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Leokris [45]
2 years ago
14

Assuming that all entries have been posted, prepare correcting entries for each of the following errors.

Business
1 answer:
Alenkasestr [34]2 years ago
6 0

Answer and Explanation:

The correcting journal entries are shown below:

a. Cash Dr $774

     To account payable $774

(Being purchase of supplies on account is recorded)

b. Wages expense Dr $475

        To rent expense $475

(Being wages expense is recorded)

c. Account payable $396

    To Supplies $196

    To cash $200

(being cash paid is recorded)

These 3 correcting entries should be recorded

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Mycenaean Greece became more powerful after a. ​creating trade networks with Egypt b. ​war with Persia. c. ​destruction of Crete
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Mycenaean Greeks became more powerful after destruction of Crete.

Option c

<u>Explanation:</u>

The Civilization of Mycenaean in the ancient Greece is considered to be the last phase of the bronze age with the span of 1600–1100 BC. The civilization was named after the most prominent area called the Mycenae in Argolid.

The first wave of destruction in their mainland occurred in 1250 BC due to few unidentified reasons. The second and final destruction happened on 1190 BC which marked the end of the whole civilization.

They are known to be the first human to speak the Greek language. They were majorly influenced by the people of earlier Minoan civilization which was situated on Crete island.

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Barrington Bears has developed the following sales forecasts for the next few months. January 500, February 600, March 720, Apri
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Answer:

The correct answer is C.

Explanation:

Giving the following information:

Barrington Bears has developed the following sales forecasts for January 500 units.

BB has 80 bears on hand on Dec. 31. The normal ending inventory policy is to hold 20% of next month’s sales.

Direct labor is paid $18 per hour. Each bear takes 40 minutes to hand-finish. Variable overheads total $21 per direct labor hour. Fixed overheads amount to $25,000 per month.

First, we need to calculate the production for January.

Sales= 500 units

Ending inventory= (600*0.2)= 120 units

Beginning inventory= 80 (-)

Total= 540 units

Conversion costs= direct labor + manufacturing overhead

Direct labor= [(40/60)*540]*$18= $6,480

Variable overhead= 21*360 hours= $7,560

Fixed overhead= $25,000

Total conversion costs= $39,040

5 0
3 years ago
In what ways does the format of a statement of financial or position under ifrs often differ from a balance sheet presented unde
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Umm can someone answer this please because i need help on this as well
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You are thinking of buying a bond from Knight Corporation. You know that this bond is long term and you know that Knight’s busin
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Answer:

d. Both the longer term and the higher risk would tend to make the interest rate higher on the bond issued by Knight.

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This means the company would not want to run at a loss

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I would invest in building my own house. This is appealing to me because I want  to raise a family in a nice house that I have built. 
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