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tensa zangetsu [6.8K]
2 years ago
11

Collin Printing began operations on January 1. On January 7, Collin purchased supplies on account for $1,000. At the end of Janu

ary, Collin had $600 of supplies on hand. The proper journal entry for the January 7 transaction would: ___________
Business
1 answer:
Pie2 years ago
5 0
Answer:
The proper adjusting journal entry at January 31
would: a) include a credit to Supplies for $400
Explanation:
On January 7, Bravo purchased supplies on
account for $1,000, and recorded this purchase to
the Supplies account by the entry:
Debit Supplies account $1,000
Credit Accounts Payable $1,000
At the end of January, Bravo had $600 of these
supplies still on hand. Supplies were used in
January = $1,000 - $600 = $400
The adjusting journal entry at January 31:
Debit Supplies Expense $400
Credit Supplies account $400
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A company recorded 2 days of accrued salaries of $1,500 for its employees on January 31. On February 9, it paid its employees $7
zavuch27 [327]

Answer:

Journal Entries are:

January 31:

Debit Salaries Expense $1,500

Credit Salaries Payable $1,500

To accrue salary expense for 2 days.

February 9:

Debit Salaries Expense $5,700

Debit Salaries Payable $1,500

Credit Cash $7,200

To record the payment of salaries expense, including salaries payable.

Explanation:

a) Data and Analysis:

January 31: Salaries Expense $1,500 Salaries Payable $1,500

February 9: Salaries Expense $5,700 Salaries Payable $1,500 Cash $7,200

6 0
2 years ago
Popular Company utilizes a calendar year as its fiscal year and depreciates plant assets using the straight-line method. On Janu
makvit [3.9K]

Answer:

$2,000

Explanation:

where the cost of the delivery truck is $28,000 and a useful life of 5 years with a salvage value of $3,000,

Annual Depreciation = \frac{28000-3000}{5000}

= \frac{25000}{5}

= 5000

Therefore,

After year 1 which is by January 1st, 2019

Net book value of the truck = $28,000 - $5,000

                                              = $23,000

After year 2 which is by January 1st, 2020

Net book value of the truck = $23,000 - $5,000

                                              = $18,000

After year 3 which is by January 1st, 2021

Net book value of the truck = $18,000 - $5,000

                                              = $13,000

After year 4 which is by January 1st, 2022

Net book value of the truck = $13,000 - $5,000

                                              = $8,000

If the useful life of the asset is extended to 7 years from 5 years, the number of years remaining for the asset as at January 1st, 2022 would be extended from 1 year to 3 years.

Therefore, where the residual value is $2,000

Depreciation per year for the remaining 3 years

=   (8000 - 2000)/3

= 6000/3

= 2000

Popular Company would report $ 2,000 as depreciation expense for the year ended December 31st, 2022.

3 0
3 years ago
"A Texas household receives a Social Security check for $1500, which it uses to purchase a $40 pair of shoes made in Thailand by
AlexFokin [52]

Answer:

U.S. GDP = $440

Explanation:

If Texas household receives a Social Security check for $, and after calculating the purchases the US GDP is as follows:

Shoes from the Thai and korean firm is part of imports

Imports = $40 + $1240 = $1280

Domestic consumption = $220

Security check is part of government spending = $1500

GDP =$1500 + $220 - $1280 = $440

8 0
3 years ago
7. Liqin fixes up old cars and sells them to supplement his retirement income. Liqin came across a beat-up 1955 Corvette that sh
ruslelena [56]

Answer:

a. 8%

Explanation:

Expected Return = [(Return*Probability)+(Return*Probability)+(Return*Probability) * 100%]

Expected Return = [{(15%*0.2)+(10%*0.2)+(5%*0.6)} * 100]%

Expected Return = [{(0.15*0.2)+(0.1*0.2)+(0.05*0.6)} * 100]%

Expected Return = [{0.03+0.02+0.03} * 100]%

Expected Return = [{0.08 * 100}]%

Expected Return = 8%

So, Liqin's expected return for fixing up and selling the Corvette is 8%.

7 0
3 years ago
Davidson Software Technologies believes in hiring only the best programmers in the industry. As a result, it uses a comprehensiv
Vladimir [108]

Answer:

The correct answer is C

Explanation:

HRM system is the system which is designed in order to automate the business process of human resource, compliance, transactions and payroll. This system allows the business to focus on the people through streamlining all the software workforce into the business intelligence solution.

Recruitment and selection is the procedure of identifying the requirement of job and defining the need of the position, advertising the position and selecting the appropriate person for the position.

Therefore, the recruitment and selection is the component of HRM system which uses the hiring procedure that comprise of testing and interviewing the professionals.

7 0
3 years ago
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