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IRINA_888 [86]
2 years ago
8

Journalize each correcting entry discovered during August of the current year: Use page 15 of the journal. Transactions: Aug. 1

Discovered that a transaction for this expense was journalized and posted in error as a debit to Repairs Expense instead of Utilities Expense, $530.00, MG6. 5 Discovered that a cash investment by Vivian Lynum, owner, was joumalized and posted in error as a credit to Sales Instead of Vivian Lynum, Capital, $1.200.00 M67. GENERAL JOURNAL DATE ACCOUNT TITLE DOC. NO POST DEBIT CREDIT 1 Aug. 1 Utilities Expense M66 530.00 Repairs Expense 530.00 5 Sales M67 1.200.00 Vivian Lynum, Capital 1.200,00It was also discovered that two posting errors were made in the Supplies account. The July 6 entry amount should have been $160.00. The July 30 entry included a credit to the Supplies account for $140.00 that should have been a debit. Determine what amount should be entered in each lettered cell. (If a cell should have a zero balance, it should be left blank.)
Business
1 answer:
Shtirlitz [24]2 years ago
7 0

Answer:

Journalizing correcting entries:

Aug. 1

Debit Utilities Expense $530

Credit Repairs Expense $530

To correct wrong posting.

Aug. 5:

Debit Sales Revenue $1,200

Credit Vivian Lynum, Capital $1,200

To correct wrong posting.

July 30:

Debit Supplies Account $280

Credit Suspense Account $280

To correct the wrong posting.

Explanation:

The July 6 entry is difficult to decide the correcting entry since the wrong amount was not given.  There is nothing that can be done with the $160 supplied in the question.

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Lillich, Inc., manufactures and sells two products: Product U6 and Product R5. Data concerning the expected production of each p
Gelneren [198K]

Answer:

Lillich, Inc.

The unit product cost of Products U6 under activity-based costing is closest to:  $1,460

Explanation:

a) Data about expected production of Products U6 and R5:

                                  Expected       Direct Labor-Hours    Total Direct

                                 Production          Per Unit                 Labor-Hours  

Product U6                       640                    8.4                       5,376

Product R5                      1,015                    5.4                       5,481                    

Total direct labor-hours                                                        10,857

The direct labor rate is $27.50 per DLH.

Direct Materials Cost per Unit   Product U6$249.30  Product R5 $166.70

                                                         

Activity Cost Pools  Activity      Estimated           Expected Activity  

                              Measures   Overhead  Product U6  Product R5   Total

                                                    Cost      

Labor-related           DLHs      $ 196,138         5,376         5,481         10,857

Production orders    Orders       67,340           800           700           1,500

Order size                MHs        1,015,108        5,400         5,700          11,100  

                                            $1,278,586

Overhead Costs:

                                                Product U6      Product R5        Total

Labor-related overhead costs   $97,121             $99,017      $196,138

Production orders                        35,915               31,425         67,340

Order size                                 493,836             521,272      1,015,108

Manufacturing overheads     $626,872           $651,714   $1,278,586

The direct labor rate is $27.50 per DLH

                                                 Product U6      Product R5            Total

Expected Production                        640                 1,015

Direct labor hours                          5,376               5,481              10,857

Direct Materials Cost per Unit  $249.30           $166.70

Direct material costs               $159,552        $169,200.50     $328,752.50

Direct labor costs                       147,840           150,727.50       298,567.50

Manufacturing overhead         626,872            651,714.00      1,278,586.00

Total production costs          $934,264         $971,642.00   $1,905,906.00

Unit cost                                      $1,459.79          $957.28

5 0
2 years ago
Ula purchased stock in Purple, Inc., six years ago for $150,000. Purple has assets with a value of $225,000 ($175,000 basis) and
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Answer:

$15,000 gain

Explanation:

Assets with a value of $225,000

Remaining asset (cash) to Ula ($25,000)

Purple liabilities ($60,000)

Balance $140,000

Balance Brought forward $140,000

Remaining asset (cash) to Ula $25,000

Ula purchased stock ($150,000)

Balance $15,000 gain

Or

$225,000-$25,000-$60,000=$140,000+$25,000-$150,000=$15,000 gain

Therefore we have $15,000 gain.

3 0
3 years ago
Harmon Inc, manufactures two products from a joint process, product A and product B. A standard production run incurs joint cost
Angelina_Jolie [31]

Answer:

Harmon Inc.

Joint costs of $45,000 allocated to:

Product A = $16,875

Product B = $28,125

Explanation:

a) Data and Calculations:

Joint costs of a standard production run = $45,000

Joint products        Product A     Product B      Total

Production units       1,500            2,500          4,000

Selling price per unit  $50               $20

Allocation of joint costs based on physical measure method:

Product A = $16,875 (1,500/4,000 * $45,000)

Product B = $28,125 (2,500/4,000 * $45,000)

b) Joint costs of $45,000 were incurred by Product A and Product B jointly because they consumed the same resources during the production run.  These costs can be allocated to the products based on established criteria, for example, units of products and sales value.  The purpose is to properly account for the joint costs at split-off.

5 0
3 years ago
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