answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anna007 [38]
2 years ago
12

During their first year, Austin and Associates bought $32,000 worth of supplies for their CPA firm. When purchased, the supplies

were debited to Supplies and credited to Accounts Payable. What adjusting entry would Austin and Associates make if $8,000 worth of supplies were on hand at year-end?
Business
1 answer:
tia_tia [17]2 years ago
3 0

Answer:

Supplies Expense  = $24,000

Supplies  = $24,000

Explanation:

given data

bought for CPA firm = $32,000

supplies on hand = $8,000

solution

we know here that when $8000 supplies available out of $32,000  

so supplier during period will be = $32,000  - $8000

supplies expense = $24000

and that is express as

     Accounts title                            Debit              Credit

    Supplies expense                     $24,000  

    Supplies                                                             $24,000

You might be interested in
Why do customers have privacy concerns about frequent shopper programs that supermarkets offer, and what can supermarkets do to
Marysya12 [62]
When customers use the card at the supermarket, the firm can associate the transaction information with the descriptive information to identify customers and develop various strategies, including promotions targeted specifically to those customers. These data and analysis help retailers make a wide range of strategic decisions, including store location and merchandising. Specifically, their privacy concerns may come from the perception that they have little control over their personal information. Besides, they may not know and not be able to control how retailers use such information and whether the retailer would share this information with other parties? Moreover, customers may be vary about who would safeguard the customers' interest if the information is used by parties that the customer does not even know or with whom the customer does even care for relationship.
3 0
2 years ago
Jim debt was reviewing the total accounts receivable. this month he received $80,000 from credit customers. this represented 40%
Eduardwww [97]
200,000 have to find what 10 percent is and multiply that by 10
4 0
2 years ago
Read 2 more answers
DIP LLC reports ordinary income (before guaranteed payments) of $120,000, rent expense of $40,000, and interest income of $4,000
ahrayia [7]

Answer:

$24,000 ordinary income

$1,600 interest income

$20,000 guaranteed payment.

Explanation:

Calculation for what how much income will Percy report for the year and what is its character

Calculation for Percy Ordinary income: 120,000 - 40,000 - 20,000

= 60,000 x 40%

= 24,000.

Calculation for Percy Interest income:

4,000 x 40%

= 1,600

Guaranteed Payment: 20,000

Therefore what Percy will report will be: $24,000 ordinary income

$1,600 interest income

$20,000 guaranteed payment.

7 0
2 years ago
In 2010, the general social survey had a question which asked respondents if they were willing to pay higher prices to help the
Sergio039 [100]

Answer: Both ‘8.2%’ and ’14.6%’ are descriptive statistics.

Descriptive statistics summarize and describe the features of the data in a study or survey numerically.

In this question, the information just tells us the percentage of people who had a particular opinion for a given question. Hence these percentages describe the data.


3 0
2 years ago
Suppose it is 1810. what advice would you give tecumseh to help him be more successful in his goals than he actually was?
Mashutka [201]
I would probably urge him to engage in guerrilla warfare to be more successful in his military campaigns against the American troops and to fortify his new town Prophetstown to be better prepared against attack by American forces .
7 0
2 years ago
Other questions:
  • A company manufacturing shirts for a department store decides to create a new style of cotton shirt. The company would most like
    11·2 answers
  • Faris currently has a capital structure of 40 percent debt and 60 percent equity, but is considering a new product that will be
    9·1 answer
  • Apple is an established firm that encourages and emphasizes entrepreneurial behavior throughout its various divisions. Apple pra
    10·1 answer
  • Tom Owens has made a presentation to his prospect, Zero Enterprises. No matter how he has tried to move the call forward, he has
    9·1 answer
  • Friar Corp. sells two products. Product A sells for $100 per unit, and has unit variable costs of $60. Product B sells for $70 p
    15·2 answers
  • Jorge Cabrera paid $980 for a 15-year bond 10 years ago. The bond pays a coupon of 10 percent semiannually. Today, the bond is p
    14·1 answer
  • Delray Manufacturing needs to better budget and analyze costs. While Delray has experienced high sales growth, it has struggled
    12·1 answer
  • Southern pine lumber is visually inspected and placed into categories like "Select Structural," "No. 1," and "No. 2." These cate
    13·1 answer
  • The management of Unter Corporation, an architectural design firm, is considering an investment with the following cash flows: Y
    6·2 answers
  • If the stock market was perfectly, efficient, which of the following would be true?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!