Answer:
a debit to Insurance Expense and a credit to Prepaid Insurance
Explanation:
The adjusting entry to record the prepaid insurance is shown below:
Insurance expense Dr XXXXX
To Prepaid insurance XXXXX
(Being the prepaid insurance account is adjusted)
For recording the adjusting entry, we debited the insurance expense and credited the prepaid insurance account so that the proper posting could be done
Answer:
1
Explanation:
Manufacturing Overhead sometimes also referred as Factory Overhead includes only those costs which are directly traceable to the production of a product i-e, Direct labor and Material Costs.
Answer:
Brainstorming
Explanation:
The brainstorming talks about the provision of number of alternative solutions that will be useful for the decision making process and helps in choosing the best option as the number of alternatives will be assessed on a set criteria. So the strategy here is talking about the consideration of number of alternatives for the decision making which is the job of Joanna. Hence Joanna is using the Brainstorming approach for better decision making.
The term "balance" mean is the total amount that you currently owe to the credit card company. Based on the statement above, therefore, Reginald owe's $550 from the credit card company and this is the total amount that he used in his expenses using the credit card.
Answer:
The scenario given in the question is that their is difference between amount of inventory in hand and amount of inventory purchased during the period. This is because we have consumed some of inventory which we have purchased during the period. The inventory consumed is expensed out in the period in which it is purchased.
The adjusting entry for the scenario is given below.
Debit Supplies expense $ 1,000
Credit Supplies Inventoy $ 1,000
