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REY [17]
3 years ago
6

Journalize the December 31 adjusting entry required if the amount of unearned fees at the end of the year is $12,530. Refer to t

he chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Prepaid Insurance
15 Land
16 Equipment
17 Accumulated Depreciation-Equipment
LIABILITIES
21 Accounts Payable
22 Unearned Fees
23 Salaries Payable
24 Taxes Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Advertising Expense
52 Insurance Expense
53 Rent Expense
54 Salary Expense
55 Supplies Expense
56 Utilities Expense
57 Depreciation Expense
59 Miscellaneous Expense
Business
1 answer:
BlackZzzverrR [31]3 years ago
7 0

Answer:

Dr Unearned fees $24,510

Cr Fees earned $24,510

Explanation:

Preparation of the December 31 adjusting entry required

Based on the information given if the balance shown in the unearned fees account was the amount of $37,040 before adjustment at the end of the year which means that if the amount of unearned fees at the end of the year is the amount of $12,530 the December 31 adjusting entry required will be :

Dr Unearned fees $24,510

Cr Fees earned $24,510

($37,040-$12,530)

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AlexFokin [52]

Answer:

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Provided labor hours for each radio = 0.9

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Actual labor cost = $48,708

Actual labor hours = 6,600

Actual labor rate = $48,708/6,600 = $7.38

Labor Rate Variance = (Standard Rate - Actual Rate) \times Actual Hours

= ($7.20 - $7.38) \times 6,600 =<em><u> - $1,188 Unfavorable</u></em>

6 0
3 years ago
Mettel Products sells 100,000 flash drives annually to industrial distributors who resell the drives to business customers for $
Cerrena [4.2K]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Mettel Products sells 100,000 flash drives annually to industrial distributors who resell the drives to business customers for $40 each. The distributors’ margins are 25%. Mettel Products’ cost of goods sold is $10.00 each. Mettel’s total variable costs (including selling costs) are $15.00 per drive.

Selling price= 40/1.25= $32

A) Gross margin= 32 - 15= 17

%= 53%

B) Mettel is considering increasing its annual advertising spending from $75,000 to $150,000.

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7 0
3 years ago
Lisa Carson has the opportunity to receive $12,000 now or $15,000 in four years. If Lisa can earn 6 percent on her investments,
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Answer:

$11881.4

Explanation:

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15000(1 ÷ (1 + r)^n)

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3 years ago
G dixon company produced 6,000 units of product that required 1.5 standard hours per unit. the standard fixed overhead cost per
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Given:
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6000 units * 1.5 std. hrs/unit = 9,000 hours

Actual hours: 9,000 hours * $0.50 per hour = $4,500
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Answer:

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Explanation:

6 0
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