Answer:
Been paid for but not yet recorded as expenses
Explanation:
Prepaid expenses have been paid for but not yet recorded as expenses.
They are future expenses paid for in advance or costs that have been incurred without the benefits being enjoyed by the company.
A good example of prepaid expenses id Rent paid in advance at the beginning of the year. Such rent is a cost incurred in advance as the rent period has not been enjoyed yet.
The entries for such prepaid expenses is to debit 'prepaid expenses' like an asset and credit Bank/Cash. The expense account is debited after the benefits have accrued, with the corresponding Credit going to the Prepaid expenses account.
Answer:
Net purchase = $333,000
cost of goods purchased =$350,000
Explanation:
net purchases = purchases-returns-discounts
= 351,600 -12,300 - 6,300
cost of goods purchased = net purchases + freight
= 333,000+17000
=$350,000
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Answer:
$135
Explanation:
The computation is shown below:
= Regular wages + Overtime wages
where,
Regular wages would be
= Overtime hours × wages per hour
= 11 hours × 10 per hour
And, the overtime wages equal to
= Half wages Overtime hours × half wages per hour
= 5 hours × 5 hours
= $25
So, the cost charged to Job 532 is
= $110 + $25
= $135