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lapo4ka [179]
3 years ago
6

Mackalya is an office secretary at the "All American Office Products Company." This Company sells office supplies and office equ

ipment. The secretary fills the copy machine with paper. Did the secretary use inventory as described in Chapter 4? If Mackalya did not use inventory, what did she use? What is inventory? Suppose Mackalya was out of paper in the office; so she went out into the sales area of the facility and took 8 boxes of paper from the sales area and brought them back to use in the office. What journal entry should be made. When a Company sells inventory, the dollars leave the inventory account and go to what account? Make sure to answer all parts of this question.
Business
1 answer:
Bogdan [553]3 years ago
6 0

Answer:

1. Yes; Journal entry

2. Debit- Printing & Stationery Expense $160 (value for 8 boxes)

Credit- Cost of goods sold or Trading account A/c $160

3. Leaves to the cost of goods sold account

Explanation to:

1. Mackalaya used inventory. Remember, inventory is a term used to refer to all the merchandise (goods or products) a company has at the moment in stock.

2. The Journal entry to be made would be

Debit- Printing & Stationery Expense $160 and Credit this value to Cost of goods sold or Trading account A/c section of the Journal entry.

3. Remember, the cost of goods sold cares for all inventory sales, therefore it would be credited with value of the inventory item sold by the company.

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Answer:

b. $88,204

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= $81,670 + $6,534

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hence, the second option is correct

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3 years ago
Q 5.28: Amanda Accountant works for a company that distributes birdseed. While walking through the plant, she notices birdseed s
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Answer:

The answer is:

Amanda should record the wasted birdseeds (inventory loss) by adjusting the inventory account.

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3 years ago
The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and $12,000 in conversion cost. The
sveticcg [70]

Answer:

Total cost added including beginning inventory

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As provided the opening Work in process units = 5,000 units

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That means raw material per unit = $16,000/5,000 = $3.20

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Overhead per unit = $24,000/5,000 = $4.80

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An enterprise resource planning (ERP) system is: a. a collection of integrated software for every functional area within an orga
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Answer:

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Explanation:

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3 years ago
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Suppose a State of Nevada bond will pay $1,000 eight years from now. If the going interest rate on these 8-year bonds is 5.5%, h
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Answer:

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