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GrogVix [38]
3 years ago
10

The May transactions of Whispering Winds Corp. were as follows. May 4 Paid $690 due for supplies previously purchased on account

. 7 Performed advisory services on account for $6,690. 8 Purchased supplies for $830 on account. 9 Purchased equipment for $1,620 in cash. 17 Paid employees $520 in cash. 22 Received bill for equipment repairs of $870. 29 Paid $1,230 for 12 months of insurance policy. Coverage begins June 1.
Journalize the transactions. (If no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit Indented when amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem.)
Date Account Titles and Explanation Debit Credit
Business
1 answer:
Norma-Jean [14]3 years ago
8 0

Answer and Explanation:

The journal entries are given below:

On May 4

Accounts Payable $690  

        To Cash  $690

(Being cash paid is recorded)

On May 7

Accounts receivables $6,690  

         To Service revenue $6,690

(Being service revenue is recorded)

On May 8

Supplies $830  

      To Accounts Payable $830

(Being supplies purchased on account)

On May 9

Equipment $1,620  

        To Cash  $1,620

(Being cash paid is recorded)

On May 17

Salaries expense $520  

        To Cash  $520

(Being cash paid is recorded)

On May 22

Repair expense  $870  

     To Accounts payable $870

(Being repair expense is recorded)

On May 29

Prepaid Insurance $1,230  

       To Cash   $1,230

(being cash paid is recorded)

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Answer:

C. LIFO liquidation

Explanation:

Benson Company uses the LIFO inventory costing method for both its tax reporting purposes and its financial reporting purposes. In its footnotes, Benson Company is required to report the amount at which inventories would have been reported under FIFO method.

The difference between these two numbers is commonly referred to as LIFO Reserve.

LIFO reserve represents the difference in ending inventory using LIFO and ending inventory if FIFO were employed instead.

Third option is the correct option.

LIFO reserve = FIFO inventory cost - LIFO inventory cost

FIFO inventory cost = LIFO inventory cost + LIFO reserve

4 0
3 years ago
Shoshone County uses the consumption method to account for supplies. At the beginning of the year the City had no supplies on ha
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Answer:

Expenditures $300,000; Supplies inventory $150,000.

Explanation:

The consumption method recognizes an asset when an item is purchased and an expense when an item is used or consumed. Therefore, when supplies are first bought, Supplies Inventory has a balance of $450,000.

After using those supplies during the year, $300,000 should be debited from Supplies Inventory and credited to Expenditures.

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3 years ago
Which examples demonstrate common qualifications for Quality Assurance careers? Check all that apply.
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2 years ago
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Which is the During the last stage of the purchase decision process, known as ________, a consumer compares a purchased product
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Answer:

Post-purchase behavior

Explanation:

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The homeowner's property tax exemption will reduce an assessed valuation of $200,000 to:____.
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As per the rate of the tax, the valuation of $200,000 will become $193,000.

Given Data:

Valuation Price = $200,000

To Find:

After-Tax exemption Valuation= ?

Let us consider the general interest rate of the property. It would be about 3.5% which is 0.035.

According to the normal tax of about 3.5% will become $7000 which will be exempted from the total evaluation therefore it will become $193,000.

Solution:

<em>Tax Value in $ =$200,000 x 3.5% = $7000</em>

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Putting the value of the tax;

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So, the $193,000 is the price after the deduction of tax by the homeowner.

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