1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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).

You might be interested in
If you had to plan an event or party soon, what would be some suggested themes you would have for a party within the next few mo
Pani-rosa [81]

Answer:

Explanation:

I would do a game party. There would be bored games, such as twister monopoly, and if it is hot, I would do a game called wet head. for the decorations, I would make the house filled with balloons, and then I would do chips and salsa, cake, icecream, and pizza.

6 0
3 years ago
Read 2 more answers
2. Explain the four characteristics of the price system.
goblinko [34]

Answer:

1-The four characteristics of the price system are that it is neutral, market driven, flexible, and efficient. It is neutral because prices do not favor the producer or the consumer because the they both make choices that determine the equilibrium price.

2-Why is the price system an efficient allocator of economic resources? Prices are neutral, which means they are equally fair to both consumers and producers. They are flexible which means they can adapt to changing economic conditions. Prices are familiar which means that everyone understands how they work.

3-how do prices serve as signals and incentives to producers to leave a particular market? it showed that when a strong competitor offers similar products for lower prices other producers must also lower their prices. Less efficient companies were driven from the market.

4-demonstrates the effects of competitive pricing because it shows how the company strategically lured customers away from rival producers while still making the highest profit.

Explanation:

:)

5 0
2 years ago
What companies aren't like McDonald's? look them up or share the story and nutritional value.
Alexxandr [17]
What do you mean as 'Not like McDonald's'? Do you mean fast food or what? 
8 0
3 years ago
If there is a basic conflict between the individual's expectations and the reality of working in an organization, the employee i
ANTONII [103]

Answer:

C) encounter

Explanation:

The socialization process is the process of learning to be a part of society and individual learning by understanding social norms, values, and expectations of the society to be a productive member of society.

Encounter stage of socialization is the stage at which individuals enter the corporate for the first time and realized how well expectations is matching the reality within the corporate culture. It is the time to control the emotion and learn to be part of organization.

8 0
3 years ago
If a special sales order is accepted for 5,000 sails at a price of $125 per unit, and fixed costs remain unchanged, what would t
ANEK [815]
<span>If a special sales order is accepted for 5,000 sails at a price of $125 per unit, and fixed costs remain unchanged,the effect on operating income be Increase by $225,000. Since fixed costs remain unchanged, operationg income would increase. If fixed costst remain changed, operationg income would decrease.</span>
4 0
3 years ago
Other questions:
  • Portions of the financial statements for Horizon Telecom are provided below. HORIZON TELECOM Income Statement For the Year Ended
    7·1 answer
  • Which of the following Lean principles reflects the ability of a customer to move through a process? a) Value b) Flow c) Pull d)
    10·1 answer
  • The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing 2900 units, the actual direct
    14·1 answer
  • Andrea is a real estate agent, however, she does not have a license as required by statute. Andrea sells a piece of property to
    10·1 answer
  • What Xmas product did Sir Henry Cole produce in 1843?
    5·1 answer
  • Choose the correct price-elasticity label for each pair of goods. Assume this involves demand for the total of all people curren
    8·1 answer
  • Under a program called the Emissions Trading​ Scheme, the governments of European Union member nations establish overall targets
    11·1 answer
  • Compare and Contrast the four current perspectives of organizational effectiveness.
    8·1 answer
  • Discord? anyone? 0_0'
    7·2 answers
  • Compare and contrast the three options from the perspective of cost. Which one do you believe will provide the most economical s
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!