether the company should require the woman to state that the executive did nothing wrong as part of the settlement agreement; whether the woman should agree to this settlement in view of the harm future employees are being exposed to; and whether the woman is prioritising justice for herself over harm to future employees in an acceptable way.

Learn more about ethics in: brainly.com/question/2630782

3 0
2 years ago
The following are selected 2017 transactions of Sean Astin Corporation.
Vadim26 [7]

Answer and Explanation:

The Journal entries are shown below:-

A. a. Purchase Dr, $50,000

           To Accounts payable $50,000

(Being purchase of inventory is recorded)

b.Accounts payable Dr, $50,000

            To Notes payable $50,000

(Being issuance of notes is recorded)

c.Cash Dr, $50,000

  Discount on notes payable Dr, $4,000

             To Notes payable $54,000

(Being amount borrowed from bank and issued notes is recorded)

B. a. Interest expenses Dr, $1,000 ($50,000 × 8% × 3 ÷ 12)

            To Interest payable $1,000

(Being interest expenses is recorded)

b. Interest expenses Dr, $1,000 ($4,000 × 3 ÷ 12)

                 To Discount on notes payable $1,000

(Being interest expenses is recorded)

C. The Computation of interest-bearing note and the zero-interest-bearing note is shown below:-

Interest-bearing note = Note payable + Interest payable

= $50,000 + $1,000

= $51,000

Zero-interest-bearing note = Note payable - Discount

= $54,000 - ($4,000 - $1,000)

= $54,000 - $3,000

= $51,000

8 0
3 years ago
ABC Lumber spent $1,000 cutting down a tree. The result was 40 unfinished logs that sell for $20 each and 100 bags of sawdust th
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Answer: below

Explanation:

- The sawdust should be sold as is without being processed into Presto

Logs.

- The pieces of unfinished lumber should be processed

8 0
3 years ago
Meaning of accounting​
frutty [35]

Answer:

<em>Accounting is the process of recording financial transactions pertaining to a business.</em> 

6 0
2 years ago
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