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
Gwar [14]
3 years ago
8

The Supplies account balance on February 1, 2016 was $2,000. During the month of February Bravo purchased $12,000 of supplies fo

r use in its operations. On February 29, Bravo warehouse chief inventoried supplies and determine the value on hand was $1,500. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."
Business
1 answer:
saw5 [17]3 years ago
4 0

Answer:

Explanation:

Before passing the journal entry, first we have to compute the adjusted balance of the inventory which is shown below:

= Opening balance of inventory + purchase of inventory - the closing balance of inventory

= $2,000 + $12,000 - $1,500

= $12,500

Now the journal entry would be:

Supplies expense A/c Dr $12,500

     To Supplies A/c                          $12,500

(Being supplies account is adjusted)

You might be interested in
"In 2020, a customer buys a 3 3/4% U.S. Government bond maturing in 2029 at 104-16. The customer elects to amortize the bond pre
Lana71 [14]

Answer:

carrying value after 2 years = $967.64

Explanation:

the journal entry to record the purchase of  the bond:

Dr Investment in bonds 1,000

Dr Premium on investment in bonds 41.60

    Cr Cash 1,041.60

Assuming a straight line amortization, the yearly amortization = $41.60 / 9 years = $4.62 per year

carrying value at moment of purchase = $958.40

carrying value after 1 year = $963.02

carrying value after 2 years = $967.64

8 0
3 years ago
"Forcing insureds to sue the insurer to collect on a claim by offering substantially less than the amount eventually recovered i
Anuta_ua [19.1K]

Answer:

Unfair Claims Settlement Practices Act

Explanation:

Here fundamentally, the act which will be acted on the given sentence is generally known as Unfair Claims Settlement Practices Act. Unfair claims practice is the inappropriate restraint of a request by an insurer or an endeavor to diminish the intensity of the claim. By interlacing in unfair claims practices, an insurer strives to diminish its values. Nevertheless, this is unlawful in various jurisdictions. Additionally, most maximum states possess formulated a version of this type of rule. Denominated essentially the Unfair Claims Settlement Practices Act, it defends safeguard consumers from the unfair manner by insurers in the appeals settlement method.

6 0
3 years ago
Bramble Family Importers sold goods to Tung Decorators for $39,000 on November 1, 2020, accepting Tung’s $39,000, 6-month, 6% no
Aliun [14]

Answer:

note receivable       39,000 debit

        sales revenue               39,000 credit

--Nov 1st to record sale of goods to Tung Decorators --

interest receivalbe       390 debit

interest revenue                      390 credit

--Dec 31th adjusitng entry for accrued interest --

cash                       40,170 debit

        note receivable                39,000 credit

        interest receivable                390 credit

        interest revenue                    780 credit

--May 1st collection of the note--

Explanation:

<u>First</u>, we record the sales revenue and we enter the promissory note at his nominal. Interest will be accrued as the time past.

<u>interest for the period Nov 1st - Dec 31th</u>

prncipal x rate x time

we must always have rate adn time in the same metric so we express the mont has fraction of year:

39,000 x 6% x 2/12  = 390

<u>collection of the note</u>

cash procceds: principal + interest

39,000 x (1 + 6% x 6/12)  = 40,170

we write off both receivables, the note and the interest,

and we recognize interest revenue for the difference

40,170 - 39,000 - 390 = 780

6 0
3 years ago
Productivity may best be defined as
AleksandrR [38]
<span>The answer is C. Productivity is the ratio of outputs to inputs. This answer is correct because productivity is a measure of efficiency, and is not a measure of quantity, profit (revenue), or quality. Productivity is the measure of effectiveness in converting inputs to outputs.</span>
3 0
3 years ago
Read 2 more answers
Mike Greenberg opened Cheyenne Window Washing Inc. on July 1, 2022. During July, the following transactions were completed.
Pavel [41]

Answer:

Cash (Dr.) $9.800

Common Stock (Cr.) $9,800

Truck (Dr.) $6,560

Cash (Cr.) $1,640

Accounts Payable -Truck (Cr.) $4,920

Cleaning Supplies (Dr.) $740

Accounts Payable (Cr.) $740

Prepaid Insurance (Dr.) $1,440

Cash (Cr.) $1,440

Accounts Receivable (Dr.) $3,030

Service Revenue (Dr.) $3,030

Accounts Payable - Truck (Dr.) $820

Accounts Payable - Supplies (Dr.) $410

Cash (Cr.) $1,230

Cash (Dr.) $1,310

Accounts Receivable (Cr.) $1,310

Maintenance Expense Truck (Dr.) $240

Cash (Cr.) $240

Dividend paid (Dr.) $490

Cash (Cr.) $490

Explanation:

1) Accounts Receivable (Dr.) $1,750

Service Revenue (Cr.) $1,750

2) Depreciation expense (Dr.) $202

Accumulated Depreciation (Cr.) $202

3) Insurance Expense (Dr.) $120

Prepaid Insurance (Cr.) $120

4) Ending Inventory (Dr.) $320

Cleaning Supplies (Cr.) $320

5) Salaries Expense (Dr.) $415

Salaries Payable (Cr.) $415

4 0
3 years ago
Other questions:
  • What bia metric can be used to express the longest time a business function can be unavailable without causing irreparable harm
    5·1 answer
  • Cassie is preparing her federal income tax return. Which of the following items should be excluded from Cassie's gross income?
    7·1 answer
  • To find the value of a property using the income approach to value, if the net operating income and the capitalization rate were
    12·1 answer
  • On December 15, 2013, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the i
    13·1 answer
  • Suppose Columbia Sportswear Company had accounts receivable of $292,959,100 at January 1, 2017, and $211,190,900 at December 31,
    11·1 answer
  • All of the following statements regarding retained earnings are true exceptA. retained earnings represents a claim on cash.B. a
    14·1 answer
  • What is the meaning of the X​- and Y​-intercepts? A. These points demonstrate an inefficient use of resources. B. These points s
    7·1 answer
  • Think of the last item you purchased. What was the item and what strategies did you use to help in your decision-making process?
    14·1 answer
  • Dobbs Company issues 6%, two-year bonds, on December 31, 2018, with a par value of $106,000 and semi-annual interest payments.
    11·1 answer
  • How much taxes will be taken out of my paycheck.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!