Ask question

Ask question

All categories

3 years ago

9

A physical count of supplies on hand at the end of May for Masters, Inc. Indicated $1,250 of supplies on hand. The general ledge

r balance before any adjustment is $2,100. What is the adjusting entry for office supplie s that should be recorded on May 31?

1 answer:

vovikov84 [41]3 years ago

3 0

Answer:

Debit Supplies Expenses $850 and Credit supplies $850

Explanation:

Kimdly check attached picture for explanation

You might be interested in

To get the best understanding of your observations, you should consider

bulgar [2K]

The correct option is B. their goals and strategies for learning.

Took the pf test and got 100%

7 0

3 years ago

When does the Murderer strike?<br><br><br><br><br><br><br> The ANS is , .

OleMash [197]

Answer:

at midnight

Explanation:

7 0

3 years ago

If the slope of a straight line is minus3 and if Y (the variable on the vertical axis) decreases by 6, then X (the variable

Sergio039 [100]

Answer:

X (the variable on the horizontal axis) will increases by 2.

Explanation:

The slope of a straight line is -3. So, m=6.

Slope of a straight line is

$m=\dfrac{Rise}{Run}=\dfrac{\text{Change is y}}{\text{Change in x}}$

Y (the variable on the vertical axis) decreases by 6.

Change is y = -6

We need to find the change in (the variable on the horizontal axis).

Substitute the given values in the above formula.

$-3=\dfrac{-6}{\text{Change in x}}$

$\text{Change in x}=\dfrac{-6}{-3}$

$\text{Change in x}=2$

Note: All options are incorrect.

Therefore, X (the variable on the horizontal axis) will increases by 2.

5 0

3 years ago

Consider the following information for Maynor Company, which uses a periodic inventory system:

ohaa [14]

Answer:

Instructions are below.

Explanation:

Giving the following information:

January 1 Beginning Inventory 29 $79 $2,291

March 28 Purchase 39 $85 3,315

August 22 Purchase 58 $89 5,162

October 14 Purchase 63 $95 5,985

The company sold 63 units on May 1 and 58 units on October 28.

<u>First, we need to calculate the units in ending inventory:</u>

Ending inventory in units= 189 - 121= 68

<u>To calculate the ending inventory under the FIFO (first-in, first-out) method, we need to use the cost of the last units incorporated into inventory.</u>

Ending inventory= 63*95 + 5*89= $6,430

COGS= 29*79 + 39*85 + 53*89= $10,323

<u>To calculate the ending inventory under the LIFO (last-in, first-out) method, we need to use the cost of the first units incorporated into the inventory</u>

<u></u>

Ending inventory= 29*79 + 39*85= $5,606

COGS= 63*95 + 58*89= $11,147

<u>Finally, to calculate the ending inventory using the weighted-average, we need to calculate the weighted average price:</u>

<u></u>

weighted average price= 16,753/189= $88.64

Ending inventory= 68*88.64= $6,027.52

COGS= 121*88.64= $10,725.44

8 0

3 years ago

Match the following terms:1. The mix of accounts/itAsset Structure 2. The mix of all accounts/items on the right hand side of th

Vesnalui [34]

Answer:

Matching terms:

1. The mix of accounts/Asset Structure

D. Asset Structure

2. The mix of all accounts/items on the right hand side of the balance sheet

C. Financial Structure

3. The mix of longer term items on the right side of the balance sheet explicitly used to fund the corporation:

B. Capital Structure

4. The ratio of debt to total assets:

A. Leverage

Explanation:

Options and definitions:

A. Leverage: the amount of debt a firm uses to finance its assets.

B. Capital Structure: the combination of long-term debt and equity.

C. Financial Structure: the mix of all of a company's liabilities and its equities.

D. Asset Structure: the distribution of a firm's asset base in different asset categories, like buildings, plant, and equipment.

8 0

3 years ago