Question Completion:
Journalize the adjusting entries:
Answer:
Yazici Advertising
Adjusting Journal Entries:
Date Account Titles Debit Credit
October 31:
1. Supplies Expense $1,500
Supplies $1,500
To record the supplies expense for the year ended October 31.
2. Insurance Expense $50
Prepaid Insurance $50
To record the insurance expense for the month of October.
Explanation:
a) Data and Analysis:
October 31:
1. Supplies Expense $1,500 Supplies $1,500 ($2,500 - $1,000)
2. Insurance Expense $50 Prepaid Insurance $50 ($600 * 1/12)
3. From the scenario, the year-end is October 31.
trough
Suppose an economy has historically grown at a rate of 1.25%. economic activity decreased every quarter over the past year, but the decline stopped this quarter. the economy is expected to grow at a rate of 1.4% in the near future, but monetary authorities are concerned that inflation may increase. this economy is probably in the _____ stage of the business cycle.
Answer:
The correct answer is C.
Explanation:
Giving the following information:
Pinnacle Corp. budgeted $700,000 of overhead costs for the current year.
Pinnacle's plantwide allocation base, machine hours, was budgeted at 100,000 hours.
To calculate the estimated manufacturing overhead rate we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Estimated manufacturing overhead rate= 700,000/100,000= $7 per machine-hour.
Answer:
savings accounts or checking accounts
