Answer:
Supplies Expense $ 950 Dr.
Supplies Account $ 950 Cr
To record supplies used .
Explanation:
Supplies are assets until they are used. When they are used up their costs are reported as expenses. The cost of unused supplies are recorded in a supplies asset account.
The entry above shows that supplies of $ 950 have been used up during the accounting period from the amount of $ 1385 leaving supplies of $ 435.
Not making an adjustment entry on 31 Dec would underestimate expenses and overstate net income.
Answer:
$373.10
Explanation:
The principle amount is $350... PV
Interest rates 6.5 % ...r
Duration one year...n
The formula for calculating compound interest
FV = PV x ( 1 + r ) n
Since 6.5 % is compounded twice year: r becomes 6.5/ 2 and n will n x2
FV = 350(1+0.065 )2
=$350 x 1.06605625
=$350 x 1.066
=$373.10
Answer:
Wage rate is $5
Explanation:
The marginal utility of money=marginal utility of leisure/wage rate
When the formula is rearranged,wage rate is given thus:
wage rate=marginal utility of leisure/marginal utility of money
wage rate=15/3
wage rate =$5
In other words, the correct option is C,wage rate is $5
Option D would have been correct if the requirement was to calculate marinal utility of leisure
The answer to the given question above would be option C. The one that is most <span>essential to any definition of marketing is CUSTOMER RELATIONSHIPS. Hope this answers your question. Let me know if you need more help next time. Have a great day!</span>
Answer:
$5,750
Explanation:
The computation of the balance in the allowance for doubtful accounts after bad debt expense is shown below:
= Account receivable × estimated percentage - credit balance of Allowance for doubtful accounts
= $295,000 × 0.03 - $3,100
= $8,850 - $3,100
= $5,750
By deducting the credit balance from the estimated amount we can find out the balance in the allowance for doubtful accounts
