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Umnica [9.8K]
3 years ago
8

During January 2020 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 we

re received at an actual cost of $2,200. The entry to record this transaction will require a debit to:
Business
1 answer:
ira [324]3 years ago
5 0

Answer:

Expenditures-2020 in the amount of $200

Explanation:

General fund supplies made last year were an estimated amount of $2000 was spent. So for last year there would have been a debit and credit leg for this transaction as.

In the present year 2020 it was received at an actual cost of $2,200. The excess cost (2,200-2,000= $200) must be recognised.

So the debit is passed into expenditures for this year 2020 for amount $200.

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1/1/2019 sally miller purchased $500 of merchandise on account; the cost of the item is $310
timofeeve [1]

<u>Solution and Explanation:</u>

date                           Particulars                                  Debit                    Credit

1st january, 2019    Account receivable                  500

                                Sales revenue                                                            500

                    (To record sales on account)

                        Cost of goods sold                              310

                       Merchandise inventory                                                      310

             (To record cost of goods sold)

31st january, 2019       Notes receivable                     500

                                 Accounts receivable                                                 500

(To record notes receivable for the 60 days at the rate of 6 percent)

1st April, 2019 Allowances for Doubtfull accounts          500

                        Notes receivable                                                                500

(In order to write off Sally Millers account, no interest revenue is to be recognised)

2nd May, 2019           Notes receivable                             500

                              Allowances for doubtful debts                                     500

( in order to record re-instatement)

2nd May, 2019             Cash                                                  507.50

                                  Notes receivable                                                        500

                               Interest revenue                                                             7.5

( In order to record the payment received)

3 0
3 years ago
Marcy owns the company Caps for Kids and sells her hand-knitted caps for $20 each. The variable cost per cap created is $10, and
iragen [17]
At breakeven point, the cost is equal to the revenue. This also means that the net profit is equal to zero. If we let x be the number of units sold or produced, the total costs and revenue are calculated as follows:

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Equation both,
                10x + 10,000 = 20x
The value of x from the equation is 1000.

Answer: 1000
3 0
3 years ago
The MOST accurate way to establish reserves is to divide the cost of each item and piece of equipment by its expected useful lif
N76 [4]

Answer:

True

Explanation:

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DaniilM [7]

Answer:

D) I and III only.

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A number of political leaders have expressed concern about the​ nation's decline as a major steel producer. many have advocated
zavuch27 [327]

The answer to the question is that the substitution of domestic steel for foreign steel absorbs resources that would otherwise produce goods of great value.

Though America is declining in terms of domestic steel production, it does not mean the nation as a whole is failing, including in terms of production. Since the skills that workers use to produce steel are transferable to other industries, this allows them to be involved in industries that are creating more relevant value right now than steel; choosing to return to domestic steel production might prove to be inefficient.

8 0
3 years ago
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