Answer
Payroll Journal Entry
Explanation
A payroll entry is used to record the compensations paid to employees by the company. Payroll journal entries can be initial recordation, accrued wages or manual payments. This entry is prepared from the payroll register and it includes debits for labor, salaries and the firm’s fraction of payroll taxes.
A firm achieves differentiation parity ideally when it sells its products or services at a higher price than its competitors.
The idea of parity is that a company sells its products at a higher cost than competitors even though the product or service isn't unique. Differentiation is when one companies products compete and are better than another with the same product.
Answer:
Debit Inventory for $1490000, debit Estimated Liability on Purchase Commitments for $290000 and credit Cash for $1780000.
Explanation:
Double entry accounting requires accounting entries to have two legs. The debit where the receiver is debited, and the credit leg where the giver is credited.
In this case Cullumber Corp made a payment of $1.78 million cash, so cash is credited for this amount.
Actual value of raw materials is $1.49 million, so as it is recieved we debit inventory for $1.49 million.
The balance which is a loss is debited from Estimated liability on purchase commitments.
The balance to be debited from this account is 1.78 million - 1.49 million= $290,000
