Answer:
See explanation
Explanation:
Since X-Mart company uses perpetual inventory system, the inventory system shows the real-time selling of inventories. Purchasing merchandise on account means no cash has been paid and a liability is existed. To record the transaction, the following journal entry will require in the book of X-Mart-
Debit Merchandise Inventory $300
Credit Accounts payable $300
Answer:
The failure to provide adequate supervision, health care, clothing, or housing, as well as other physical, emotional, social, educational, and safety needs.
Answer:
a. $29,496
b. $21,996
Explanation:
a. The Computation of budgeted marketing expense for the fourth quarter is shown below:-
Sales units 2,640
(2400 × 110%)
Variable marketing expenses per unit sold $0.15
Total Variable marketing expenses $396
Fixed Marketing expenses $18,000
Salaries ($6,000 × 3)
Depreciation ($2,500 × 3) $7,500
Insurance ($1,200 × 3) $3,600
Total Fixed marketing expenses $29,100
Budgeted marketing expense
for the fourth quarter $29,496
b. Estimated cash payment for marketing expenses for the fourth quarter = Budgeted marketing expense for the fourth quarter - Depreciation
= $29,496 - $$7500
= $21,996
