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3 years ago

During January, the following selected transactions occurred.

Business

1 answer:

tester [92]3 years ago

5 0

Answer:

The journal entries are given as follows;

Explanation:

Jan 5

Cash Dr.$20,520

Sales Tax Payable 20,520-(20,520/1.08) Cr.$1,520

Inventory Cr.$19,000

Unearned Service Revenue Dr.$12,000

Service Revenue Cr.$12,000

Employee payroll Expense Dr.$452,000

Social Security payable Cr.$3,978

Federal Income Tax payable Cr.$5,686

State Income Tax payable Cr.$1,706

payroll Expenses payable (452,000-3,978-5,686-1,706) Cr.$440,630

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Answer:

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Explanation:

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Treasury stock is normally recorded in the shareholders equity section of the balance sheet representing the number of repurchased shares from the open market, thereby reducing shareholder's equity by the amount paid for the stock

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Answer:

Using familiar words, occasional contractions, and pronouns such as you and I.

Explanation:

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3 years ago

On September 1, 2015, Select Company borrowed $600,000 from a bank and signed a 12%, six-month note payable, with interest on th

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Answer:

B. $624,000

Explanation:

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Answer:

Instructions are below.

Explanation:

Giving the following information:

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Direct labor hours:

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Deluxe= 200

Machine hours:

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Deluxe= 3,000

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

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Estimated manufacturing overhead rate= 39,060/600= $65.1 per direct labor hour

Now, we can allocate to each product line:

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