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Tanzania [10]
3 years ago
10

Roland Richard, a baker, purchased 200 ounces off of an expensive spice for $400 on 3/1/09. The journal entry to record the purc

hase was:
3/1/09 Spice Inventory 400
Cash 400

By December, 12/31/09, there were 80 ounces on hand. Which of the following is the correct adjusting journal entry for 12/31/09?

A. debit Spice Expense and credit Spice Inventory 160
B. debit Spice Inventory and credit Spice Expense 160
C. debit Spice Inventory and credit Spice Expense 240
D. debit Spice Expense and credit Spice Inventory 240
Business
1 answer:
kirill [66]3 years ago
6 0

Answer:

The correct adjusting journal entry for 12/31/09:

D. debit Spice Expense and credit Spice Inventory 240

Explanation:

Roland Richard purchased 200 ounces off of an expensive spice for $400.

Cost per ounce = $400/200 = $2

By December, 12/31/09, there were 80 ounces on hand. Roland Richard used 120 ounces of expensive spice with the amount of expense: $2 x 120 = $240

The adjusting journal entry for 12/31/09:

Debit Spice Expense $240

Credit Spice Inventory $240

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Answer:

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For this reason, developed nations should give funds to developing nations in order to fund projects such as solar, wind, geothermal, and nuclear power plants, and they should also provide technical assistance, since the population of developed nations tends to be more educated than that of developing nations.

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2 years ago
Which phrase best describes a country's monetary base?
vampirchik [111]

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Explanation: apex

3 0
3 years ago
If the expected path of 1-year interest rates over the next five years is 2 percent, 4 percent, 1 percent, 4 percent, and 3 perc
timofeeve [1]

Answer:A) one year

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6 0
3 years ago
"You save $3,260.00 in a savings account earning a 3.55% APR compounded monthly. How much is the total interest earned by the en
sammy [17]

Answer:

$ 29.018 ( approx )

Explanation:

The amount formula in compound interest,

A=P(1+r)^t

Where,

P = principal amount,

r = rate per period,

t = number of periods,

Here, P = $ 3260.00,

Since, the amount is compounded monthly,

So, the number of periods in 3 months, t = 3,

Also, annual rate = 3.55 % = 0.0355,

So, the rate per month, r = \frac{0.0355}{12}  (∵ 1 year = 12 months)

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Hence, the total interest earned,

I = A - P =3289.018 - 3260 = $ 29.018

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crimeas [40]

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Explanation:

The United States Budget for 2010 titled "A New Era of Responsibility: Renewing America's Promise by President Barack Obama's budget in 2010 was $3.456 trillion for expenditure and total revenue was $2.163 which led to a budget deficit of $1.294 trillion.

In 2019, the revenue was $3.422 and expenditure was $4.407 which led to a budget deficit was $985. It can be deduced that there has been a reduction in the budget deficit when compared to 2010.

6 0
3 years ago
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