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beks73 [17]
3 years ago
13

The supplies inventory on August 1, 2017 was $9,350. Supplies costing $24,150 were acquired during the year and charged to the s

upplies inventory. A count on July 31, 2018 indicated supplies on hand of $8,810. Present, in journal form, the adjustment that would be made on July 31, 2013, the end of the fiscal year.
Business
1 answer:
VikaD [51]3 years ago
3 0

Answer:

supplies expense 24,690 debit

    supplies                             24,690 credit

to record used supplied for the period

Explanation:

we will calcualte the suppliesexpense as follows:

beginning supplies + purchase = ending + consumption

the left side are the input of supplies from the period.

They can be in stock from prior period or being purchased during the current period

Then, the right side is the destination, they could be used or keep at inventory

Now, we plug the values into the formula andd solve for the missing value:

9,350 + 24,150 = 8,810 + consumption

9,350 + 24,150 - 8,810 = consumption = 24,690‬

This will be the supplies expense to recognize

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Using the income statement method for accounting for uncollectible accounts, a company estimates that 2.5% of credit sales will
Digiron [165]

Answer:

the adjustment for estimated uncollectible accounts will require

b. Debit to Bad Debt Expense for $10,000.

Explanation:

There are two primary methods for estimating bad-debt expense. The first is an income-statement approach that measures bad debt as a percentage of sales.

Accout receivable at the end_ 80000

Credit sales_______________400000

 

Estimate________________ 2,50%

Debit bas debt expense______10000

7 0
2 years ago
What seems to be the main source of conflict between supervisors and the HR department at Sands Corporation? Explain.
Cloud [144]

Answer:

The main source of conflict that occured between the supervisors and the HR departments at Sand Corporation was the division of power that occurred between the Supervisors and the HR departments

Explanation:

The main source of conflict between the supervisors and the HR departments at Sand Corporation was the division of power that occurred between the Supervisors and the HR departments reason been that the supervisors feel that the power and authority that should have been with them or vested on them for hiring, compensation, appraisal, as well as training and pay increases has been appropriated and carried out by the HR departments.

WHILE the HR managers or HR departments on the other hand want to keep the authority to themselves because they believed and known that authority is a source of power.

4 0
3 years ago
A small business has determined that the machinery they currently use will wear out in 16 years. To replace the new machine when
Afina-wow [57]

Answer:

Present value deposit today = 216,886 (Approx)

Explanation:

Given:

Number of year (n) = 16 years x 4 quarter = 64

Rate of interest (r) = 1.6% = 0.016 / 4 = 0.004

Future value = $280,000

Present value = ?

Computation of present value deposit today:

Present\ value = \frac{Future\ value}{(1+r)^n}\\\\Present\ value = \frac{280,000}{(1+0.004)^{64}}\\\\Present\ value = \frac{280,000}{1.291}\\\\Present\ value = 216,886.135

Present value deposit today = 216,886 (Approx)

8 0
3 years ago
debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: April 1, wor
Rina8888 [55]

Answer:

The conversion cost per equivalent unit is $3.31

Explanation:

The computation of the conversion cost per equivalent unit is shown below:

= Total conversion costs ÷ Total equivalent units

where,

Total conversion cost = completed units + Conversion costs during April

                                    = $6,000 + $35,000

                                    = $41,000

And, the total equivalents units equal to

= Finished good units × percentage of completion + ending work in process units  × percentage of completion

= 11,500 units × 100% + 1,500 units × 60%

= 11,500 units + 900 units

= 12,400 units

Now put these values to the above formula  

So, the per unit would equal to

= $41,000 ÷ 12,400 units

= $3.31 per unit

7 0
3 years ago
Mary upset with her business law instructor after she failed a test,
Helen [10]
That sucks hopefully she feels better
7 0
3 years ago
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