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dedylja [7]
2 years ago
13

At the beginning of the year, SnapIt had $12,400 of inventory. During the year, SnapIt purchased $39,800 of merchandise and sold

$33,600 of merchandise. A physical count of inventory at year-end shows $13,400 of inventory exists. Prepare the entry to record inventory shrinkage.
Record the inventory shrinkage on journal entry worksheet
Business
1 answer:
AveGali [126]2 years ago
4 0

The journal entry to record the inventory shrinkage is :Debit Cost of goods sold $18,600; Credit Inventory $18,600.

<h3>Inventory shrinkage</h3>

Based on the information given the appropriate  the journal entry to record the inventory shrinkage is :

Debit Cost of goods sold $18,600

Credit Inventory $18,600

($12,400+$39,800-$33,600)

(To record inventory shrinkage)

Inconclusion the journal entry to record the inventory shrinkage is :Debit Cost of goods sold $18,600; Credit Inventory $18,600

Learn more about inventory shrinkage here:brainly.com/question/6233622

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Match each term with the best definition given blow. Note: Not all definitions will be used.
Virty [35]

Answer:

1. Allocation Base

Definition: A measure that causes or influences the incurrence of a cost.

2. Direct Labor Time

Definition: A source document that shows how a worker spent time each week.

3. Ticket Indirect Costs

Definition: Costs not easily traceable to producing a product, job or service.

4. Job Coat Shoot

Definition: A detailed record of costs incurred to complete a specific job.

5. Job Order Costing

Definition: An accounting system used by companies that offer customized or unique products or services.

6. Materials Requisition Form

Definition: A form that lists the quantity of direct materials to be used in a job.

7. Overapplied Overhead

Definition: The amount of actual overhead is less than the applied overhead.

8. Underapplied Overhead

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10. Rate Process Costing

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3 0
2 years ago
Why does the quantity a supplier is willing to give go up when the price goes up
aleksandrvk [35]
Because of supply and demand. More demand for a product makes the price go and and the supplier gives more because they get more
8 0
2 years ago
Read 2 more answers
Kingbird Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash
Nikitich [7]

Answer:

cash                  2,790 debit

        unearned revene 2,790 credit

unearned revenue 1,860 debit

           rent revenue    1,860 credit

Explanation:

The revenue from the rent is unearned as currently the firm has to provide the rent spance for three months It will be earned as time passes.

At year-end December 31th we have earned 2 months (Nov and Dec) therefore we reocgnize for that amount

2,790 x 2/3 months = 1,860 rent revenue

3 0
2 years ago
LO 4.5Why are the overhead costs first accumulated in the manufacturing overhead account instead of in the work in process inven
vivado [14]

Answer  Explanation:

For the manufacturing overhead occurs during the manufacturing process but unlike wages, the actual values are unknow thus, we cannot anticipate in a guarantee amount. Hence, the cost accounting works as follows:

It will stablish a predetermined overhead rate which will be charged against WIP based on another factor which can be measure (like working hours, machine hours, among others)

Then, during the period as the actual cost occurs they will be charged into manufacturing overhead account.

At the end of the period, we will be able to determinate the actual cost and adjust COGS, WIP and FINISHED GOOD if needed to represent the actual cost of the inventory produced.

3 0
3 years ago
In an exchange, archie gave up his fully depreciated business-use dump truck (fmv $15,000) and $5,000 for a newer business-use d
TiliK225 [7]

Answer:

The realized gain is 0

Explanation:

The fair market value of the truck that archie gives up is $15,000 and the new truck he gets has a fair market value of $20,000. Archie also gives $5,000 in cash plus his old truck in order to buy the new truck.

Gain= Fair market value of new truck -Fair market value of old truck - Cash paid

Gain = 20,000-15,000-5,000

Gain = 0

5 0
3 years ago
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