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
omeli
2 months ago
14

Austin Company pays daily wages of $645 (Monday - Friday). Paydays are every other Friday. Prepare the Monday, January 31 adjust

ing entry, assuming that the previous payday was Friday, January 21. b. Prepare the journal entry to record the Austin Company’s payroll on Friday, February 4. c. Annual depreciation expense on the company’s fixed assets is $39,600. Prepare the adjusting entry to recognize depreciation for the month of January. d. The company’s office supplies account shows a debit balance of $3,755. A count of office supplies on hand on January 31 shows $635 worth of supplies on hand. Prepare the January 31 adjusting entry for Office Supplies.
Business
1 answer:
Mariulka [3.8K]2 months ago
4 0

Answer:

Explanation:

The adjusting entries are detailed below:

1. Debit Wages Expense A/c $2,580 ($645 × 4 days)

         Credit Wages Payable A/c           $2,580

(Recording the adjustment for wages)

2. Debit Depreciation expense A/c $39,600

          Credit Accumulated depreciation        $39,600

(Recording the adjustment for depreciation expense)

3. Debit Office supplies expense A/c $3,120 ($3,755 - $635)

           Credit Office supplies A/c                        $3,120

(Recording the adjustment for office supplies)

You might be interested in
As smartphone cameras improved, consumers turned away from traditional cameras. Polaroid lost market share and finally realized
Nady [3600]

Answer:

Dog

Explanation:

Dog products are categorized as those that currently possess a low market share along with minimal expected future growth. These products do not yield sufficient cash flow but require significant capital investments that could otherwise support cash cows or star products for better returns. Polaroid has seen a decline in its market share and is no longer in demand, indicating no predicted future growth. Thus, it is classified as a Dog product within the BCG Matrix.

8 0
2 months ago
A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise to a customer on credit terms of 3/10
Free_Kalibri [3773]

Response:

Details:

The journal entry for the payment received on April 13 from a customer is recorded as:

Date Account title and explanation Ref Debit Credit

Apr-13 Cash ($5000 - $150)                  $4,850  

         Sales discount ($5000* 3%)      $150  

                    Accounts receivable

                                                                            $5000

(To document the payment received from the customer after discount    

7 0
2 months ago
Hugh akston took out a 30 year mortgage with an ear of​ 5.9%. if hugh borrowed​ $300,000 to buy his​ home, then his monthly paym
soldi70 [3635]
The formula for calculating the present value of an ordinary annuity is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
With the present value set at 300000
PMT is the amount for monthly payments?
R is the interest rate at 0.059
K indicates monthly compounding, which is 12 as payments are made monthly
N represents the time period of 30 years
To derive the formula for PMT
PMT=pv÷ [(1-(1+r/k)^(-kn))÷(r/k)]
PMT=300,000÷((1−(1+0.059÷12)^(
−12×30))÷(0.059÷12))
=1,779.41
7 0
1 month ago
Read 2 more answers
Other questions:
  • Based on the lesson and your research, how would you fund a four-year college degree? In two to three sentences, explain your ch
    14·3 answers
  • A movie theater substantially decreases the price of its soda during the same week that a heavily advertised new movie is being
    13·1 answer
  • : A Notary Signing Agent decides to expand his business by offering new services. With respect to advertising, the NSA should av
    6·1 answer
  • Ingraham Inc. currently has $205,000 in accounts receivable, and its days sales outstanding (DSO) is 71 days. It wants to reduce
    14·1 answer
  • Flow Company has provided the following information for the year ended December 31, 2019:
    14·1 answer
  • At the end of Year 1, Swanson Corporation has $650,000 in current assets and $500,000 in current liabilities. During Year 2, the
    10·1 answer
  • A store open 24 hours per day is interested in determining store traffic. It found that customers arrive uniformly at the rate o
    13·1 answer
  • Azure Inc. assigns $4,000,000 of its accounts receivables as collateral for a $3 million loan with a bank. The bank assesses a 3
    11·1 answer
  • What would happen to the equilibrium price and quantity of lattés if coffee shops began using a machine that reduced the amount
    11·1 answer
  • Peanut Company acquired 90 percent of Snoopy Company's outstanding common stock for $270,000 on January 1, 20X8, when the book v
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!