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fenix001 [56]
3 years ago
12

Russell Co. received a $520 utility bill for the current month's electricity. It is not due until the end of the next month whic

h is when they intend to pay it. What is the general journal entries will Russell Co. make to record the receipt of the bill?
Business
1 answer:
Nataliya [291]3 years ago
7 0

Answer:

Journal Entry to reflect the event is as follow;

                                  Dr.       Cr.

Utility Expense       $520

Utility bill payable              $520

Explanation:

Utility bill is received it means the expense is accrued and it is not due until the month end so a liability will be created and will be paid next month.

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5 0
3 years ago
Training workers to do their jobs properly and working with suppliers to improve the quality of material they supply to you are
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3 years ago
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What are the four functions of communication? Examples.
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6 0
3 years ago
A large law firm uses an average of 10 packages of copier paper a day. Each package contains 500 sheets. The firm operates 260 d
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Answer:

(a):Annual demand = 10 packages per day*260 days per year = 2600 packages per year.

H = $1 and S = $10.

Thus Order quantity = (2*2600*10/1)^0.5 = 228 packages

(b): Total annual inventory control cost = Q/2*H + D/Q*S

= 228/2*1 + 2600/228*10

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= 50 + 260

= 310.

Thus the cost figure of $310 in case of 100 packages is more than the cost of $228.03 when 228 packages are ordered. Hence I will recommend that the office manager use the optimal order quantity instead of 100 packages.

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