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3 years ago

For each item below, indicate whether a debit or credit applies.

Business

1 answer:

mrs_skeptik [129]3 years ago

8 0

Answer:

1. Debit

2. Debit

3. Credit

4. Credit

5. Debit

6. Debit

7. Credit

8. Credit

9. Credit

10. Credit

Explanation:

In Financial accounting, debit refers to an entry made which would either increase an expense or asset account; therefore, decreasing an equity or liability account.

Credit refers to an entry made which would either increase an equity or liability account; therefore, decreasing an expense or asset account.

Generally, debit is an accounting entry which is made to the left of an account while credit is an accounting entry which is made to the right of an account. The standard rule is that, when a credit decreases an account, the opposite account should be increased with a debit.

1. Decrease in Notes Payable: Debit

2. Increase in Dividends: Debit.

3. Increase in Common Stock: Credit

4. Increase in Unearned Rent Revenue: Credit

5. Decrease in Interest Payable: Debit

6. Increase in Prepaid Insurance: Debit

7. Decrease in Salaries and Wages Expense: Credit

8. Decrease in Supplies: Credit

9. Increase in Revenues: Credit

10. Decrease in Accounts Receivable: Credit

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Answer:

price variance 12,000 U

quantity variance 4,500 U

Explanation:

$(standard\:cost-actual\:cost) \times actual \: quantity= DM \: price \: variance$

std cost $9.00

actual cost $9.20

quantity 60,000

These are givens so no calculation needed.

$(9-9.20) \times 60,000= DM \: price \: variance$

difference $(0.20)

price variance $(12,000.00)

The difference is negative, we purchase at a higher price, so the variance is unfavorable

$(standard\:quantity-actual\:quantity) \times standard \: cost = DM \: quantity \: variance$

std quantity 59500.00 (7 lbs per unit x 8,500 untis manufactured)

actual quantity 60000.00

std cost $9.00

$(59,500-60,000) \times 9 = DM \: quantity \: variance$

difference -500.00

efficiency variance $(4,500.00)

The difference betwene standard lbs and the actual lbs used into production is negative, we use more lbs than standard. This variance is also unfavorable.

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2 years ago

Opening several loans within a 60-day period can do which of the following to a credit score?

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C. Reduce it tremendously

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2 years ago

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The minimum wage law ___________________ a) has a significant effect on the unemployment rate since a large part of the labor fo

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Answer:

a) has a significant effect on the unemployment rate since a large part of the labor force earns the minimum wage.

Explanation:

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2 years ago

Currently, you own 5.4 percent of the outstanding stock of Keiffer Industries. The firm has decided to issue additional shares o

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We will be participating in (A) rights offer if you opt to purchase the shares you have been offered.

<h3>What is Rights Offering?</h3>

A rights offering (rights issue) is a set of rights granted to existing shareholders to purchase more stock shares in proportion to their existing holdings, known as subscription warrants.
These are considered a sort of option since they enable stockholders of a firm the right, but not the responsibility, to purchase more shares in the company.
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Know more about Rights Offering here:

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The complete question is given below:

Currently, you own 5.4 percent of the outstanding stock of Keiffer Industries. The firm has decided to issue additional shares of stock and has given you the first option to purchase 5.4 percent of those additional shares. Which one of the following will you be participating in if you opt to purchase the shares you have been offered?

A. Rights offer

B. Red herring offer

C. Private placement

D. IPO

E. General cash offer

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1 year ago

If consumers view the output of any firm in a market to be identical to the output of any other firm in the market, the demand c

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Answer:

B. will be horizontal.

Explanation:

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Therefore as per the given situation, the option b is correct

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2 years ago