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The journal entry to record the purchase of equipment for a $140 cash down payment and a balance of $480 due in 30 days would in

Tju [1.3M]

Answer:

Option C. A debit to Equipment for $620, a credit to Cash for $140, and a credit to Accounts Payable for $480.

Explanation:

The reason is that the equipment has been acquired by the business which is worth $620 and this means that the equipment which is asset in nature must be increased by it fair value which is $620. The purchase of equipment requires the payment of $140 at the spot which means that the cash asset will be reduced by $140 and the remainder $480 will be paid in future which means that the current liabilities will be increased by $480.

Increase in Equipment (fixed asset) is debited by $620.

Decrease in Cash (asset) is credited with $140.

Increase in current liability is always credited and in this case must be credited with $480.

Journal entry in nutshell is as under:

Dr Equipment $620

Cr Cash Account $140

Cr Accounts Payables $480

7 0

3 years ago

Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Guillermo's Oil and Lube Company is a se

galben [10]

Answer:

Results are below.

Explanation:

<u>To calculate the direct material price variance, we need to use the following formula:</u>

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (5.05 - 5.1)*6,020

Direct material price variance= $301 unfavorable

<u>To calculate the direct material quantity variance, we need to use the following formula:</u>

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= (6,076 - 6,020)*5.05

Direct material quantity variance= $282.8 favorable

Standard quantity= 980*6.2= 6,076

<u>Finally, the total direct material variance:</u>

Total direct material variance= Direct material quantity variance - Direct material price variance

Total direct material variance= 282.8 - 301

Total direct material variance= $18.2 unfavorable

7 0

3 years ago

Whats the percent value of a $150 payment made every year forever at an interest rate of 73%?

Zielflug [23.3K]

The answer $205.48

Explanation

Since the amount is $150, rate is 73%

PV to perpetuity = $150/0.73

=205.48

Therefore the answer is $205.48

6 0

3 years ago

Which activity relates to scrutiny or examination of a given problem?

Sergeeva-Olga [200]

The activity that relates to scrutiny or examination of a given problem is called Investigation.

<h3>What is scrutiny?</h3>

Scrutiny refers to the act of inspection or examination into some important matter. For example:- Inspector doing the detail scrutiny of the crime matters.

The action that refers to scrutiny or the analysis of a certain topic is called investigation. When the unique issue requires careful analysis. A thorough investigation is conducted to have a full understanding of the issue.

Therefore, it can be concluded that investigation is step by step scrutiny of the problem.

Learn more about Investigation here:

brainly.com/question/28054071

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Your question is incomplete, but most probably the full question was....

A (an) ____ is a part-by-part scrutiny of a given problem.

5 0

2 years ago

What is the purpose of the depreciation adjustment for long-lived assets?.

Liono4ka [1.6K]

Answer: It is done so that it can match the ongoing use of the asset with the economic benefits derived from it.

Explanation:

3 0

2 years ago