Answer:
A.(1,500) = NA + (1,500) (1,500) - NA = (1,500) 48,500 OA
Explanation:
Cash discount=$50,000*3%=1,500
Cash from Customer=$50,000-$1,500=$48,500
Collection from customer will be reflected in current assets as whole part of total assets.
Therefore because of cash discount net assets will be reduced by $1,500 as it will no longer be received. Where as Cash of$48,500 will increase net assets.
I'm not positive about this, but try C.
Answer:
See below
Explanation:
The donation will increase the assets and the owners' equity. Land and building are assets. An increase in assets is debited.
Donations received are equivalent to 'income' to the business. They add to equity. An increase in equity/capital accounts is credited.
The journal entry will be
Land A/c DR. $39,000
Building A/c DR.$395,000
Donations received A/c CR.$434,000
Answer:
Ending Work in Process $ 4640
Explanation:
<u>Sheridan Company</u>
<u>Shaping Department </u>
Ending Work in Process $ 4640
Materials = 2000 units*$2= $ 4000
Conversion= 2000 units *20%* $1.6= 400*$ 1.6=$ 640
We find the cost of ending inventory by multiplying the materials unit cost with the materials units and the unit conversion costs with the equivalent conversion units.All materials are included because the materials are added at the beginning of the process.
Answer:
Explanation:
Cash assets --> debit balance
AR assets --> debit balance
equipment assets --> debit balance
Account payable liability --> credit balance
CS equity --> credit balance
dvidends --> debit balance
revenue --> credit balance
expenses --> debit balance