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murzikaleks [220]
3 years ago
14

Jones Corporation purchased merchandise inventory with a 10%, 120-day note payable for $10,000. The company uses the perpetual i

nventory system.
What is the journal entry to record payment of the note on the due date? (Round interest to the nearest dollar and assume a 360-day year.)
Business
1 answer:
MrMuchimi3 years ago
3 0

Answer:

                                                      Debit                      Credit

Note payable                                $10,333.33

*(10,000+10,000*10%*120/360)

Cash                                                                               $10,333.33      

Explanation:

The following journal entry shall be recorded in the accounts of the Jones Corporation on the payment of note payable on due date:

                                                      Debit                      Credit

Note payable                                $10,333.33

*(10,000+10,000*10%*120/360)

Cash                                                                               $10,333.33      

* The interest rate of 10% is for 360 days but since the payment is made after 120 days, therefore it has been accordingly apportioned for 120 days.

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If a company produces many different products, it will develop a standard cost for each type of product. true false
saveliy_v [14]

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The process cost system should be used when manufacturing is efficient and continuous. This system's equivalent units method successfully represents the challenging problem of determining how much work the Work in Process entails.

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Opunui Corporation has two manufacturing departments--Molding and Finishing. The company used the following data at the beginnin
saveliy_v [14]

Answer:

The selling price for Job A is $75,978.00

Explanation:

                                        Molding          Finishing          Totals

Machine hours                 4000                1000             5000

Fixed mnf. overheads      19600               2400           22000

Variable manufacturing  

Overheads per machine hours 1.1                2.1

                                                                <u>   JOB A</u>                  <u>JOB B</u>  

Direct materials                                         13,600                    7500

Direct labour costs                                    20,700                  7400

Molding machines      2700*1.1=              2,970  

Finishing        400*2.1=                               840

Fixed mnf: molding 19600*4000/5000= 15,680

Fixed mnf: finishing   2400*1000/5000= <u>  480     </u>

Total cost    (sum of all the above)            $54,270

Mark up = 40%

Mark up=gross profit (GP)*100/cost

40%= GP*100/54270

40*54270/100= GP

GP= 21,708

Sales= cost + GP  

Sales= 21,708+54,270

Sales= $75,978.00

7 0
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