1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anna007 [38]
2 years ago
12

During their first year, Austin and Associates bought $32,000 worth of supplies for their CPA firm. When purchased, the supplies

were debited to Supplies and credited to Accounts Payable. What adjusting entry would Austin and Associates make if $8,000 worth of supplies were on hand at year-end?
Business
1 answer:
tia_tia [17]2 years ago
3 0

Answer:

Supplies Expense  = $24,000

Supplies  = $24,000

Explanation:

given data

bought for CPA firm = $32,000

supplies on hand = $8,000

solution

we know here that when $8000 supplies available out of $32,000  

so supplier during period will be = $32,000  - $8000

supplies expense = $24000

and that is express as

     Accounts title                            Debit              Credit

    Supplies expense                     $24,000  

    Supplies                                                             $24,000

You might be interested in
The entry to accrue a contingent liability reduces equity but not income. is made if it is more likely than not that the liabili
Lorico [155]

Answer:

is made if it is more likely than not that the liability has been incurred.

Explanation:

When contingent liability is recorded it is recorded by debiting income statement and creating a liability in balance sheet, also it is not accounted for until the amount of liability is pretty certain as without being clear about its occurrence and the amount involved the liability cannot be recorded.

There is no such loss account, there exists only income statement.

Therefore, with the above we can conclude that contingent liability is recorded only if:

is made if it is more likely than not that the liability has been incurred.

3 0
3 years ago
The academic calendar for a university is August 15 through May 15. A professor commits to a contract that binds her to a teachi
tatiyna

Answer:

A. Will be the nine month period between August 15 and May​ 15; any time period longer than this will be long run for her.

6 0
2 years ago
Suppose the economy is currently in long-run equilibrium. The government has just decided to lower income taxes. The long-run im
MariettaO [177]

Answer:

Slower economic growth

Explanation:

Increasing tax rates can generally and obviously discourage

work because corporations will pay more,

savings, because people earn lesser disposable income,

investment, because firms have lesser profit by paying bigger taxes,

Although specific tax adjustments for certain income categories can assist with the reallocation of economic resources.

But in the long-run economic growth will be slowed down by tax cuts because it will increase deficits by lesser funds being generated for the government over time

3 0
2 years ago
Keith and Dena Diem have personal property coverage with a​ $250 limit on​ currency, a​ $1,000 limit on​ jewelry, and a​ $2,500
netineya [11]

Answer:

Total Claim = $2416

Explanation:

The coverage on the currency = $250

The coverage on the jewelry = $1000

The limit on the gold, pewter, and silver = $2500

The amount that is stolen:

The amount of cash = $270

The worth of jewelry = $1734

Pewterware = $1666

The miximum coverage = 250 + 1000 + 2500 = $3750

Actual loss = 270 + 1734 + 1666 = $3670

Reimbursement amount = 250 + 1000 + 1666 = $2916

Total Claim = Total Amount Covered – Deductible  

Total Claim = $2916 - $500 = $2416

4 0
3 years ago
How long does negative information stay on your credit report
Tomtit [17]

Depends of the negatives info but typically around 7 years

7 0
3 years ago
Read 2 more answers
Other questions:
  • Zoey is just learning to read. it takes a lot of work for her to read even one sentence because she needs to sound out every wor
    5·1 answer
  • The type of decision making a consumer uses for a product does not necessarily remain constant.why?​
    7·1 answer
  • ofia files a suit against turista airlines, inc. turista responds that it appears from the pleadings that the parties do not dis
    9·1 answer
  • The distinction between fundamental and particular risks is important because a. normally only particular risks are insurable. b
    5·1 answer
  • What do you call a bar of soap that doesn't clean worksheet answer key?
    7·1 answer
  • Goodwin Technologies, a relatively young company, has been wildly successful but has yet to pay a dividend. An analyst forecasts
    12·1 answer
  • Keri has already installed Microsoft Office Tools. When she opens Excel, the first step toward making the Analysis ToolPak avail
    6·2 answers
  • Find the total cost of a 36 month car lease, if: monthly payment = $175 down payment = $1,500 residual value = $10,000 A. $11,67
    15·1 answer
  • Please answer it is due in a hour please help <br><br>I will sure mark you as brainliest
    6·2 answers
  • Economies of scale imply that within some range one can increase the size of operation and?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!