Answer: Blast would debit the product warranty expense with $3,250
Explanation: The cost of repair under warranty is 10% of salea price. The sales price per unit is $50 of which 650 CDs were sold.
Therefore the product warranty expense will be (10% * ($50 * 650 CDs)) = $3,250.
Answer:
E) General journal
Explanation:
The general journal is used to record all the accounting transactions carried out by a company. If the company uses an accounting tool software or a more complete ERP software, the transaction should be recorded immediately or as soon as possible.
For example, the journal record for this transaction should be:
- Dr Accounts Payable account 6,000
- Cr Cash account 6,000
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Answer:
Explanation:
The journal entry is shown below:
Land A/c Dr $470,500
Land Improvement A/c Dr $87,800
Building A/c Dr $1,452,200
To Cash A/c $2,010,500
(Being these costs are recorded)
The computation of the land is shown below:
= Purchase cost of new plant + tear down cost + fill and level the lot cost
= $390,000 + $33,500 + $47,000
= $470,500
