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katovenus [111]
3 years ago
12

Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select

"No journal entry required" in the first account field.) The Supplies account shows a balance of $570, but a count of supplies reveals only $200 on hand at year-end. The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at year-end shows a balance of $570 in Prepaid Insurance. A review of insurance policies reveals that $190 of insurance is unexpired. Employees work Monday through Friday, and salaries of $3,200 per week are paid each Friday. The company's year-end falls on Tuesday. At year-end, the company received a utility bill for December's electricity usage of $270 that will be paid in early January.
Business
1 answer:
Wewaii [24]3 years ago
7 0

Answer:

Explanation:

The adjusting entries are shown below:

1. Supplies expense A/c Dr $370

       To supplies A/c                          $370

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies balance - supplies on hand

= $570 - $200

= $370

2. Insurance expense A/c Dr $190

         To Prepaid Insurance                  $190

(Being prepaid insurance is adjusted)

3. Salaries expense A/c $1,280

          To Salaries payable A/c        $1,280

(Being salary is adjusted)

The salaries expense is computed by

= Total five days × number of days ÷ total number of days

= $3,200 × (2 ÷ 5)

= $1,280

4. Electricity expense A/c Dr $270

       To electricity payable A/c          $270

(Being electricity usage is adjusted)

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elena-14-01-66 [18.8K]

Answer:

  • Middle management is at the center of a hierarchical organization, subordinate to the senior management but above the lowest levels of operational staff.

  • Middle managers are accountable to top management for their department's function. They provide guidance to lower-level managers and inspire them to perform better.

<h2>Hope this helps you !! </h2>

8 0
2 years ago
Achieving a differentiation-based competitive advantage does NOT involve:a. incorporating product attributes and user features t
BARSIC [14]

Answer:

None of the above

Explanation:

As the differentiation strategy focuses on the gaining maximum customers even in highly competitive market, this is done by maximum customer service and includes all of the above.

Thus all the statements in the question are valid and are part of discrimination policy.

Whether it be the additional cost benefit to customers, the extra benefits of using the product, or the increase in satisfaction in customers with any-kind like, non economic or intangible.

5 0
3 years ago
Sandra is purchasing a home for $200,000 and provides a $3,000 earnest money check to the seller. Her closing costs and down pay
Evgen [1.6K]

Answer:

The answer is $190,000.

Explanation:

We are given the information about the total price of the home and other payments made by Sandra towards the purchase of the home.

An earnest money check can be counted towards the down payment. She also pays an amount of $7,000 for the down payment which the total of the two adds up to $10,000.

Subtracting that from the price of the home, she should bring $190,000 to the closing.

I hope this answer helps.

4 0
2 years ago
Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access th
satela [25.4K]

Answer:

Option C is the correct answer.

<u>Debit Depletion Expense $1,358,500; credit Accumulated Depletion $1,358,500.</u>

Explanation:

Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access the deposit, which is estimated to contain 2,000,000 tons and is expected to take 5 years to extract. Compute the depletion expense for the first year assuming 418,000 tons were mined.

Depletion expense = ( Mineral Deposit Cost + Additional cost)/ Estimate Extraction * N0 of ton extracted in first year

Depletion expense = (5900000 + 600000)/2000000 * 418000

Depletion expense = $ 1,358,500

6 0
2 years ago
State two business situations where internal communication may be useful to you
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Effective internal communication helps ensure that all members of the organisation are working collaboratively towards a common goal. It develops a cohesive culture and empowers employees to make the right decisions in line with the organisation's goals.
3 0
2 years ago
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