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Alexxandr [17]
3 years ago
11

During a company's first year, the asset account, Office Supplies, was debited for $3,900 for the purchases of supplies. At year

-end, office supplies on hand were counted and determined to be $1,625. The proper adjusting entry crediting supplies and debiting supplies expense will
Business
1 answer:
fiasKO [112]3 years ago
5 0

Answer:

The adjusting entry will be shown below:

Explanation:

The adjusting journal which is to be recorded in the following case will be:

Office Supplies expense A/c..............................Dr  $2,275

          Office Supplies A/c.........................................Cr   $2,275

As the amount $3,900 is already debited and at the year end, the remaining amount of office will be posted to the account of the office supplies expense against the office supplies account.

Working Note:

Amount = Debited amount of office supplies - Offices supplies on hand

= $3,900 - $1,625

= $2,275

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Morganti corporation sells a product for $170 per unit. the product's current sales are 41,800 units and its break-even sales ar
ololo11 [35]
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$7,106,000 - $5,763,000 = $1,343,000
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3 years ago
What does Accenture help businesses implement to ensure their data is trustworthy and reliable? data citizenship and literacy pr
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Answer:

data governance and management policies.

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7 0
3 years ago
Exercise 2-10 Applying Overhead Cost to a Job [LO2-2] Sigma Corporation applies overhead cost to jobs on the basis of direct lab
OlgaM077 [116]

Answer:

See explanations below.

Explanation:

1. Yes. Overhead should be applied to job W at year-end. Overhead is applied to every jobs whether or not they are completed at year end.

b. To calculate the amount of overhead to be applied to job W, we need to calculate first the overhead application rate based on direct labor cost through job V.

Direct labor cost. $8,000

Overhead applied $6,000

Overhead rate = [ Overhead applied / Direct labor cost ] × 100

= [6,000/8,000] × 100

= 75%

Overhead to be applied to job W

Direct labor cost $4,000

Overhead rate 75%

Overhead to be applied = $3,000

It therefore means that $3,000 should be applied to job W.

2. Because job W was not completed at the year end, it would then be included in the work in process inventory in the financial statements of Sigma Corporation at year end.

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3 years ago
Which option is best described as a complementary good for computer hard drives?
Nutka1998 [239]

Answer: Computer monitor

Explanation:

A complementary good is a good that's used together with another good. A good example of a complementary good is a car and petrol since they are used together.

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