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Business

Accounting

furniture purhased for cash $1,500 make journal entry

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $85,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw materials Work in process Finished goods During the year, the following transactions were completed: $ 10,100 $ 4,100 $ 8,700 a. Raw materials purchased on account, $169,000. b. Raw materials used in production, $142,000 (materials costing $122,000 were charged directly to jobs; the remaining materials were indirect). c. Costs for employee services were incurred as follows: Direct labor Indirect labor Sales commissions Administrative salaries $ 178,000 $ 262,200 e. Utility costs incurred in the factory, $12,000. f. Advertising costs incurred, $14,000. $ 25,000 $ 47,000 d. Rent for the year was $19,000 ($13,600 of this amount…
Juanita Jolley purchases inventory on credit for her jewellery business. She buys 3 diamond rings at $5,940 each including GST. What journal entries are required? O Debit Inventory $5,400; Debit GST $540; Credit Accounts payable $5,940 Debit Accounts payable $5,940; Credit Inventory $5,400, Credit GST $540 ● Debit Inventory $5,940; Credit Accounts payable $5,400, Credit GST $540 Debit Inventory $5,940; Credit Accounts payable $5,940
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Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
it View History M faith@.. tems 37.66% ··· Bookmarks Window AOL Ma.... B E C eBook U Sales Mail - F... Cost of goods sold Help Operating income Expenses: Selling expenses Administrative expenses The following multiple-step, income statement was prepared for Carlsbad Company contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 2018 Delivery expense Total expenses Other expense: Interest revenue Gross profit R V Portal h... Check My Work 10 more Check My Work uses remaining. % G Chapter... B v2.cengagenow.com Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 2018. Carlsbad Company Income Statement 6 $ 1,800,000 1,350,000 112,500 H C Cengag.. 9,495,000 (5,962,500) $3,532,500 (3,262,500) 270,000 90,000 $180,000 All work saved. N MacBook Pro ** W Activity... 8 M FA 9 K Save and Exit Submit Assignment for Grading 1
Purchased equitment with $6,000 cash. What accounts does this go into in the journal?
Cost of good sold over this period ?
Post the following general journal entries to the general ledger?
4 5 6. 7 8 > Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $285. Note: Enter debits before credits. Date General Journal Debit Credit Nov 16 Drov 2 of ? Next
Tube C CengageNOWV2 | Online teaching and learning resourc... Using the following information for a periodic inventory system, what is the amount of net income (loss)? Purchases Inventory, September 1 Administrative expense Rent revenue Sales 1,146 Selling expense $825 Inventory, September 30 11,074 58,402 $28,452 7,276 697 Interest expense Oa. $32,565 Ob. $807 Oc. $24,654 X Od. $27,288 Dashboard 807
b Preview File Edit View Go Tools Window Help ♥ -PODO mgt120h-a17.pdf Page 2 of 10 a. $390,000 b. $370,000 c. $330,000 d. $420,000 Pomostwww.ww 4. If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, what is cost of goods sold? Cost-Volume-Profit Analysis 40 The Effect Of Prepaid Taxes On Assets And Liabili... O PARAPRATARIE Debenture Valuation D CC 7 V Search ....------- (Cª Ơ Sat Apr 15 3:04 PM Page 2 of 11 3 Common, Inc. has just issued a 10% stock dividend. The following information was available just prior to issuing the dividend. Market value of common shares Number of common shares outstanding Par value of common shares Retained earings b. $2,600,000 $2.500.000 d. $2,400,000 e $2,750,000 $25 each 100.000 What is the proper balance in Retained Earnings immediately after issuing the stock dividend? COOCO COPRI $10 per share $2.500.000
Multiple Select Question Select all that apply On Jan. 2, Callie Company purchased $300 worth of supplies. She paid $100 immediately and put the rest on credit. The journal entry to record this transaction in Callie Company's books would include which of the following? (Check all that apply.) Credit the Cash account for $100. Debit the Supplies account for $100. Credit Accounts payable for $200. Debit the Cash account for $100. Debit the Accounts payable account for $200. Debit the Supplies account for $300. Rate your confidence to submit your answer High Medium .Low Reading