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mezya [45]
3 years ago
7

A physical count of supplies on hand at the end of May for Masters, Inc. Indicated $1,245 of supplies on hand. The general ledge

r balance before any adjustment is $2,050. What is the adjusting entry for office supplies that should be recorded on May 31?
Business
2 answers:
ira [324]3 years ago
8 0

Answer: In your entry you should debit a loss account and credit a reduction in your asset. Eg

Office Suplies Loss       805

Office Supplies                        805

Explanation: Once you record the entry above the balance of account Office Suplies should be reduced from 2050 to 1245. By this way, the reality (physical count) and the accounting match.

Elis [28]3 years ago
8 0

Answer:

Debit Supplies Expense $805 and credit Supplies $805.

Explanation:

The variance or discrepancy between the physical count of supplies on hand and the general ledger balance must be corrected. this is done by passing an adjustment entry that will bring the general ledger balance in line with the physical inventory.

The difference between the physical count and the system balance is $805,  To bring the book balance to reflect the physical count value, we need to reduce the value from $2,050 to $1,245 by passing a credit entry to Supplies account and a corresponding debit to Supplies expenses account.

The International Accounting standard requires inventories be measured at the lower of cost and net realisable value (NRV).

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Splish Brothers Inc. issues $4.8 million, 5-year, 7% bonds at 102, with interest payable on January 1. The straight-line method
Radda [10]

Answer and Explanation:

The Journal entries are shown below:-

Interest expense Dr, $316,800

Premium on bonds payable Dr, $19,200 ($96,000 ÷ 5)

            To Interest payable $336,000    ($4,800,000 × 7%)

(Being interest expense and bond premium amortization is recorded)

Here we debited the interest expenses and premium on bonds as it increased the expenses and we credited the interest payable as it also increased the liabilities

5 0
3 years ago
The u.s. dollar exchange rate increased from ​$0.960.96 canadian in june 2011june 2011 to ​$1.031.03 canadian in june 2012june 2
Artemon [7]
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Between June 2011 and June 2012​, the U.S. dollar​ appreciated against the Canadian dollar.

Between June 2011 and June 2012​, the U.S. dollar​ depreciated against the Japanese Yen.</span>
8 0
3 years ago
_______ planning develops alternative courses of action that may be used in a specific situation when things do not go according
AleksandrR [38]
Pre- is probably the answer, I’m sorry if it’s wrong.
5 0
3 years ago
Which is not a mandatory subject matter for good-faith bargaining? a. seniority b. insurance c. pension plans d. strike vote e.
maksim [4K]

Answer:

The correct answer is letter "D": strike vote.

Explanation:

Collective Bargaining is the act by which employees organized in labor unions negotiate with employers (mainly managers) about compensations and work conditions. <em>Wages, working hours, merit pay, </em>and <em>vacation length</em>, are common topics of discussion between the two parties.

<em>A strike is the stop of operations of a company because of unattended labor union request. The decision of going on a strike or not relies merely on the union and the </em><u><em>strike vote</em></u><em> is subject to that group only.</em>

4 0
3 years ago
Assume Shamrock estimates bad debts based on 5% of the Accounts Receivables ending balance (as of Dec. 31, 20x2). Determine Bad
a_sh-v [17]

Answer:

Bad Debt Expense for 20x2 is $50,245

Explanation:

Note: The full question is attached as picture below

Ending balance = Beginning balance + Sales on account or credit sales - Cash collected - Uncollected accounts

Beginning balance of Accounts receivable (given) = $850000

Credit sales in 20X2 = 80% * $3125000 = $2500000

Cash collections (given) = $2400000

Uncollectible accounts (given) = $52100

Ending balance = $850000 + $2500000 - $2400000 - $52100 = $897900

Allowance required to be made for 20X2 = 5% of Accounts receivables ending balance on 20X2  = 5% * $897900 = $44895

First we will write off uncollectible accounts of $52100 from the beginning balance of allowance for uncollectible accounts. (Beginning balance of allowance for doubtful accounts = $46750 ).

Difference = Beginning balance of allowance account - Uncollectible accounts = $46750 - $52100 = - $5350

It means that there is a shortfall of $5350 in the allowance for doubtful accounts. And, also a total of $44895 should be there in the credit of Allowance for doubtful accounts at the end of 20X2.  Allowance needed in 20X2 = $44895 + $5350 = $50,245 . So, the Bad debt expense for 20X2 is $50,245.

7 0
3 years ago
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