Answer:
A. Dr Cash $19,250
Dr Discount on notes payable $750
Cr Notes Payable $20,000
B. Dr Adjusting entries:Interest expense $250
Cr Discount on notes payable $250
Explanation:
A.Preparation of the journal entry recorded by Spencer on December 1.
Dr Cash $19,250
Dr Discount on notes payable $750
($20,000-$19,250)
Cr Notes Payable $20,000
(Being a journal entry to recognize short-term note payable issued)
b. Preparation of the adjusting entry recorded by Spencer on December 31 before financial statements are prepared. Show
Since the nterest for three months is the amount of $750 which means that the Per month interest amount will be calculated as : $750/3 = $250
Dr Adjusting entries:Interest expense $250
Cr Discount on notes payable $250
Answer:
Answers a., b., and c. would all work as valid answers.
Answer:
=$4.07 unit
Explanation:
<em>Weighted average contribution margin is applicable where a business sells more than one product in a constant mix or proportion. It gives an idea of how much is made on the average as contribution from th sale of a unit.</em>
It is determined as follows
Step 1
<em>Total contribution from a mix and total units</em>
<em>Total contribution from a mix</em>=(2500 × $3.50) + (2,000 × $4.80)
=$18,350
<em>Total units in a mix</em> = 2,500+ 2,000 = 4,500 units
Step 2
<em>weighted average unit contribution</em>
=$18,350/4,500units
=$4.07 unit
Answer:D
Explanation:product cost are cost incurred directly as a result of production. And example of product cost is paper towel in The break room, inside the factory for the direct labour market...
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