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Problem 1: On August 1, supplies were purchased. Supplies were debited and Accounts Payable credited for $2,500. $700 of these supplies were on hand at the end of August. The entry to adjust the supplies account as of August 31:
a) requires a debit to Supplies for $700.
b) requires a credit to Supplies for $1,800.
c) requires a debit to Supplies for $2,200.
d) requires a credit to Accounts Payable for $1,500.
Record any required adjustments from the bank reconciliation in the Cash at bank account. Total and balance the account
Determine How much cash collerted from customers during year. Philip Corp reported credit sales of $240,000 and write-offs of bad debts of $57,000.
Calculation of cost per equivalent units - What is the cost per equivalent unit for direct labor
The reconciled cash balance from June's bank reconciliation is $20,320. Prepare the necessary journal entries required on July 31 for Cullumber.
$675 worth of supplies on hand. Supplies had a beginning balance of $615. The company had purchased $633 worth of supplies during the month.
Calculate amount of accounts receivable in the balance sheet of Starlight Inc. before and after write-off of uncollectible accounts as at December 31, 2017.
The partnership paid $3,000 in interest that was the amount owed for the year and paid $8,000 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta.
The bonds pay interest semiannually. If these bonds are the only debt outstanding for the firm. What is the current YTM of the bonds?
Assume sales on account are collected in the month following the sale. Compute cash receipts for June and July. Show your work here.
The Aspen Ridge limited partnership was formed on April 1, 2009, by Mark Sullivan, its general partner, and two other limited partners when they each contributed an equal amount of cash to start the new enterprise
Specialty spark plugs are selling for an average price of $20 and are expected to cost $8 to manufacture with the new equipment. Indirect costs are expected to remain the similar.
Mega Corp. declared a $50,000 cash dividend, Would Mega Corp's liabilities increase, decrease, or remain unchanged on each listed date?
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