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romanna [79]
3 years ago
12

Study the following transactions . Journalize the transactions in a two-column journal, using the appropriate number to identify

the transactions.
1. Billed customers for fees earned, $55,330.
2. Purchased supplies on account, $2,380.
3. Received cash from customers on account, $52,010.
4. Paid creditors on account, $1,440.
Business
1 answer:
marysya [2.9K]3 years ago
5 0

Answer:

Explanation:

The journal entries are given below:

1. Account receivable A/c Dr $55,330

              To Fees earned $55,330

(Being the fees earned is recorded)

2. Supplies A/c Dr $2,380

        To Account payable A/c $2,380

(Being the supplies is purchased on account)

3. Cash A/c Dr $52,010

          To Account receivable A/c $52,010

(Being the cash is received from customers)

4. Account payable A/c Dr $1,440

         To Cash A/c $1,440

(Being cash is paid to creditors on account)

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Answer:

Explanation:

1).

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Standard hour per unit = 496000 / 124000 = 4 hours per unit

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Budgeted fixed overhead = $585,280

Actual fixed overhead = $555,750

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Fixed overhead spending variance = Budgeted fixed overhead - Actual fixed overhead

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2).

Standard rate of variable overhead = ($813,440 - $585,280) / 496000 = $0.46 per hour

Actual rate of variable overhead = $260,700 / 494000 = $0.5277327935 per hour

Variable overhead spending variance = (SR - AR) * AH = ($0.46 - $0.5277327935) * 494000 = $33,460 U

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Answer:

Please check the explanation below.

Explanation:

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