Answer:
Date Account, title and description debit credit
June 3 Merchandise inventory 3,985
Accounts payable 3,985
Merchandise purchased on account
from JVC Co.
June 9 Merchandise inventory 2,300
Accounts payable 2,300
Merchandise purchased on account
from Prime Target, terms 2/10, n/30
June 12 Store supplies 675
Accounts payable 675
Merchandise purchased on account
from Craft Shop
June 13 Accounts payable 3,985
Cash 3,985
Paid for June 3 purchase of
merchandise from JVC Co.
June 19 Accounts payable 2,300
Cash 2,254
Purchase discounts 46
Paid for June 9 purchase of
merchandise from Prime Target and
obtained a 2% discount
Answer:
Overheads apply = $2,400
Explanation:
given data
factory overhead = $900,000
general and administrative costs = $600,000
per hour = $20
Direct labor costs = $300,000
solution
we know here Total direct labor hours that is
Total direct labor hours = 
Total direct labor hours = 15,000 direct labor hours
so here Factory overheads per direct labor hour will be
Factory overheads per direct labor hour = 
Factory overheads per direct labor hour = $60 per direct labor hour
so here Overheads applied to Job will be
Overheads apply = 40 direct labor hours × $60 per direct labor
Overheads apply = $2,400
Answer:
d. A debit to Allowance for Uncollectible accounts and a credit to accounts receivable
Explanation:
In an entity using the allowance method all write offs of receivables are routed through the allowance account.
The allowance account is credited with the estimated amount of uncollectible accounts and the bad debts expense account is debited.
When an account receivable is written off it is debited to the allowance for uncollectible accounts is debited and receivable accounts is credited.
Answer:
D. Shoes Cult has a competitive advantage over Aros.
Explanation:
Competitive advantage is defined as the advantage an entity has when they are able to produce a good at cost that is lower than the cost incurred by other parties in the same industry. This results in higher profit margins for businesses that have low production cost.
In this scenario Aros produces shoes for $20 while Shoes Cult produces the same shoes for $22. They both have the same price ceiling of $30.
Aros has competitive advantage over Shoes Cult because they produce at a lower cost and make more profit than Shoes Cult.
Assume they both sell at the maximum price. Profit for Aros= 30- 20=$10
Profit for Shoes Cult= 30-22= $8
