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4 years ago

Journalize the following entries for the month:

Business

1 answer:

Karolina [17]4 years ago

4 0

Answer:

Journal Entries without $ amounts:

a. Debit Materials Inventory for 960 units

Credit Cash Account or Accounts Payable for 960 units.

To record the purchase of materials for the production of 960 units

Debit Work in process for 960 units

Credit Materials Inventory for 960 units

To record the transfer of materials to work in process.

b. Debit Conversion Costs for 910 units

Credit Cash Account for 910 units

To record conversion expenses.

Debit Work in process for conversion costs

Credit Conversion Costs

To record the transfer of conversion costs to WIP.

c. Debit Finished Goods Inventory for 860 units

Credit Work in Process for 860 units

To record the transfer of 860 units out of WIP, (materials and conversion costs).

Explanation:

Journals serve multi-purposes for the initial recording of business transactions. They also play important roles for period-end and other adjustments. Journals come in hand for closing entries of transactions. Importantly, they identify the accounts that are debited and credited respectively. There are many kinds of journals for various purposes, from the general to so many of the specialized kinds. We can even use journal entries to record exchange of quantities, not only dollar amounts, as demonstrated above.

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The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,630. The year end is March 31.

geniusboy [140]

Answer:

A. Dr Insurance Expense $15,300.00

Cr Prepaid Insurance 115,300.00

B. Dr Insurance Expense $15,300.00

Cr Prepaid Insurance 115,300.00

C. Dr Insurance Expense $9,880.00

Cr Prepaid Insurance $9,880.00

Explanation:

A. Preparation of the March 31 adjusting entry required when the amount of insurance expired during the year is $15,300

Dr Insurance Expense $15,300.00

Cr Prepaid Insurance 115,300.00

B. Preparation of the March 31 adjusting entry required when the amount of unexpired insurance applicable to future periods is $3,330

Dr Insurance Expense $15,300.00

Cr Prepaid Insurance $5,300.00

($18,630-$3,330)

C.Preparation of the March 31 adjusting entry required when the amount of unexpired insurance applicable to future periods is $8,750

Dr Insurance Expense $9,880.00

Cr Prepaid Insurance $9,880.00

($18,630-$8,750)

8 0

3 years ago

Cash generated by the regular operations of a business; usually computed as net income plus or minus the effects of other curren

Oliga [24]

Cash generated by the regular operations of a business; usually computed as net income plus or minus the effects of other current assets and current liabilities on cash flows, plus noncash expenses deducted in arriving at net income, minus noncash revenues included, less certain gains and plus any losses that are included in the total proceeds received from sale of fixed assets is given below

Explanation:

Cash flows from operating activities show the net amount of cash received or disbursed during a given period for items that normally appear on the income statement. You can calculate these cash flows using either the direct or indirect method.
The direct method deducts from cash sales only those operating expenses that consumed cash. This method converts each item on the income statement directly to a cash basis.
Alternatively, the indirect method starts with accrual basis net income and indirectly adjusts net income for items that affected reported net income but did not involve cash.
The Statement of Financial Accounting Standards No. 95 encourages use of the direct method but permits use of the indirect method.
Whenever given a choice between the indirect and direct methods in similar situations, accountants choose the indirect method almost exclusively. The American Institute of Certified Public Accountants reports that approximately 98% of all companies choose the indirect method of cash flows.
The direct method converts each item on the income statement to a cash basis.
The indirect method adjusts net income (rather than adjusting individual items in the income statement) for (1) changes in current assets (other than cash) and current liabilities, and (2) items that were included in net income but did not affect cash.
The most common example of an operating expense that does not affect cash is depreciation expense.

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3 years ago

A person who does not lock the doors or does not repair leaks shows an indifferent attitude. This person presents what type of h

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Answer:

Morale.  Defined as the attitude of individual groups toward their work environment toward voluntary cooperation to the full extent of their ability in the best interest of the organization.

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3 years ago

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3 years ago

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SCORPION-xisa [38]

Answer:

A: weeding

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Explanation:

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