Answer:
The use of raw material in the production process
Explanation:
The journal entry for recording the raw material used for the production process is shown below:
Work in Process Inventory A/c Dr XXXXX
To Raw Materials Inventory A/c XXXXX
(Being the raw material used for the production process is recorded)
For recording this transaction, we debited the Work in Process inventory account and credited the Raw Materials Inventory account
Answer:
Answer for the question:
"Blair Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Blair will receive a payment of $10,000,000 if the drug receives regulatory approval. Based on prior experience in the drug-approval process, Blair determines it is 90% likely that the drug will gain approval and a 10% chance of denial. Determine the transaction price of the arrangement for Blair Biotech. Assuming that regulatory approval was granted on December 20, 2017, and that Blair received the payment from Pang on January 15, 2018, prepare the journal entries for Blair. The license meets the criteria for point-in-time revenue recognition."
Is explained in the attachment.
Explanation:
Answer:
1. Vacation pay expense Dr. 3500
Vacation pay payable 3500
2. It is recorded at the company's balance sheet as the accrued liabililty at the liabilities portion.
3. The amount will be removed once the vacation pay is paid and is debited to income account.
There are standards for payroll that are government mandated, including very strict control procedures, and with the transactions occurring very frequently<span>, it causes payroll processing to be repetitive. Many companies find it cost-effective to outsource the process for payroll reports and paychecks. Hope this helps:)</span>
<span>Barter. Things of value are directly exchanged between a buyer and a seller without the involvement of money or other financial instruments. It is the simplest and oldest form of trade where a transaction is merely an exchange of one thing for another.</span>
