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2 years ago

Following errors occurred in posting from a two-column journal:

Business

1 answer:

Ierofanga [76]2 years ago

8 0

Answer:

A credit of $7,240 to Accounts Payable was not posted.

a. Yes b. $7,240

An entry debiting Accounts Receivable and crediting Fees Earned for $9,300 was not posted.

a. No

A debit of $1,250 to Accounts Payable was posted as a credit.

a. Yes b. $1,250

A debit of $1,030 to Supplies was posted twice.

a. Yes b. $1,030

A debit of $1,700 to Cash was posted to Miscellaneous Expense.

a Yes b. $1,700

A credit of $270 to Cash was posted as $720.

a. Yes b. $450

A debit of $4,720 to Wages Expense was posted as $4,270.

b. Yes b. $450

Explanation:

A trial balance is a list of balances extracted fron the ledger accounts prepared as at the reporting date.

If the Totals of the Debit and Credit equal, then on the face of it, it is arithmetically correct.

This means the that the following errors are not detected by the trial balance : Error of Omission, Error of Commission, Error of Principle, Error of Complete Reversal of Entries, Error of Original Entry and Compensation Error.

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On January 1, 2021, Tiny Tim Industries had outstanding $1,000,000 of 9% bonds with a book value of $970,500. The indenture spec

nevsk [136]

Answer:

loss at extinguishment 8,122.50 dollars

Explanation:

we should compare the amount we pay for the bonds and the book value of the bonds:

book value 978,877.50*

call price (987,000.00)

loss (8,122.50)

*We are given with the value at January 1st we must adjust for the value at july 1st using effective-rate method

970,500 x 11%/2 = 53,377.5 interest expense

1,000,000 x 9%/2 = 45,000 cash outlay

amortization 8,377.5

carrying value:

970,500 + 8,377.5 = 978,877.5

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2 years ago

Ruddick Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just comp

irina1246 [14]

Answer:

Given that,

Cost of goods manufactured = $1,486,000

Cost of goods sold (unadjusted) = $1,337,000

Therefore, the journal entry for the transfer of completed goods from WIP to Finished goods is as follows:

Finished Goods A/c Dr. $1,486,000

To Work in process $1,486,000

(Being transfer of completed goods from work in process to finished goods recorded)

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2 years ago

In September 2019, the budget committee of Jason Company assembles the following data: 1. Expected Sales October $1,800,000 Nove

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Answer:

$1,068,000

Explanation:

JASON COMPANY

Budgeted Income StatementFor the Month Ended October 31, 2019

Sales $1,800,000

Cost of goods sold

Inventory, October 1 $216,000

Purchases $1,068,000

Cost of goods available for sale $1,284,000

($1,068,000+$216,000)

Less: Inventory, October 31 $204,000

Cost of goods sold $1,080,000

($1,284,000-$204,000)

Gross profit $720,000

($1,800,000-$1,080,000)

Supporting Computations:

Budgeted cost of goods sold $1,080,000

Desired ending merchandise inventory 204,000

Total $1,284,000

Less: Beginning merchandise inventory ,($216,000)

Budgeted merchandise purchases$1,068,000

October

$1,800,000 × 60% = $1,080,000.

($1,700,000 × 60%) × 20% = $204,000.

$1,080,000 × 20% = $216,000.

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2 years ago

____ is the process for motivating employee performance in which the manager and employee jointly set objectives for the employe

nika2105 [10]

Answer:

MBO

Explanation:

Management by objectives also known as management by results is a process which is proposed by the peter drunkard in 1954. By defining the specific objectives in an organization, and how to achieve these targets.

This process helps the business organization to accomplish its objectives, by goal setting. It has a five-set process of reviewing the organizational goal , then setting the worker objective and monitoring their progress and evaluation after giving the reward.

The word SMART is also associated with the objectives as Specific, Measurable, Assignable, Realistic and a Time-bound process.

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2 years ago

Demand is not the same as quantity demanded. What factors will change the demand for a good?

DochEvi [55]

Answer:

Other factors that shift demand curves. Income is not the only factor that causes a shift in demand. Other things that change demand include tastes and preferences, the composition or size of the population, the prices of related goods, and even expectations.

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1 year ago