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3 years ago

Match each type of adjusting entry with its definition.

Business

1 answer:

NeTakaya3 years ago

8 0

Answer and Explanation:

The matching is as follows:

1. Deferred revenue - the cash would be received in the present period and the same would be reported as a revenue for the future period

2. Accrued expense - It would be recorded as an expense for a present period but the cash would be paid in the future

3. Prepaid expense - The cash is paid or the obligation is to the pay the cash in the present period but the expense would be recorded in the future period

4. Accrued revenue - the revenue is recorded in the present period but the cash would be collected in a future period

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Stryker Industries received an offer from an exporter for 27,000 units of product at $17 per unit. The acceptance of the offer w

Aloiza [94]

Answer:

$162,000

Explanation:

Income Statement - New Offer

Sales (27,000 x $17) $459,000

Less Variable Costs of the offer :

Variable manufacturing costs (27,000 x $11) ($297,000)

Net Income (Loss) $162,000

therefore,

the amount of income from the acceptance of the offer is $162,000

7 0

3 years ago

Record the entry to close the income summary assuming the partners agree to use plan c and net income is $460,500

slava [35]

The entry is record in book as

Date Particular L.F. Dr. Amt. Cr. Amt.

Income summary a/c $460,500

To Mo a/c $69,300

To Lu a/c $269,500

To Barb a/c $431,200

What is net income?

The total amount of firm profit after deducting all taxes, costs, and interest is referred to as "net income."

Particulars Mo Lu Barb

Capital invested $69,300 $269,500 $431,200

Profit sharing ratio 20/100 40/100 40/100

Profit ($460,500) 92100 184200 184200

As a result, Mo is 92100; Lu is 184200; Barb is 184200 as profit.

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4 0

1 year ago

ivanzaharov [21]

Answer:

1. Bird Company (Buyer)

Apr-02 Dr Merchandise Inventory $20,335

Cr Accounts Payable $20,335

Apr-08 Dr Merchandise Inventory $25,000

Cr Accounts Payable $25,000

Apr-08 No entry

Apr-12 Dr Accounts Payable $20,335

Cr Cash $19,937

Cr Merchandise Inventory $ 398

Apr-18 Dr Cash $ 2,000

Cr Merchandise Inventory $ 2,000

Apr-23 Dr Accounts Payable $25,000

Cr Cash $24,750

Cr Merchandise Inventory $ 250

Apr-24 Dr Merchandise Inventory $11,200

Cr Accounts Payable $11,200

Apr-26 Dr Merchandise Inventory $280

Cr Cash $280

2.Swan Company (Seller)

Apr-02 Dr Accounts Receivable $20,335

Cr Sales Revenue $19,900

Cr Cash $435

Dr Cost of Goods Sold $12,500

Dr Merchandise Inventory $12,500

Apr-08 Dr Accounts Receivable $ 25,000

Cr Sales Revenue $ 25,000

Dr Cost of Goods Sold $15,000

Cr Merchandise Inventory $15,000

Apr-08 Dr Delivery Expense $650

Cr Cash $650

Apr-12 Dr Cash $19,937

Dr Sales Discounts $ 398

Cr Accounts Receivable $20,335

Apr-18 Dr Sales Returns and allowances $ 2,000

Cr Cash $ 2,000

Apr-23 Dr Cash $ 24,750

Dr Sales Discounts $ 250

Cr Accounts Receivable $25,000

Apr-24 Dr Accounts Receivable $11,200

Cr Sales Revenue $11,200

Dr Cost of Goods Sold $6,700

Cr Merchandise Inventory $6,700

Apr-26 No entry

Explanation:

1. Preparation of the journal entry for Bird Company (the buyer).

Bird Company (Buyer)

Apr-02 Dr Merchandise Inventory $20,335

Cr Accounts Payable $20,335

($19,900+$435)

Apr-08 Dr Merchandise Inventory $25,000

Cr Accounts Payable $25,000

Apr-08 No entry

Apr-12 Dr Accounts Payable $20,335

($19,900+$435)

Cr Cash $19,937

($20,334-$398)

Cr Merchandise Inventory $ 398

($19,900*2%)

Apr-18 Dr Cash $ 2,000

Cr Merchandise Inventory $ 2,000

Apr-23 Dr Accounts Payable $25,000

Cr Cash $24,750

($25,000-$250)

Cr Merchandise Inventory $ 250

(1%*$25,000)

Apr-24 Dr Merchandise Inventory $11,200

Cr Accounts Payable $11,200

Apr-26 Dr Merchandise Inventory $280

Cr Cash $280

2. Preparation of the journal entry for Bird Company the (Seller).

Swan Company (Seller)

Apr-02 Dr Accounts Receivable $20,335

($19,900+$435)

Cr Sales Revenue $19,900

Cr Cash $435

Dr Cost of Goods Sold $12,500

Dr Merchandise Inventory $12,500

Apr-08 Dr Accounts Receivable $ 25,000

Cr Sales Revenue $ 25,000

Dr Cost of Goods Sold $15,000

Cr Merchandise Inventory $15,000

Apr-08 Dr Delivery Expense $650

Cr Cash $650

Apr-12 Dr Cash $19,937

($20,335-$398)

Dr Sales Discounts $ 398

(2%*$19,900)

Cr Accounts Receivable $20,335

(19,900+435)

Apr-18 Dr Sales Returns and allowances $ 2,000

Cr Cash $ 2,000

Apr-23 Dr Cash $ 24,750

Dr Sales Discounts $ 250

(1%*25,000)

Cr Accounts Receivable $25,000

Apr-24 Dr Accounts Receivable $11,200

Cr Sales Revenue $11,200

Dr Cost of Goods Sold $6,700

Cr Merchandise Inventory $6,700

Apr-26 No entry

4 0

3 years ago

If current trends continue, China may be the world's largest economy by 2030. In a concise and well-noted statement, discuss the

Blizzard [7]

Answer:

If by 2030 China became, as current data estimates, the world's largest economy, this would mean a series of global changes in macroeconomic matters: A) for the world trade system, China would become the main exporter given its huge population (estimated at 1.6 billion people) added to its economic capacity, which would flood the world markets with manufactured products in this country, increasing the fiscal surplus and employment for its inhabitants; furthermore, it would relegate many nations to being secondary producers; B) the monetary system would watch the emergence of the Renmimbi as a new reference currency, displacing the dollar and the euro from the center of the scene; C) Commodity prices would be determined according to the consumption and production needs of China, with which the products demanded in this country will have high value.

4 0

3 years ago

In the BIG BUCKS LOTTERY, the chance of winning a $10 prize is 1%. What is your best guess about how many people would win a $10

3241004551 [841]

Answer:

The correct answer would be, 10 Persons.

Explanation:

If there are 1000 people in the Big Bucks lottery and there is a 1 percent chance of winning 10 dollars prize if all 1000 people buy the lottery ticket of 10 dollars. If every person buys 10 dollar lottery ticket, then the chances of winning people would be calculated as follows:

Total number of People = 1000

Chances of winning the lottery = 1%

So How many people would win 10 dollar lottery = 1000 * 1%

= 1000 * 0.01

= 10 People.

So there are chances that 10 out of 1000 people will win the lottery.

5 0

3 years ago

Read 2 more answers