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White raven [17]
3 years ago
14

The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $9,000; Dividends

$800; Services Revenue $13,000; Wages Expense $8,400; and Rent Expense $1,600. Prepare its December 31 closing entries.
Business
1 answer:
Molodets [167]3 years ago
4 0

Answer:

Dec 31 Dr Service Revenue 13,000

Cr Income Summary 13,000

Dec 31 Dr Income Summary 10,000

Cr Wages Expense 8,400

Cr Rent Expense 1,600

Dec 31 Dr Income Summary 3,000

(13,000-10,000)

Cr Retained Earnings 3,000

Dec 31 Dr Retained Earnings 800

Cr Dividends 800

Explanation:

Preparation of its December 31 closing entries.

Dec 31 Dr Service Revenue 13,000

Cr Income Summary 13,000

(Being to close revenue account)

Dec 31 Dr Income Summary 10,000

(8,400+1,600)

Cr Wages Expense 8,400

Cr Rent Expense 1,600

(Being to close expense account)

Dec 31 Dr Income Summary 3,000

(13,000-10,000)

Cr Retained Earnings 3,000

(Being to close net income/loss)

Dec 31 Dr Retained Earnings 800

Cr Dividends 800

(Being to close dividends)

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Answer:

Spending variance will be equal to -729

Explanation:

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Spending variance is given by

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So spending variance will be equal to -729

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The correct answer is C) labor-saving advances in households.

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This is an important factor because new inventions and technology have allowed women to leave the house in order to have an education an enter the job force in the corporate world because they have shown the be very capable to perform jobs in industries and companies, at the highest levels. Today, many families need a double income in the house in order to make a decent living. So it is common to see the father and the mother having a job.

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Multichannel distribution system.

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Visioning, goal-setting, resource allotment, and prioritization are the four most commonly acknowledged fundamentals of business strategy.

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