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lara [203]
3 years ago
14

At the beginning of the​ month, supplies were $ 6 comma 000. During the​ month, $ 7 comma 000 of supplies were purchased. At​ mo

nth's end, 2 comma 000 of supplies are still on hand. What is the bullet adjusting​ entry? bullet ending balance in the Supplies​ account? ​First, prepare the adjusting journal entry for Supplies. ​ (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts and Explanations Debit Credit The ending balance in the Supplies account was $ .
Business
1 answer:
Lena [83]3 years ago
6 0

Answer:

Adjusting Entry

Cost of goods sold (Dr.) $11,000

Beginning Inventory (Cr.) $6,000

Purchases (Cr.)   $5,000

Closing Entry

Ending Inventory (Dr.)  $2,000

Income Summary (Cr.)         $2,000

Explanation:

The adjusting entry is made by debiting cost of goods sold account which reflects the amount of inventory sold during the month and the entry is credited by beginning inventory of $6,000 and the remaining amount which is $5,000 is credited in purchases account.

The closing entry is made by debiting the ending inventory by the amount of $2,000 and Income Summary account is credited by the same amount to close the inventory account.

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Financial satisfaction is more strongly predictive of subjective well-being in poor nations than in wealthy ones. this fact woul
ludmilkaskok [199]

The hierarchy of needs theory, which describes how people need to meet their survival needs of food, water, and shelter before they meet emotional and fulfillment needs. In poor countries, small increases in financial well being can lead to a bigger increase in fulfilling needs than someone in a richer country where people are already at a higher level of need fulfillment.

8 0
4 years ago
An asset has an average return of 10.19 percent and a standard deviation of 22.41 percent. What is the most you should expect to
strojnjashka [21]

Answer:

The answer is 32.6%

Explanation:

Solution

Given that

An assets has a return average of =10.19%

Standard deviation =22.41%

Probability in any given year =16%

Now

The most you should expect to earn in any given year with a probability of 16 percent is = 10.19 + 22.41

= 32.6

Therefore,what you should expect in given year to lose is 32.6%

7 0
3 years ago
Niler Corporation reported the following after-tax information for its current fiscal year: $35,000 income from continuing opera
Helen [10]

Answer:

The net income for Niler Corporation for the current year is $30,900.

Explanation:

When there is a discontinued operation, the income from the discontinued operation is added to the income from continuing operations while the loss on disposal of the same operation is added to obtain the net income for the company. This can be done as follows for this question:

Niler Corporation

Partial Income Statement

<u>Details                                                                               $       </u>

Income from continuing operations                           35,000

income from operations of discontinued Line C         8,400

Loss on disposal of Line C                                         <u> (12,500) </u>

Net income                                                                  <u> 30,900  </u>

Therefore, the net income for Niler Corporation for the current year is $30,900.

4 0
3 years ago
A truck that cost $72,000 and on which $60,000 of accumulated depreciation has been recorded was disposed of for $18,000 cash. T
Mekhanik [1.2K]

Answer:

Gain of $6,000.

Explanation:

Calculation to determine what The entry to record this event would include

Using this formula

Gain=(Accumulated depreciation+Cash)-Cost

Let plug in the formula

Gain=($60,000+$18,000)-$72,000

Gain=$78,000-$72,000

Gain=$6,000

Therefore The entry to record this event would include a gain of $6,000

4 0
3 years ago
Which answer best defines employee benefits?
lubasha [3.4K]

Employee benefits are nonsalary compensation granted by an employer.

These are other "perks" from your employer, like health/dental/life insurance, stock in the company, discount programs (for example cell phone service discounts), 401K matching, etc.

3 0
3 years ago
Read 2 more answers
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