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FinnZ [79.3K]
3 years ago
7

On September 18, 2019, Afton Company purchased $2,475 of supplies on account. In Afton Company’s chart of accounts, the supplies

account is No. 15, and the accounts payable account is No. 21.
Required:
A. Journalize the September 18, 2019, transaction on page 87 of Afton Company’s two-column journal.
B. Prepare a four-column account for Supplies. Enter a debit balance of $840 as of September 1, 2019. Enter "Balance" in the Item column and place a check mark (?) in the Posting Reference column.
C. Prepare a four-column account for Accounts Payable. Enter a credit balance of $10,900 as of September 1, 2019.. Place a check mark (?) in the Posting Reference column. Enter "Balance" in the Item column and place a check mark (?) in the Posting Reference column.
D. Post the September 18, 2019, transaction to the accounts.
E. Do the rules of debit and credit apply to all companies?
Business
1 answer:
butalik [34]3 years ago
8 0

Answer:

Supplies   2,475 debit

 Account Payables   2,475 credit

Supplies             Transactions             Balance

                      DEBIT     CREDIT   DEBIT   CREDIT

Sep 1st               --          --          840      --

Sep 18th         2,475                 3,315

Acc. Payable       Transactions             Balance

                      DEBIT     CREDIT   DEBIT   CREDIT

Sep 1st               --          --              --         10,900

Sep 18th                        2,475                   13,375

The rules of debit and credit applies to all companies. If company's for incompetence or lack of moral qualms do not follow these rules the result of the accounting will be tained and not useful for the decision making process until the mistakes or ommision are fixed.

Explanation:

The firs is the journal entry.

We debit the supplies as they are assets

and credit the account payable which is a liability.

Then the four column stand for the ledger.

We post the transaction of each account and the balance after the event occur

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Answer:

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(3) The coefficient of determination is 0.96 or 96%.

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Explanation:

A regression analysis for the provided data is performed on Microsoft Excel.

The output is attached below.

(1)

The estimated regression equation that could be used to predict the total cost for a given production volume is:

\text{Total Cost}=1246.67+7.60\ \text{Volume}

(2)

The variable cost per unit produced is given by the slope of the line.

The slope of a regression line represent the value of the dependent variable for one unit of the independent variable.

So, the variable cost per unit produced is $7.60.

(3)

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The coefficient of determination is 0.96 or 96%.

This implies that the percentage of the variation in total cost that can be explained by production volume is 96%.

(4)

For Volume = 500 units predict the total cost as follows:

\text{Total Cost}=1246.67+7.60\ \text{Volume}

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Thus, the estimated total cost is $5,046.67.

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Answer:

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It can be easily seen in a cash flow planning as it is once modified to approximate cash flow, and also used for revealing expected results to investors and lenders. In all that it is been used for, in the scenario above, it also can be calculated by modifying the break-even equation, and deriving more conservative budgeting packages in business development too.

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Answer:

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