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Alinara [238K]
4 years ago
7

Which of the following is TRUE regarding journal entries: a) There are always only two accounts affected b) The total amount deb

ited must equal the total amount credited c) Journal entries show debits on the right and credits on the left d) Journal entries show credits first, then debits
Business
1 answer:
Free_Kalibri [48]4 years ago
4 0

Answer: b) The total amount debited must equal the total amount credited

Explanation:

Journal entries on the debit side must always equal entries on the credit side. This is to fulfil the Accounting requirement of Double Entry where every entry in the books must have an equal and corresponding entry as well.

There can be multiple accounts represented in the journal entry but the amount on the credit side needs to balance with the amount on the debit side.

For example, a good to sold to Hillary by Trump for $30. Trump gives Hillary a discount of 10%. Trump will record that entry as,

DR Cash $27

DR Sales Discount $3

CR Accounts Receivable $30

Notice that the Debit side has 2 accounts but they still add up to the $30 on the Credit side.

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Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct
Paladinen [302]

Answer:

Overhead at the end of the year was $3,570 under-applied

Explanation:

For computing the ended overhead amount, first, we have to compute the predetermined overhead rate. The formula is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours)

= $521,220 ÷ 21,900 hours

= $23.8

Now we have to find the actual overhead which equals to

= Actual direct labor-hours × predetermined overhead rate

= 21,750 hours × $23.8

= $517,650

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $521,220 - $517,650

= $3,570 under-applied

8 0
3 years ago
At the beginning of the year, Heather's tax basis capital account balance in the HEP Partnership was $85,000. During the tax yea
andreev551 [17]

Answer:

$116,000

Explanation:

Heather’s beginning capital account balance of $85,000

Add basis of the property contributed $6,000

Add Share of partnership income $40,000

Less Partnership distributed ($15,000)

Ending capital account balance $116,000

5 0
3 years ago
Terrence buys a new car for $20,000. The value of the car depreciates by 15% each year. If f(x) represents the value of the car
Lana71 [14]
<span>Hi there,

100% - 15% = 85%
85% = 85/100 = 0.85

This is your factor of depreciation
The power it is raised to equals the years
20,000 x 0.85^3
= <span>12282.5
</span>
I hope my answer has come to your help. Thank you for posting your question here in Brainly.

</span>
5 0
3 years ago
Read 2 more answers
. General Motors is considering increasing the length of its bumper-to-bumper warranty on new vehicles from 3 years to 5 years.
Otrada [13]

Answer: the answer is B

Explanation:

3 0
3 years ago
In two to three sentences, describe the nonverbal communication in the photo below and whether it is effective or ineffective.
Rufina [12.5K]

Answer:

the nonverbal commuication being used in this photo is posture, facial expressions, and gestures. i guess you could say this is effective he looks like he would be speaking in a sturn tone of voice.

Explanation: can you answer some questions not answered on my account please

6 0
3 years ago
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