Answer:
$175,100
Explanation:
Job 523 started on June 1 and ended on July 15
The total cost on July 15 was 10,800
The cost added in July was 164,300
Therefore the debit to cost of goods sold can be calculated as follows.
= 10,800 + 164,300
= 175,100
Hence the debit to cost of goods sold is $175,100
Answer: a. cash register tapes.
Explanation:
When you go to a shop and buy something at the till and the cashier prints a receipt and gives it to you, that paper is a cash register tape.
A cash register tape therefore shows the goods sold and the amount the goods were sold at. It is therefore not used as a method of control for cash disbursement which is cash going out of a business but rather for cash that is coming into the business.
Answer:
Utility expense Dr. $200
Accounts payable Cr. $200
(To record the entry for electric expense)
Explanation:
Given the amount of the invoice = $200
The expenses like Electricity expenses come under utility expenses so the incurred electricity expense will show that the utility expenses are debited and account payable is credited. Here the account payable is credited because the is not paid.
Thus, below is the entry as on 30th November.
Utility expense Dr. $200
Accounts payable Cr. $200
(To record the entry for electric expense)
Answer:
a.
Cash 27000 Dr
Common Stock 13500 Cr
Paid in capital in excess of par-Common stock 13500 Cr
b.
Cash 135000 Dr
Preferred Stock 135000 Cr
Explanation:
a.
When we issue stock at premium, we always record the amount received from such issuance of stock at full. So, the cash account will be debited for 4500 * 6 = 27000
However, we record the common stock issued at par value and the remaining is credited under the reserve account which is Paid in capital in excess of par.
Thus the common stock will be credited by its par value of 4500 * 3 = 13500 and the remaining 4500 * 3 will be credited to the Paid in Capital account.
b.
The par value of the preferred stock is 4500 * 30 = 135000
Thus the preferred stock is issued at par and we simply debit the cash received from the issue and credit the preferred stock.
