1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Margaret [11]
3 years ago
9

At March 1,2020, Candy inc. Had supplies on hand of $500. During the month Candy purchased supplies of $1200 and used supplies o

f $500. The March 31 adjusting journal entry shoud include what ?
Business
1 answer:
solong [7]3 years ago
8 0

Answer: The March 31 adjusting journal entry shoud include $1200

Explanation: Given that the

Supplies on hand = $500

Candy purchased supplies of $1200 and used supplies of $500

The unused supplies will be:

1200 - 500 = 700 dollars

The March 31 adjusting journal entry shoud include the addition of the supplies on hand and the unused supplies. That is,

500 + 700 = 1200 dollars

You might be interested in
Margaret invested $75,000
Pani-rosa [81]

Answer:

60%

Explanation:

75,000/125,000 x 100

75/125 x 100

0.6 x 100

60%

6 0
2 years ago
When the bicycle manufacturer Trek determined that some consumers use bikes for green transportation whereas others use them for
Afina-wow [57]

Answer:

<u>Core customer values </u>

Explanation:

Core customer value refers to the central value which induces customer purchases i.e what the buyer is buying the product for.

The marketer would first think of the core problem i.e what customer wants from the product, to serve what purpose does a consumer purchase a product. For example, buying a television will have it's core value as entertainment.

In the given case the manufacturer is determining the purpose of purchases of consumers as a combination of transportation as well as hobbies. This is an assessment of core customer values by the manufacturer.

5 0
3 years ago
Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $181 in cash along with receipts for t
damaskus [11]

Answer:

      Journal Entry for establishing a Petty cash fund

Date      Particulars     Debit      Credit

Jan 1      Petty cash A/c     $270  

                    To Cash A/c                  $270

            (Being Petty cash fund established)

Journal Entry for reimbursement of petty cash

Date      Particulars             Debit      Credit

Jan 8     Postage A/c                  $36  

             Transportation A/c        $13  

             Delivery Expense A/c   $15  

             Miscellaneous Exp A/c $25  

                    To Cash A/c                           $89

            (Being reimbursement of petty cash expenses

             incurred from petty cash fund)

Journal entry for Increasing the limit of Petty cash fund

Date      Particulars             Debit      Credit

Jan 8     Petty Cash A/c             $50  

                   To Cash A/c                             $50

        (Being Petty cash fund limit extended to $320 i.e., we have

          to add $50 to existing fund in order to make it $ 320.)

6 0
3 years ago
Presented below is selected information for three regional divisions of Medina Company. Divisions North West South Contribution
lawyer [7]

Answer:

                                                     North     West           South

Contribution margin           $300,300 $499,000 $399,200

Controllable margin            $139,700 $360,600 $209,900

Average operating assets    $997,857 $1,567,826 $1,499,286

Minimum rate of return             13%            14%           9%

return on investment (ROI) = controllable margin / average operating assets

North's ROI = $139,700 / $997,857 = 14%

West's ROI = $360,600 / $1,567,826 = 23%

South's ROI = $209,900 / $1,499,286  = 14%

residual income = controllable margin - (average operating assets x minimum rate of return)

North's RI = $139,700 - ($997,857 x 13%) = $9,978.59

West's RI = $360,600 - ($1,567,826 x 14%) = $141,104.36

South's RI = $209,900 - ($1,499,286  x 9%) = $74,964.26

(1) If ROI is used to measure performance, which division or divisions will probably make the additional investment?

North and South divisions should probably make the additional investments since their current ROI is less than 16%

(2) If residual income is used to measure performance, which division or divisions will probably make the additional investment?

All the divisions since their minimum required rate of return is less than 16%.

6 0
3 years ago
Assume the following information for Kingbird Corp. Accounts receivable (beginning balance) $139,000 Allowance for doubtful acco
dezoksy [38]

Answer:

Prepare journal entries of sales, collections, write offs of accounts receivable, and reverse entries:

Date        Account details and explanations      Debit          Credit

                 Accounts receivable                          944,000  

                sales revenue                                                        944,000

                 Allowance for doubtful accounts      5300

                Accounts receivable                                                    5300

                Accounts receivable                            1800

                 Allowance for doubtful accounts                                1800

                cash                                                        1800

                 Accounts receivable                                                    1800

Calculating the ending balance of accounts receivable and unadjusted ending balance of allowance for doubtful accounts:

                  particulars                                                             Amount ($)

                 beginning balance of accounts receivable           139,000

                 Add: Net credit sales                                               944,000

                 less :  Collections                                                     908,000

                 Write-offs                                                                       5,300

                  Add: Reinstated amount                                              1800

                 less:  Collections                                                            1800

                  Ending  balance of accounts receivable                169700

                   particulars                                                             Amount ($)

                 beginning balance of doubtful accounts               11,370

                 less :  Write-offs                                                        5300

                 Add: Reinstated amount                                           1800

                 Ending  balance of unadjusted  balance                 7870

                 allowance of  doubtful accounts

Preparing journal entry to record bad debt

Date    Account details and explanations         Debit          Credit

           Bad debt expense ( 169700*8%) - 7870  12789

               allowance of  doubtful accounts                            12789

7 0
3 years ago
Other questions:
  • Roberta cartwright puts money each month into a mutual fund that has very few? controls; in? that, the managers can invest in wh
    13·1 answer
  • Which of the following is true about organizational behavior?
    14·1 answer
  • The markets for movie theater tickets and video cassette rentals are highly interdependent. Suppose that a tax is imposed on mov
    13·1 answer
  • ​Bette's Breakfast, a perfectly competitive​ eatery, sells its​ "Breakfast Special"​ (the only item on the​ menu) for​ $5.00. Th
    13·1 answer
  • We only want to consider incremental earnings in the capital budgeting process. incremental earnings are the
    5·1 answer
  • Martha used a SWOT analysis to assess her own internal business plan. Her store would cater to students who could also use the l
    8·1 answer
  • An organization estimated that in a particular year the population of a country spent ​$10.4 trillion in personal consumption. T
    10·1 answer
  • Vihaan Chemicals Company processes a number of chemical compounds used in disinfecting health club fitness equipment. One compou
    12·1 answer
  • Sales on account for the first two months of the current year are budgeted as follows:
    10·1 answer
  • What kind of profession is office assistant?​
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!