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valkas [14]
3 years ago
8

Zoey Bella Company has a payroll of $10,000 for a five-day workweek. Its employees are paid each Friday for the five-day workwee

k. Required: Prepare the adjusting entry on December 31 assuming the year ends on Thursday. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
juin [17]3 years ago
5 0

Answer:

                                  Dr.         Cr.

Salaries Expense   $8,000

Salaries payable                   $8,000

Explanation:

Four days of the week passed until December 31. So, the accrued expense will be as follow:

Payroll for 5 days = $10,000

Payroll for 1 days = $10,000 / 5  = $2,000

Payroll for 4 days = $2,000 x 4  = $8,000

Accrued Expense of $8,000 should be recorded and a liability will be made against this expense as payment has not been made.

You might be interested in
In e-business, secure web applications are one of the critical security controls that each organization must implement to reduce
Anna35 [415]

Correct/Complete Question:

In e-business, secure web applications are one of the critical security controls that each organization must implement to reduce risk. True or False

Answer:

True

Explanation:

Web application security is a branch of information in which website security, its applications and its services and content is protected.

In e-commerce (electronic commerce), websites are used to conduct business, orders, payment, deliveries, etc. Security of this website is important so as to protect the e-business firm and its customers from  various cyber-crimes like credit card phishing, personal information gathering, etc. When an e-business website is secured properly, business is done without fear by customers and also the firm itself. Examples of e-business website include walmart, amazon, bestbuy, etc.

Cheers.  

3 0
3 years ago
"distinguish between an absolute advantage and a comparative advantage. cite an example of a country that has an absolute advant
xxTIMURxx [149]

Answer:

Distinguish between an absolute advantage and a comparative advantage is discussed below.

Explanation:

Absolute advantage and a comparative advantage

  • Absolute advantage concentrates on the marginal cost of reproduction of an asset whereas comparative advantage characteristically concentrates on the opportunity cost of production.
  • Trading judgments based on comparative advantage between nations are forever respectively advantageous.

5 0
3 years ago
During the month of June, Betty Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 P
Assoli18 [71]

Answer:

Betty Incorporated

Journal Entries:

June 3:

DR Inventory $7,100

CR Accounts Payable (North Inc.) $7,100

To record the purchase of goods on account with terms 2/10, n/30.

June 5:

DR Accounts Payable (North Inc.) $2,600

CR Inventory $2,600

To record the return of goods on account.

June 6:

DR Inventory $2,500

CR Accounts Payable (South Corp.) $2,500

To record the purchase of goods on account with terms 2/10, n/30.

June 11:

DR Accounts Payable (North Inc.) $4,500

CR Cash Account $4,410

CR Cash Discount $90

To record the payment of balance owed to North Inc.

June 22:

DR Accounts Payable (South Corp.) $2,500

CR Cash Account $2,500

To record the payment of balance owed to South Corp.

Explanation:

The trade terms 2/10, n/30 mean that both North Inc. and South Corp. offered 2% cash discounts on amount paid by Betty Incorporated if it could settle its bills within 10 days.  The net allowed credit days are 30 days, after which Betty Incorporated could be charged interest for late payment.  It did not utilize the discount offered by South Corp. as it paid its bills after 16 days instead of within 10 days as stated in the trade terms.

7 0
4 years ago
As a result of a thorough physical inventory, Horace Company determined that it had inventory worth $320,000 at December 31, 201
Alex_Xolod [135]

Answer:

Option (b) is correct.

Explanation:

Correct amount of inventory to be reported:

Amount of inventory as per physical verification = $320,000

Cost of goods under consignment to Herschel Corporation = $47,000

Value of inventory to be reported:

= Amount of inventory as per physical verification + Cost of goods under consignment to Herschel Corporation

= $320,000 + $47,000

= $367,000

3 0
3 years ago
Assuming Digby’s current market share for its Drat product remains the same, how many units of Drat should Digby expect to sell
marshall27 [118]

Available Options Are:

A. 401 units

B. 294 units

C. 441 units

D. 305 units

Answer:

Option C. 441 Units

Explanation:

The first thing would be to analyze the situation. It is crystal clear in the Accessibility Elite table that the accessibility of Digby products are 2nd largest among the rival companies.

Now we will look at whether the company has taken advantage of its second largest accessibility position or not. This can be seen in Actual Vs Potential Market Share table. The units produced were sold in the year which means that the accessibility of the product is even more than its rivals as the market share captured in the year by Digby is above 40%. This means that their is an increased demand for Digby's Product. This can also be seen by segment growth rate in the Elite Statistics (Top Left Corner) which is anticipated to be at 16%.

All these things says that Digby must produce as much as possible, hence quantity would be a greater number.

3 0
3 years ago
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