Answer:
Journal Entries
1) Debit Salaries Expense $6,667 Credit Bank $6,667
2) Debit Fuel and Maintenance expense $600, Credit Bank $600
3) Debit Depreciation Expense $amount Credit Accumulated depreciation $amount
4) Debit Insurance Expense $amount Credit Bank $amount
5) Debit Benefit Expense $amount Credit Accrued Benefit Expense $amount
6) Debit Accounts Receivable ( total of all trips) $amount Credit Service Revenue $amount
Explanation:
The Question is incomplete but i will do the typical journal entries to the transactions without figures.
1) The salaries are for one month and in brackets there is a $80,000*1/12 calculation meaning the $80,000 is for the year, now if it was already recorded then we debit salaries payable $6,667 credit bank $6,667
4) Insurance expense is debited if it is paid as it is incurred but if it has an Prepaid insurance account then we credit the Prepaid insurance account instead of Bank.
Answer:
C. Product A has more elastic demand than product B.
Explanation:
The graph plotted above shows the quantity demanded for 2 products in relation to their prices.
Looking at the graph, we visually conclude that product A is more responsive to a change in price, compared to how responsive product B is to a change in price.
Invariably, a change in the price of commodity A causes a greater change in the quantity demanded, compared to a change in quantity demanded for product B, with almost the same change in price.
Option C is the answer.
Answer:
Line
Explanation:.In these type of organizations, a supervisor exercises direct supervision over a subordinate. Also, authority comes from the top-most person in the organization to the lowest ranked worker in these organizations.
Answer:
$2040
Explanation:
FIFO under the perpetual inventory system is one in which the sale or purchase of inventory is immediately updated in the inventory account such that the true position of inventory available per time is known.
FIFO is first in first out which means that inventory purchased first are sold first.
Given;
Units Unit Cost Total Cost Units Sold
Beginning Inventory 30 $28 $ 840
Sale No. 1 20
Purchase No. 1 50 $40 $2,000
Sale No. 2 40
Purchase No. 2 20 $44 $880
Totals 100 $3,720 60
Cost of goods sold = $28 * 20 + $28 * 10 + $40 * 30
= $560 + $280 + $1200
= $2040
Answer:
A. Bad Debt expenses is increased
Explanation:
The answer above won't occur because under the allowance method, if a customer's receivables is flagged as uncollectible, it is usually written off by deducting the amount from the total receivables. This entry to write off a bad debt will only have effects on the statement of financial position. The entries will be:
Debit: Allowance for doubtful debts account
Credit: Total receivables
No loss will be reported in the income statement because we have previously made a provision for it in bad debts.
