Answer:
(a). supply expense = for both debit and credit = $370.
(b). Insurance expense= for both debit and credit sides = $130.
(c).Salary expense and salary payable = for both debit and credit sides = $1400
(d). Electricity expense =$ 250.
Explanation:
NOTE: Please check the attachment for the proper drafting of the adjusting journal entry.
The term "adjusting journal entry" is used in accounting to determine the the expenses for a particular period of time. The "adjusting journal entry" is needed for efficient and effective accounting record because it can also be used in the correction of an accounting record that had been recorded before that particular period of time.
Here in the "adjusting journal entry" there is going to be the debit side and the credit side for each accounts.
(a). The supply expense and the supplies = 600 - 230 = 370 for the credit and the debit sides.
(b). Insurance expense = $130.
(c). Salary expense and salary payable = 3500 × 2 / 5 = $1400.
(d). Electricity expense and expense payable = $250
Answer:
Explanation:
The journal entry is shown below:
Work in Process A/c - Assembly department A/c Dr $52,320
Work in Process A/c - Finishing department A/c Dr $41,440
To Manufacturing overhead A/c $93,760
(Being the overhead are allocated to the Assembly and Finishing Departments)
The allocation of the assembly department equals to
= Raw material × percentage of labor cost
= $32,700 × 160%
= $52,320
The allocation of the finishing department equals to
= (Factory labor cost - factory labor) × percentage of labor cost
= ($63,800 - $37,900) × 160%
= $25,900 × 160%
= $41,440
Forming monopolies and taking control of a market through vertical or horizontal integration (i.e., Standard Oil Trust headed by John D. Rockefeller).
If you are covered with a particular insurance firm, obtaining a loan from them after a period of three years is possible and their interest rates are quite low.
also a SACOOS tend to have a low interest rates for their members compared to the banking system.
Answer:
$4785
Explanation:
Estimated Production budget - 870 boxes
Hour /unit = 0.5
Total time required = (870*0.5)435 hr
Labor rate =$10/hr
Budgeted manufacturing overhead = 435 *10 *110%
=$4785