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Rudiy27
3 years ago
12

On July 1, 2017, Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid In

surance account, and it is now December 31, 2017. Zim Company has a Supplies account balance of $5,000 on January 1, 2017. During 2017, its purchase $2,000 of supplies. As of December 31, 2017, a supplies inventory shows $800 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2017.
Business
1 answer:
Deffense [45]3 years ago
5 0

Answer and Explanation:

The journal entries are shown below:

1. Insurance expense Dr $1,200

         To Prepaid insurance $1,200

(Being the insurance expense is recorded)

2. Supplies expense Dr ($5,000 + $2,000 - $800) $6,200

         To Supplies $6,200

(Being the supplies expense is recorded)

These two above entries should be recorded and the same is to be considered

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Answer:

c) a firm does not have sufficient time to change the level of use some of its inputs.

Explanation:

The definition of short-run in economics is not a term to be used for a specific certain period of time but it means that the period of time is too short that the firms cannot change the level they are using of some of their inputs or costs. It means they do have fixed costs they cannot change. For example, all machinery installed, a yearly rent paid, electricity or others that the firm cannot change unless there is sufficient time. In a short period of time, it will have those costs anyway. The firm cannot change the level of that input. And it is short run of at least one input. It may be many. But it is not necessary to have all inputs unchanged to consider that period of time as short-run.

However, firms can change level of inputs if they have more time. That is cost the long run. All costs are variable costs when we are in long run.

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3 years ago
Determine whether each policy below is good or bad cash management; then identify the cash management strategy violated or follo
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Answer: Please refer to Explanation.

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If you need any clarification do comment.

Cheers.

6 0
2 years ago
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Answer:

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