In a case whereby George corporation recognized $1,000 of accrued property taxes on its manufacturing facility. the journal entry to record this debits as Manufacturing overhead $1,000 and credits Property taxes payable $1,000.
<h3>What is
journal entry?</h3>
A journal entry can be described as an act of keeping which involves the making records of any transactions .
It should be noted that Transactions are listed in an accounting journal so that the company's debit as well as the credit balances of the company can be shown.
In the case, above , we will record this debits as Manufacturing overhead $1,000 and credits Property taxes payable $1,000, hence journal entry can encompass several recordings, in a debit or a credit.
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When speculators increase the value of the dollar on the foreign exchange market, American goods become more expensive in comparison to foreign commodities, which causes aggregate demand to move to the right.
<h3>What is foreign exchange?</h3>
Exchanging currencies between nations at market rates is referred to as foreign exchange. Let's examine the definition of foreign exchange in more detail. Different nations use various currencies. Currency exchange is the process of converting one nation's currency into another. a market where one currency is traded for another; for instance, in the market for euros, euros are bought and sold and paid for using other currencies like the yen. A global marketplace for trading currencies is the foreign exchange market, or forex market. It is a decentralised market where you may purchase and sell foreign currency. The market will have over-the-counter foreign exchange rates.
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Answer:
Variable overhead efficiency variance= $600 unfavorable
Explanation:
Giving the following information:
Standard rate per direct labor-hour $2
Standard direct labor-hours for each unit produced 3
Units manufactured 1,000
Actual direct labor-hours worked during the month 3,300
<u>To calculate the variable overhead efficiency variance, we need to use the following formula:</u>
<u></u>
Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate
Variable overhead efficiency variance= (1,000*3 - 3,300)*2
Variable overhead efficiency variance= $600 unfavorable