Answer: Merchandise Inventory 7,500
Cash in bank 3,750
Accounts Payable
Explanation:
Answer:
Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300
Explanation:
The journal entry is shown below:
Allowance for Doubtful Accounts A/c Dr $2,300
To Accounts Receivable A/c $2,300
(Being the written-off amount is recorded)
Since we have to record this journal entry so we debited the Allowance for Doubtful Accounts A/c and credited the account receivable account so that the correct posting can be done.
Answer: Option A
Explanation: Scarcity refers to the situation when there is limited availability of a commodity. This term is usually used for the natural resources like coal, drinking water etc.
In economics it refers to the situation when there is not limited quantity of resources available for fulfilling the market demand. Scarcity deals with the problem of limited resources in nature and unlimited wants of the population.
Hence, from the above we can conclude that the correct option is A.
Answer:
price and quantity variances.
Explanation:
In Financial accounting, costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.
Manufacturing costs can be defined as the overall costs associated with the acquisition of resources such as materials and the cost of converting these raw materials into finished goods. Manufacturing costs include direct labor costs, direct materials cost and manufacturing overhead costs.
Total direct materials variance gives the difference between the budgeted cost and actual cost of a unit of goods produced.
Generally, a total materials variance is analyzed in terms of price and quantity variances used by a manufacturer in the manufacturing of a particular product.
