Answer:
Supplies expense $2200 Dr
Supplies $2200 Cr
Explanation:
The adjusting entries are made at the end of the accounting period under the accrual basis of accounting. The accrual principle states that the revenue and expenses for a period should be matched and recorded in that particular period.
Supplies expense is calculated by determining the amount of supplies at start of the year and adding the purchases of supplies. At the end of the year, the closing inventory of supplies is determined and the difference between supplies available and the closing inventory is charged as supplies expense.
Supplies expense = Opening Inventory + Purchases - Closing inventory
Supplies expense = 3700 - 1500 = $2200
Answer:
Relationship selling involves mutual respect and trust among buyers and sellers, and focuses on creating long-term customers, not a one-time sale.
Answer:
Winston took a very good decision.
Explanation:
If Winston is making economic profit then the decision is good
Economic profit=Total revenue-implicit cost - explicit costs
where,
implicit cost= opportunity cost of best alternative and explicit cost is accounting costs
=150000-(60000+4000)-8000
=78.000
The economic profit is positive, a good indicator that Winston took a good decision.
Answer:
$380,800
Explanation:
When an asset is sold, the cost and accumulated depreciation are derecognized from the books. Without the sale of an asset, the depreciation charge for the year would be the only difference between the closing accumulated depreciation from prior year to current year.
Change in accumulated depreciation
= $1253000 - $890000
= $363,000
Accumulated depreciation
= $74900 - $57100
= $17,800
Depreciation
= $363,000 + $17,800
= $380,800
Answer:
Yes
Explanation:
Every establishment planning to serve alcohol should have a rbs certification.
