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serg [7]
3 years ago
9

The following errors took place in journalizing and posting transactions:Cash of $4,370 received on account was recorded as a de

bit to Fees Earned and a credit to Cash.A $1,440 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Note: Prepare the entry to reverse the original entry first.
Business
1 answer:
Mice21 [21]3 years ago
6 0

Answer and Explanation:

The journal entries are shown below:

Cash A/c Dr $8,760

        To Fees earned $4,370

        To Accounts Receivable $4,370

(being wrong entry made now corrected)

Accounts Payable Dr $1,440

          To Supplies Expense $1,440

Supplies a/c Dr 1760

        To Cash 1760

 (being wrong entry made now corrected)

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Otool Inc. is considering using stocks of an old raw material in a special project. The special project would require all 150 ki
frez [133]

Answer:

The relevant cost of the 150 kilograms of the raw material when deciding whether to proceed with the special project: $979.

Explanation:

We do not use the original cost $2,236 because it is sunk cost.

We do not use market value because Otool Inc. does not either incur this cost nor sacrifice any benefit from not buying at market price.

The relevant cost of these raw material should be the benefit sacrificing from not selling the raw material, instead using it in the project; calculated as:

Selling price x Amount sold - Cost of delivery = 7.1 x 150 - 86 = $979.

Thus, the answer is $979.

5 0
3 years ago
Fargus Corporation owned 55% of the voting common stock of Sanatee, Inc. The parent's interest was acquired several years ago on
Nadusha1986 [10]

Answer:

See explanation for the answer.

Explanation:

1.

Balances of bonds payable, bond investment, interest income and interest expense are to be considered

Proceeds from for bonds (1400000*50%*0.95)                   665000

Carrying value of bonds  

Face value (1400000*50%)                                        700000  

Unamortized premium (8/10*(1400000*50%*0.09)) 50400  

Carrying value                                                                  750400

Gain on retirement of bonds                                            85400

2.

General journal                                   Debit                  Credit

Bonds payable                                   700000  

Premium on bonds payable                   44100  

Interest income                                    74375  

Investment in bonds (665000+4375)                          669375

Interest expense                                                          63700

Gain on retirement                                                  85400

5 0
3 years ago
The public report that a developer must provide when offering subdivided lands for sale is provided by which agency?
e-lub [12.9K]

The Subdivided Lands Law requires a subdivision developer to obtain a public report from the Real Estate Commissioner before offering any lots for sale.

A Commissioner is basically a member of the Commissioner or a person to whom duties are delegated. In practice, the title of commissioner has evolved to include various senior officials, often on specific committees.

Persons with Assignments: Etc. a: Committee members. b: A representative of a government agency of a district, state, or other entity, often having both judicial and executive powers. c: Officer in charge of a department or office of public service.

If the date of this order is more than one year before he and the agent ex officio change the order. An order by an attorney to refuse to interfere shall not be considered an order prejudicial to a judge.

Learn more about Commissioner here

brainly.com/question/8798942

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7 0
1 year ago
If the windshield division is operating at full capacity, what transfer price should be used on transfers between the windshield
Nikolay [14]

The possible transfer prices that could be used on transfers between the Windshield and Assembly divisions is $200 to $450.

The first piece of glass you see on most cars is the windshield. Also known as European car windshield. Windshields play an important role in supporting the vehicle structure and protecting the driver and passengers. The windshield protects occupants from wind, dust, insects, rocks and other flying objects and provides an aerodynamically shaped front panel. By applying UV coating, you can block harmful ultraviolet rays.

However, most car windows are made of laminated safety glass, so this is usually unnecessary. Most of the UV-B is absorbed by the glass itself and the remaining UV-B is absorbed by the PVB tie layer along with most of the UV-A.

Learn more about windshields brainly.com/question/15532277

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7 0
1 year ago
the common sotkc of Ubees is currently sold at $26.35 per share, and it just a divident of $1.00 last year. The flotation costs
White raven [17]

Answer:

11.06%

Explanation:

Cost of equity = (D1/Current price) + Growth rate

Cost of equity = [(1.00*1.07)/26.35] + 0.07

Cost of equity = 0.04061 + 0.07

Cost of equity = 0.11061

Cost of equity = 11.06%

So, Ubees's cost of internal common equity is 11.06%.

7 0
3 years ago
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