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2 years ago

Which 3 statements are true about journal entries? (Select all that apply)

Business

1 answer:

zhenek [66]2 years ago

5 0

Answer: • Total debit must equal Total credits.

• When posting to the accounts receivables, you must specify a customer

• You can post to multiple accounts receivables and/or accounts payable accounts in the same journal entry.

Explanation:

Journal entry is a record containing the transactions made by a company and these transactions are normally grouped in the debit and the credit side.

The statements that are true about a journal entry are that:

• Total debit must equal Total credits.

• When posting to the accounts receivables, you must specify a customer.

• You can post to multiple accounts receivables and/or accounts payable accounts in the same journal entry.

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GREYUIT [131]

Answer:

Allocated MOH= $158,000

Explanation:

Giving the following information:

The standard direct labor quantity is 4 hours per lamp, and the company produced 9,800 lamps in January. This required 39,500 direct labor hours.

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 4*39,500= $158,000

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2 years ago

Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation da

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Answer:

B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500

Explanation:

Lets consider all the other options to eliminate them from our choice

Option A: The entry provided debits the vacation benefits expenses and credits the prepaid vacation benefits. The liability for the vacation credit earned by the employees during the month needs to be recorded so this is not an adjustment of an advance vacation benefit.

Option C: The required entry has nothing to do with taxes so not relevant.

Option D: The entry is to record the liability for vacations earned by the employees so an expenses has to be recorded.

Option E: The option reduces the liability and reduces the expenses which is against the requirement of the question

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2 years ago

2. Jill would like to plan for her son’s college education. She would like for her son, who was born today, to attend college fo

Semmy [17]

Answer:

$4,531.50

Explanation:

first we must determine the cost of tuition in 18 years (2038):

$12,000 x (1 + 6%)¹⁸ = $34,252 per year

to calculate the total value of college tuition (5 years) in 2038 we can use the annuity due factor (6% and 5 years) 4.4651:

total college tuition = $34,252 x 4.4651 = $152,939

this means that Jill needs to have $152,939 for the moment her son starts college:

we have to calculate the payment:

to calculate the future value of an annuity (since she starts to save at end of the year, it is an ordinary annuity, not annuity due) we use the following formula:

future value = payment x ordinary annuity factor (8% and 17 years)

we know future value ($152,939) and the annuity factor = 33.7502

payment = future value / annuity factor

payment = $152,939 / 33.7502 = $4,531.50

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2 years ago

The company that Layton owns, the Music Box, is a family-owned company that has been in business for more than 100 years. Layton

Lisa [10]

Answer:

economic responsibility.

Explanation:

Layton has decided to donate a portion if his business Music Box earning's to a charity every year. His action of making donation decision is of economic responsibility. The decision is made to help out community in a good faith and is considered as social responsibility as Layton does not have any legal responsibility to make charity but still he decides to serve the society through his business earnings.

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2 years ago

Phil Frugal has been saving his pennies since he was 5 years old. He is now 45 and deposits his savings in a bank. His pennies t

marusya05 [52]

To calculate the values of reserves, required reserves, and excess reserves, while assuming a required reserve ratio of 10%, we have the required reserves to be $500.

This is because based on the assumed reserve ratio and the knowledge of the banking system, the required reserves is calculated as below.

Required Reserves: $5,000 × 0.10= $500.

Also, the calculated amount for the excess is: $4,500.

Where Required Excess: $5,000 - $500 = $4,500

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Hence, in this case, it is concluded that the Required is $500, while the Excess is $4,500 and the Reserves is $5,000.

Learn more here: brainly.com/question/12988722

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