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marin [14]
3 years ago
5

In the Excel, or spreadsheet, approach to recording financial transactions, if manufacturing overhead is underapplied by X dolla

rs, the Manufacturing Overhead account is closed out by deducting X dollars in the Manufacturing Overhead column and deducting X dollars in the Retained Earnings column.
a. True
b. False
Business
1 answer:
Tatiana [17]3 years ago
5 0

Answer:

False.

Explanation:

To close the underapplied Manufacturing Overhead account requires that the Cost of Goods Sold is debited, say with $100 while the Manufacturing Overhead account is credited with the same amount.  Underapplied Manufacturing Overhead account means that a debit balance is left after applying the overhead to production.  To close this debit, therefore, a credit entry is required to the manufacturing overhead account.  The corresponding debit entry goes to the Cost of Goods Sold, or this may be apportioned among Cost of Goods Sold, Finished Goods Inventory, and Work-in-Process, as may be the case.

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irina [24]

Answer:

Railroads were the first "big businesses" in the United States.

Explanation:

8 0
2 years ago
Prepare general journal entries to record the following transactions. No explanations.Jan. 3 Paid office rent, $1,600.4 Bought a
MArishka [77]

Answer:

Jan. 3 Paid office rent, $1,600.

Dr Rent expense 1,600

    Cr Cash 1,600

4 Bought a truck costing $50,000, making a down payment of $7,000.

Dr Truck 50,000

    Cr Cash 7,000

    Cr Accounts payable 43,000

6 Paid wages, $3,000.

Dr Wages expense 3,000

    Cr Cash 3,000

7 Received $16,000 cash from customers for services performed.

Dr Cash 16,000

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10 Paid $4,100 owed on last month's bills.

Dr Accounts payable 4,100

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12 Billed credit customers, $5,300.

Dr Accounts receivable 5,300

    Cr Service fees 5,300

17 Received $1,800 from credit customers.

Dr Cash 1,800

    Cr Accounts receivable 1,800

19 Taylor Gordon, the owner, withdrew $1,700.

Dr Taylor Gordon, Drawing 1,700

    Cr Cash 1,700

23 Paid $700 on amount owed for truck.

Dr Accounts payable 700

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4 0
3 years ago
Q 12 question 12 a project manager must publish a project schedule. activities, start/end times, and resources are identified. w
Aloiza [94]

The next step after publishing a project schedule activities, start/end times and resources are identified is TO CONFIRM THE AVAILABILITY OF RESOURCES

Once the resources are identified the project manager should make sure that the identified resources are available

6 0
2 years ago
Record the journal entry for Sales and for Cash Over and Short for each of the following separate situations. The cash register’
erica [24]

Answer:

Explanation:

The journal entries are shown below:

1. Cash A/c Dr$598

     To Sales $560

     To Cash over and short $38

(Being the cash sales are recorded and the remaining balance is credited to the cash over and short account)

2. Cash A/c Dr $1,112

   Cash over and short A/c Dr $36

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(Being the cash sales are recorded and the remaining balance is debited to the cash over and short account)

4 0
3 years ago
The Financial Accounting Standards Board has the authority to develop generally accepted accounting principles. Choose the optio
olga2289 [7]

Answer:

d.

Explanation:

Based on the information provided within the question it can be said that the correct steps that are used by the FASB in developing GAAP (generally accepted accounting principles) would be the following: issuing a discussion memorandum, issuing an exposure draft, and issuing a statement of principle. This collection of accounting rules was then adopted by the U.S. Securities and Exchange Commission.

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