Financial Accounting
10th Edition
ISBN: 9781119298229
Author: Weygandt, Jerry J.; Kieso, Donald E.; Kimmel, Paul D.
Publisher: WILEY
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Chapter 3, Problem 3.7E
To determine
Accounting rules for journal entries:
- a) To record an increase in account balance: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
- b) To record a decrease in account balance: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.
To journalize: Adjusting entries for the PR Agency on March 31.
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In August, purchases of materials equaled $9,750, the beginning inventory of materials was $850, and the ending inventory of materials was $950. Payments for direct labor during the month totaled $18,570. The Overhead incurred was $15,000. Spent $5,000 on advertising during the month. Admin. costs (primarily accounting & legal services) amounted to $3,000 for the month. Revenues for August were $60,400. 1. What was the cost of materials used during August? 2. What was the prime cost for August? General Accounting
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The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License