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8090 [49]
3 years ago
11

Entries to Correct Errors The following errors took place in journalizing and posting transactions: Insurance of $20,000 paid fo

r the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. Dividends of $17,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.
Business
1 answer:
raketka [301]3 years ago
8 0

Answer:

A. Dr Prepaid Insurance 40,000

Cr Insurance Expense 20,000

Cr Cash 20,000

Dr Prepaid Insurance 20,000

Cr Insurance Expense 20,000

Dr Prepaid Insurance 20,000

Cr Cash 20,000

b. Dr Dividends 17,000

Cr Wages Expense 17,000

Explanation:

Preparation of the journal entries to correct the errors.

A. Dr Prepaid Insurance 40,000

(20,000+20,000)

Cr Insurance Expense 20,000

Cr Cash 20,000

Dr Prepaid Insurance 20,000

Cr Insurance Expense 20,000

Dr Prepaid Insurance 20,000

Cr Cash 20,000

b. Dr Dividends 17,000

Cr Wages Expense 17,000

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Monica [59]

Answer:

Place

Explanation:

Marketing mix is the understanding of 4 important and controllable elements of marketing plan. Usually, these elements are considered as 4P which are Product, Place, Price and Promotion.

Place: To enter more effectively or in general to be successful in the market, as a supplier you should choose your segment or where to reach to your potential customers carefully and certainly. That’s why the place which is selected must be considered where the target market is.

Product: It is very important to develop your product to make the customers to have “willingness to pay”. So it has to have unique or good design, standards, quality and other important attributes. You should seek to sell the products which have big demand.

Price: There should be the reasonable price to the customers who will be able to buy your products. Sure, the price is established after the analysis of your costs (fix, variable and etc.). However, you should be careful about your rivals in the price policy. The buyers will have always power on you in this case so they can substitute your product to others.

Promotion: This element is about the process of explanation how your product will create the value on the customers. It is very necessary point on the value chain activities. If you have a better promotion than others your products will be demanded more or permanently.

3 0
3 years ago
Select the correct answer from each drop-down menu.
OverLord2011 [107]

Answer:

A personal budget provides <u>a detailed account</u> of income and expenses for a <u>period.</u>

Explanation:

A personal budget is a plan of how one intends to spend their income.  It shows the source of income and the total on one side. The expenses are listed on a different side. Each expenditure item is listed and its estimated amount is indicated. The total of all incomes and expenses is shown on their respective sides.

A personal budget may be prepared for a regular income say monthly, weekly, or quarterly payments. It can also be prepared for irregular incomes such as loans, gifts, or bonuses.

7 0
3 years ago
9) Selected information regarding a company's most recent quarter follows (all data in thousands). 9) _______ Direct labor $540
disa [49]

Answer:

Direct material= $340

Explanation:

Giving the following information:

Direct labor $540

Beginning work in process inventory $330

Ending work in process inventory $420

Cost of goods manufactured $1620

Manufacturing overhead $830

T<u>o calculate the direct material used in production, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

1,620= 330 + DM + 540 + 830 - 420

Direct material= $340

6 0
3 years ago
What’s the answer cuh
ivann1987 [24]

Answer:

D

Explanation:

i took the paper test

7 0
3 years ago
In its first year of existence (year 1), SCC corporation (a C corporation) reported a loss for tax purposes of $30,000. How much
devlian [24]

Answer:

SCC won't pay any tax

Explanation:

Their loss of $30,000 in year 1 will be unused and made available to counterbalance the total generated earnings in year 2.

The $20,000 earnings in year 2 can be used to counterbalance the whole taxable income; so, SCC will not pay pay tax. SCC will have a ($10,000) loss carryover available for year 3 and beyond

6 0
3 years ago
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