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Paul [167]
3 years ago
12

Preparing Adjusting Entries, Financial Statements, and Closing Entries

Business
1 answer:
strojnjashka [21]3 years ago
3 0

Answer:

1. Cash (Dr.) $145,850

Sales (Cr.) $145,850

2. Purchases (Dr.) $76,200

Accounts Payable (Cr.) $76,200

3. Accounts Payable (Dr.) $4,100

Cash (Cr.) $4,100

4. Prepaid Rent (Dr.) $24,000

Cash (Cr.) $24,000

5. Wages Expense (Dr.) $12,500

Cash (Cr.) $12,500

Wages Expense (Dr.) $350

Wages Payable (Cr.) $350

6. Depreciation Expense (Dr.) $1,700

Accumulated Depreciation (Cr.) $1,700

Explanation:

Journal entries are recorded for the business transactions. These transaction incurred in the business are recorded in the books of accounts. These journal entries then create Ledger and Trial balance.

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Suppose the economies of China and India have begun to slow down very rapidly. Based on this scenario
bazaltina [42]

Answer:

The correct answer is C

Explanation:

Economies means the state of the region or the country in relation to the consumption and the production of the services and the goods and also the supply of the money.

If the economies of the India and the China, will be slow down, then the loanable funds as well as the interest rates will increase because the money for liquidity will be negligible which lead to competition among using the money for personal consumption or to delay the consumption through lending the money out.

6 0
3 years ago
How is the dual credit program different from the AP program?
olga55 [171]

AP courses are part of the College Board organization that requires students to take a rigorous test at the end of the course to potentially earn college credit. A dual credit course on the other hand is an official course at Loyola University Chicago.

3 0
4 years ago
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Which benefit is often associated with command economies and most likely
GuDViN [60]

Answer:

The establishment of social welfare programs.

Explanation:

This is the answer for Ap3x.

5 0
3 years ago
. Why can't Japan make everything better than anyone else in the world? they
mr_godi [17]

Answer:

because its not USA

Explanation:

3 0
4 years ago
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Olive Tree Products sold 86,000 units during the last period when industry volume totaled 334,000 units. The company originally
mrs_skeptik [129]

Answer: See explanation

Explanation:

Actual units sold = 86000

Budgeted units sold = 89000

Budgeted selling price = 59

Budgeted variable cost = 34

Budgeted contribution margin = 59 - 34 = 25

Budgeted market share = 20%

Acual industry volume = 334000

Standard units sold = 20% × 334000 = 66800

Sales activity variance:

= (Actual units sold - Budgeted units sold) × Budgeted contribution margin

= (86000 - 89000) × 25

= -3000 × 25

= 75000 Unfavorable

Market share variance will be:

= (86000 × 25) - (66800 × 25)

= 2150000 - 1670000

= 480000 Favorable

Industry volume variance:

= (66800 × 25) - (89000 × 25)

= 1670000 - 2225000

= 555000 Unfavorable

6 0
3 years ago
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