Answer:
Debit Supplies expenses for $275
Office supplies for $275
Explanation:
Before the adjusting entry, the following adjustment has to be made first:
Ending balance of supplies that has not been adjusted = $379
Physical ending balance = $104
Amount of used supplies during the period = $379 - $104 = $275
This $275 will be recorded as supplies expense. Therefore, the adjusting entry will be as follows:
<u>Particulars Dr ($) Cr ($) </u>
Supplies expenses 275
Office supplies 275
<em><u>(To record the supplies expense for the period.) </u></em>
The above entries will then reduce enduing balance of supplies from $379 to $104.
Answer:
=$854,000
Explanation:
The cost of goods sold is the expense incurred by a manufacturing firm when making goods to be sold to customers. It is calculated using the formula.
Cost of goods sold = Beginning Stock plus purchases/ cost of goods manufactured minus ending stock
Marigold Corp:
Beginning stock: $162,000
Ending stock: $174,000
cost of goods manufactured, $866000;
cost of goods sold =
$162,000 + 866,000 -$174,000
=$854,000
Answer:
a deficit budget
Explanation:
A budget is a plan detailing how an individual, a firm, or a government will spend its anticipated revenue. In short, a budget is a plan of expenditure. Budgets are usually prepared at the beginning of a period to guide the use of available resources.
An ideal situation is when the planned expenditure equal to the expected income. Such a plan is called a balanced budget. However, in some circumstances, the planned expenditure exceeds the projected income. That budget is a deficit budget.
False credit card is taking credit (money) from the bank to pay back w interest plus when you dont pay it back you go in debt therefore ultimately leading to bankruptcy
