Answer:
Date Account Title Debit Credit
Oct. 31 Accounts Receivable $950,000
Sales $950,000
Date Account Title Debit Credit
Oct. 31 Cost of goods sold $540,000
Finished goods inventory $540,000
Answer:
D) The purchasing power of your salary increased between 1990 and 2011.
Explanation:
We can see that your salary rose 266.7% from 1990 to 2011, because:
80,000 x 100% / 30,000 = 266.7%
The CPI instead, rose 246.3% from 1990 to 2011, because:
202 x 100% / 82 = 246.3%
Because your salary rose more than the CPI, we can affirm that the purchasing power of your salary increased between 1990 and 2011.
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Answer:
D. a gain of $1,000,000 and an increase in income tax expense of $350,000.
Explanation:
Given that
The gain is $1,000,000
And, the taxes is $350,000
So here the income statement that disclose the impact is that
There is a gain of $1,000,000 and also at the same time the income tax expense is rise by $350,000
Therefore the option d is correct
hence, the same would be considered
Answer:
Explanation:
The adjusting entry is shown below:
Supplies expense A/c Dr $2,900
To Supplies A/c $2,900
(Being supplies expense is recorded)
The supplies expense is computed below:
= Supplies opening balance + purchase made - supplies ending balance
= $1,800 + $2,900 - $1,800
= $2,900
For recording this transaction we debited the supplies expense account and credited the supplies account for $2,900