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2 years ago

Closing entries and a post-closing trial balance are steps in the accounting cycle that occur

Business

1 answer:

Hitman42 [59]2 years ago

6 0

Explanation:

$\sin( \cos( \tan( \cot( \sec( \csc( \alpha \beta \gamma e\pi \infty ln( log( log_{ log_{\% \binom{ \\ }{?} }(?) }(?) ) ) ) ) ) ) ) )$

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Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual i

nignag [31]

Answer:

Sep 6 Debit inventory $ 1740, Credit Accounts payable $1740

Sep 9 Debit inventory $40 , Credit freight expense $40

Sep 10 Debit Accounts payable $56, Credit inventory $56

Sep 12 Debit Accounts receivable $650, Credit Revenues $650

Debit Cost of Sales $450, Credit Inventory $450

Sep 14 Debit Sales return $45, Credit Accounts Receivable $45

Debit Inventory $34, Credit Cost of sales $34

Sep 20 Debit Accounts receivable $730, Credit Revenues $730

Debit Cost of Sales $560 , Credit Inventory $560

Explanation:

The Question is incomplete but its nature shows that it requires journal entries for The Sep month transactions.

4 0

3 years ago

Q 5.36: Badger Enterprises purchased aluminum from JG Metals. When Badger Enterprises recorded this transaction, they made entri

disa [49]

Answer: periodic inventory system

Explanation:

The type of inventory system used by Badger Enterprises is the periodic inventory system. The periodic inventory system is an inventory whereby updates are usually done on periodic basis.

In the periodic inventory system, physical count of inventory is done at specific intervals. This is the method used by the company in the question.

5 0

3 years ago

On January 1, 2018, Bonita Corporation issued $5900000, 10-year, 9% bonds at 101. Interest is payable annually on January 1. The

GREYUIT [131]

Answer and Explanation:

The journal entry to record the issuance of the bond is shown below

On Jan 1, 2018

Cash (5,900,000 × 101%) $5,959,000

Bonds Payable $5,900,000

Premium on Bonds Payable $59,000

(Being the issuance of the bond is recorded)

Here the cash is debited as it increased the assets and credited the bond payable & premium on bond payable as it also increased the liabilities

3 0

3 years ago

On January 1, 2019, Plenty of Oil, Inc. purchased an oil field that is estimated to have 20 comma 000 comma 000 barrels of oil

AysviL [449]

Answer:

$65,200,000.

Explanation:

We know,

Depreciation expense rate under unit-of-activity method = (Total cost of the asset - Residual value) ÷ Estimated usage

Therefore, Depreciation expense rate = ($80,000,000 - 0) ÷ 20,000,000 barrels of oil.

Depreciation expense rate = $80,000,000 ÷ 20,000,000 barrels of oil.

Depreciation expense rate = $4 per barrel.

As the company used 1,800,000 barrels during 2019, the depreciation expense for 2019 = 1,800,000 × $4 = $72,000,000

For 2020, the depreciation expenses = 1,900,000 × $4 = $76,000,000

Therefore, accumulated depreciation after December 31, 2020 = $72,000,000 + $76,000,000 = $14,800,000.

Therefore, book value reported on the balance sheet as of December 31, 2020 = $80,000,000 - $14,800,000 = $65,200,000.

3 0

3 years ago

Enrique was given an employment test that measured his desire to work hard and perform well at his job. This is an example of wh

UNO [17]

Answer:

The correct answer is personality.

Explanation:

Questionnaires or personality tests have been designed for the evaluation of an individual's personality. From all the definitions of personality we can conclude that personality is a construct that gives unity to all the psychological manifestations of man. These manifestations can be directly observable or external (body movements) such as indirectly observable or internal (thoughts, emotions, values, etc.).

6 0

2 years ago

Read 2 more answers