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mars1129 [50]
3 years ago
8

Brief Exercise 4-09 At Raymond Company, the following errors were discovered after the transactions had been journalized and pos

ted. 1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. 2. The purchase of store supplies on account for $1,510 was recorded as a debit to Supplies $1,150 and a credit to Accounts Payable $1,150.
Business
1 answer:
labwork [276]3 years ago
6 0

Answer:

Dr Cash 870

                 Cr Account Receiable 870    

Dr Supplies  360

                  Cr Account Payable    360  

Explanation:

1. whenever sales is recorded, Account receivable is debited and sales revenue is credited,cash is recorded when collection is made against that receivable in this case directly cash has been recorded without first generating account receivable entry.

2.in this case (1510-1150=$360) of purchases has not been recorded therefore we have to create an entry of $360.

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Ecstasy Pharmaceuticals faces fixed costs of $1 million with manufacturing its new drug. The company sells the drug in bottles o
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Answer:

The cost of producing one bottle is $10 .

Explanation:

The fixed costs of making the drug = $1 million

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Total number of bottles sold at breakeven =200000

Total revenue from the sale of bottle = $10 × 200000

Total revenue from the sale of bottle = $2000000

Since at breakeven point the total revenue is equal to total cost. So, total cost of producing the 200000 bottles is $2000000.

Thus, the cost of producing one bottle = $2000000 / 200000 = $10

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3 years ago
The overlap that occurs when the same people see an ad twice is referred as
telo118 [61]
B. That is duplicated reach
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3 years ago
True or False: One reason to use a predetermined overhead rate is to eliminate the effect of seasonal factors.
Ganezh [65]

Answer:

True

Explanation:

Predetermined overhead rate is estimated at the start of the period by dividing the estimated manufacturing overhead cost by an allocation base. Predetermined overhead rate is quite useful especially in eliminating seasonal effects. So, the above statement is a true one important reason to apply the predetermined overhead rate is to mitigate the effects of seasonal factors.

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3 years ago
Assume that Jack, Hal, and Sophia enter into a valid contract for the sale of the restaurant and for the covenant not to compete
Andrei [34K]

Answer: C. Reformation

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3 years ago
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lyudmila [28]

Answer: Option (iv) is correct.

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So, option(iv) is correct.

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3 years ago
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