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brilliants [131]
2 years ago
5

A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,253 of supplies on hand. The general ledge

r balance before any adjustment is $2,130. What is the adjusting entry for office supplies that should be recorded on May 31
Business
1 answer:
e-lub [12.9K]2 years ago
5 0

Answer and Explanation:

The journal entry is as follows;

Supplies expense Dr ($2,130 - $1,253) $877

     To Supplies $877

(being the supplies expense is recorded)

Here the supplies expense is debited as it increased the expenses while on the other hand the supplies is credited as it decreased the assets. Also both the accounts contains normal debit balance

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A company's Cash account shows a balance of $5,600 at the end of the month. Comparing the company's Cash account with the monthl
Likurg_2 [28]

Answer:

cash               750 debit

     note receivable         510 credit

    NSF check                 240 credit

-- to record increases of cash from reconciliation --

bank fees expense    44 debit

                       cash                    44 credit

-- to record decreases of cash from reconciliation --

Explanation:

cash account     5,600

bank fees               (44)

NSF                        240

bank collected      510

adjusted cash:   6,306

We adjust based on the unknow information for the company like fees, collection and NFS found. we could also adjust for mistake but for this time, there isn't any.

5 0
3 years ago
Jack and Jill have a tenancy in common in an apartment building. After ten years of ownership, Jill dies unexpectedly. On Jill's
Basile [38]
<h2>Jill's interest in the property will: <u>Pass to Jill's heirs </u>(Option B)</h2>

Explanation:

Let us understand the meaning of tenancy: It is the "possession of any property which might be land or building and get connected as tenant".

In contrast, ownership means the property belongs that person alone or in partnership.

Understanding the above terms, We can say, Jack and Jill have been a tenant and after ten years, Jill dies. So the rest of the interest in the property will definitely go to his heirs only.

It cannot be passed to Jack because Jill's interest will not be paid by other person except for Jill's heirs. Jack heirs are no way responsible or own the property of Jack.

7 0
3 years ago
Groups of countries that seek mutual economic benefit from reducing interregional trade and tariff barriers are called _________
soldier1979 [14.2K]

Answer:

c

Explanation:

Multinational market regions are groups of countries that seek mutual economic benefit from reducing interregional trade and tariff barriers.

Types of multinational market regions

  1. Regional Cooperation Groups.
  2. Free Trade Area  
  3. Customs Union.
  4. Common Market  
  5. Political Union
3 0
3 years ago
Nike Inc is one of the world leading atheletic shoes manufacturer. The following activities occurs during the recent year: Purch
Ksenya-84 [330]

Explanation:

The journal entries are shown below:

1. Building A/c Dr $176

  Equipment A/c Dr $270

               To Cash A/c $408

                To Note payable A/c $38

(Being the building and the equipment is purchased for cash and note payable)

2. Cash A/c Dr $345

        To Common stock $240 (120 shares × $2)

        To Additional paid in capital A/c - Common stock A/c $105

(Being the common stock is issued for cash)

3. Retained earnings A/c Dr $145

            To Dividend payable A/c $145

(Being the dividend is declared)

4. Short - term investment A/c Dr $7,616

            To Cash A/c $7,616

(Being the short term investment is purchased for cash)

5. No journal entry is required

6. Cash A/c Dr $4,413

           To Short - term investment A/c $4,413

(Being the short-term investment is purchased)

8 0
3 years ago
Western National Bank is considering opening a drive-through window for customer service. Management estimates that customers wi
Nimfa-mama [501]

Answer:

Explanation:

find the answer below

6 0
3 years ago
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