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3 years ago

The following transactions occur for the Panther Detective Agency during the month of July:

Business

1 answer:

My name is Ann [436]3 years ago

6 0

Answer:

The question is incomplete find the complete question below;

The following transactions occur for the Panther Detective Agency during the month of July. a....

Question:

The following transactions occur for the Panther Detective Agency during the month of July.

a. Purchase a truck and sign a note payable, $14,100.

b. Purchase office supplies for cash, $510

c. Pay $710 in rent for the current month.

Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense.

Purchase of truck

DR Equipment $14,100

CR Notes Payable $14,100

Office supplies

DR Office supllies $510

CR Cash $510

Rent

DR Rent expense $710

CR Cash $710

Explanation:

I have summarized the above transactions by a way of journal entries above,pay particular attention to the accounting headings used as stated in revised question.

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2 years ago

Journalize the following merchandise transactions. The company uses the perpetual inventory system.

aliya0001 [1]

Answer:

Accounts Receivable $17,300 (debit)

Cost of Goods Sold $12,600 (debit)

Sales Revenue $17,300 (credit)

Inventory $12,600 (credit)

Cash $15,916 (debit)

Accounts Receivable $15,916 (credit)

Explanation:

The Perpetual Inventory system records the cost of inventory after every sale.

a. Sale of Sold merchandise on account

Recognize the Revenue and Cost of Sale as follows :

Accounts Receivable $17,300 (debit)

Sales Revenue $17,300 (credit)

Cost of Sales $12,600 (debit)

Merchandise $12,600 (credit)

b.Received payment within the discount period

Recognize the Cash receipts to the extend of amount paid less cash discount of 2%

Cash $15,916 (debit)

Accounts Receivable $15,916 (credit)

Cash Receipt = $17,300 × 92% = $15,916

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3 years ago

The Assembly Department of One Roof, Inc., manufacturer of computers, incurred $300,000 in direct material costs and $70,000 in

Papessa [141]

Answer:

D) $116.67 per EUP

Explanation:

To find out the equivalent unit of production (EUP) for conversion costs we have to divide the total conversion costs by the equivalent units produced:

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The EUP for direct materials would = total costs direct materials / equivalent units produced = $300,000 / 1,000 units = $300 per EUP

Both fully completed units and partially completed units are expressed in terms of equivalent units of production.

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3 years ago

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2 years ago

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