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Tomtit [17]
4 years ago
15

Concord Company made a purchase of merchandise on credit from Pharoah Company on August 8, for $8300, terms 3/10, n/30. On Augus

t 17, Concord makes the appropriate payment to Pharoah. The entry on August 17 for Concord Company is:________
Business
1 answer:
Lostsunrise [7]4 years ago
3 0

Answer: Debit accounts payable for 8, 300

Credit cash for 8,300

Explanation:

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Calculated variable overhead rate variance is $115 favorable and the variable overhead efficiency variance is $325 favorable. Difference between standard and actual variable overhead cost is the total of variable overhead rate variance and variable overhead efficiency variance. Hence, the difference between standard and actual variable overhead cost is $440.

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