e. The unadjusted balance of the Supplies account is $3,000. The total cost of supplies on hand is $1,600.Journal EntryAccountsDebitCredite.Choose from any list or enter any number in the input fields and then click Check Answer.

Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…

Answered: e. The unadjusted balance of the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter4: The Adjustment Process

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Problem 10PB: Prepare journal entries to record the following transactions. Create a T-account for Supplies, post...

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Sally Resto's branch submitted the following data for 2021, the branches' first year of operation: Sales of $20,350 Debit balance for Shipment from home office $18,612 Operating Expenses $1,800 Credit balance for Home Office account $4,800 Shipment to the branch are billed at cost. The ending inventory of the branch was $2,500. What is the correct balance of Branch Account to be presented in the home office books?
Use the following information for the next two questions:The records of Afternoon Sun Co. show the following information: Interest expense ₱24,000Cost of inventories sold 600,000Insurance expense 100,000Advertising expense 20,000Freight-out 10,000Freight-in 4,000Loss on sale of equipment 2,000Legal and other professional fees 12,000Rent expense (one-half occupied by sales department 8,000Sales commission expense 14,000Doubtful accounts expense 16,000 a. How much is the total distribution (selling) costs? b. How much is the total administrative expenses?
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What are the entries please?: Paid on supplies vendor account in amount of $5000
At the beginning of December, Global Corporation had $1,500 in supplies on hand. During the month, supplies purchased amounted to $2,300, but by the end of the month the supplies balance was only $2,800. What is the appropriate month-end adjusting entry? Multiple Choice Debit cash $1,000, credit supplies $1,000 Debit cash $2,800, credit supplies $2,800 Debit supplies expense $1,000, credit supplies $1,000 Debit supplies $1,000, credit supplies expense $1,000
The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would be: Multiple Choice debit Capital $11,000; credit Income Summary $11,000 debit Income Summary $11,000; credit Capital $11,000 debit Drawing $11,000; credit Income Summary $11,000 debit Income Summary $11,000; credit Drawing $11,000
Use the following information for the next two questions:Shipments received from the home office are billed at 120% above cost. During theyear, the branch received shipments billed at ₱480,000 and returned damaged goodswith billed price of ₱96,000. The branch has an ending inventory of ₱120,000, at billedprice. The branch reported loss of ₱40,000 in its individual financial statements. Q1: How much is the balance of the “allowance for markup” account before year-end adjustments? Q2: How much is the true profit of the branch to be taken up in the home officebooks?Problem #10:The home office bills shipments of merchandise to its branch at a markup of 20% basedon cost. At the beginning of the period, the “Allowance for markup” account has a creditbalance of ₱8,000. During the period, the home office made shipments of goods worth₱960,000, at cost. The branch reported an ending inventory of ₱480,000, at billed price.How much is the realized mark-up?
You are given the information below and you are requested to answer the following questions (keep your calculations at a side paper because you might need them to answer other questions also): Beginning finished goods, 1/1/2019 $ 90,000 Ending finished goods, 31/12/2019 $ 77,000 Cost of goods sold $ 270,000 Sales revenue $ 500,000 Operating expenses $ 155,000 Question: What is gross margin for 2019?
Chabon Corp. had a beginning "Supplies" account balance of $500 on December 1, 20X1. It had the following occur during 20X1: On December 4, supplies costing $4,000 were purchased on account. On December 15, the company paid $4,000 for the supplies previously purchased on account. On December 31, 20X1, a physical count shows $900 of supplies to still be on hand (unused) Where should the "Supplies" account balance be reported on the financial statements?
You are reviewing the inventories of Sheep-Ahoy Company and found the following items: In the shipping room was a product costing P 264,000 marked "Hold for shipping instruction". This item was not included in the count although the purchased order of the customer was received on December 10, 2022. Actual shipment and billing happened on January 2, 2023. On December 28, goods costing P 232,960 were shipped to Holy Cow Company. The invoice accompanying the goods with selling price of P 300,000 was marked "on consignment". These goods were excluded from the inventory at year end. The company received merchandise costing P 92,500 on January 3, 2023. The invoice was received and recorded on January 4, 2023 with FOB shipping point ter. Shipment was made on December 31. The goods were included in the year-end inventory although these were not yet received when the physical count was taken. A customized product of a VIP customer was completed and in the shipping room at year-end. Actual…
Prepare journal entries to record the following transactions. Create a T-account for Supplies, post any entries that affect the account, and tally ending balance for the account (assume Supplies beginning balance of $6,550). A. January 26, purchased additional supplies for cash, $9,500 B. December 31, actual count of supplies, $8,500
Invoices for most of the supplies and services previously ordered were received in the amount of $2,950,000. The related purchase orders amounted to $2,943,000. - 2 entries Journal entry would be?

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e. The unadjusted balance of the Supplies account is $3,000. The total cost of supplies on hand is $1,600. Journal Entry Accounts Debit Credit e. Choose from any list or enter any number in the input fields and then click Check Answer.