A company receives $371, of which $21 is for sales tax. the journal entry to record the sale would include a debit to Cash for $371.
Claim means a reservation against payment made or unpaid. Debit entries are typically created to the left of accounts. So, when a transaction is made in a double-entry bookkeeping system, one account is debited and the other is credited.
A direct debit is a record of money taken from a bank account. For example, when writing a check. The total debits must balance the total credits. Synonyms: Payment, Liability, Payment, Obligation Other synonyms for direct debit.
Debit is a formal bookkeeping and accounting term, derived from the Latin word debate, meaning "borrow". Charges are categorized on the positive side of balance sheet accounts and on the negative side of resulting items.
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Answer:
The Journal entries are as follows:
(i) Manufacturing Overheads Account Dr. $900
To Accumulated Depreciation $300
To Cash account $100
To Utilities payable $500
(To record the expenses incurred)
(ii) Work in process inventory A/c ($1.50 × 450) Dr. $675
To Manufacturing Overhead $675
(To record the allocation of overhead at the predetermined rate of $1.50 per machine hour)
Answer:
Revenue $6,800
Expenses:
- Salaries and Wages Expense ($2,700)
- Supplies Expense ($1,050)
- Depreciation expense ($250)
- Insurance expense ($600)
- Utilities Expense ($400) <u>($5,000)</u>
Net income $1,800
1) you must add insurance expense
2) you must decrease supplies expense = $1,200 - $150 = $1,050
3) you must add depreciation expense
4) you must increase salaries and wages expense = $2,300 + $400 = $2,700
5) you must increase revenue = $6,100 + $700 = $6,800
Answer:
Explanation:
<em>Net working capital</em> is the difference between the current assets and the current liabilities:
<em><u>Change in the net working capital</u></em><u> (ΔNWC = </u><em><u>$40,000</u></em><u>)</u>
Answer:
Inbound logistics.
Explanation:
Value chain is the process in business which adds value to the product. The activities in value chain involves the manufacturing till the after sales service. The value chain activities are, Inbound logistics, operations, outbound logistics, marketing and sales, after sales. The process of collecting mature oranges is considered as inbound logistics in value chain.
