What is the main hazard of liquid fuel tools

Panther Company's bookkeeper debited supplies expense for the cost of goods sold during that month. The bookkeeper discovered th

MakcuM [25]

Answer:

Cost of Goods Sold Dr.

To Supplies Expense

Explanation:

The journal entry for cost of goods sold should've been:

Cost of goods sold A/C Dr.

To Purchases A/C

(Being cost of goods sold expense recorded)

The wrong entry passed has been:

Supplies expenses A/C Dr.

To Purchases A/C

The rectifying (correcting) journal entry should be:

Cost of Goods Sold A/c Dr.

To Supplies Expenses A/C

(Being rectification entry for cost of goods sold recorded)

Cost of goods sold is an expense and expenses should be debited.

At the same time, purchase being a nominal account, crediting it would reduce the purchases balance.

Supplies expense was wrongly debited so it has been credited to cancel out the effect.

7 0

2 years ago

During the current month, Ringling Company incurs the following manufacturing costs:

melisa1 [442]

Answer:

Part a

Debit : Raw material $4,200

Credit : Accounts Payable $4,200

Part b

Debit : Salaries $18,000

Credit : Salaries Payable $18,000

Part c

Debit : Factory utilities $2,200

Debit : Factory Insurance $1,800

Debit : Depreciation $3,500

Credit : Overheads $7,500

Explanation:

The journal entries for each type of manufacturing cost have been prepared above.

7 0

2 years ago

Describe the different forms of wholesaling

Zepler [3.9K]

Explanation:

The wholesalers can have different forms depending upon the volume of business, number of products/services dealt with, etc. the wholesalers have the ability to influence the producers and the retailers.

If the wholesalers are large, their businesses are important and they can put more pressure on the producers and the retailers. They can introduce their own brands or sell private brands and get the pricing freedom.Some of the types of wholesalers are:-

1. Manufacturer Wholesalers 2. Retail Wholesalers 3. Pure Wholesalers 4. Agents and Brokers 5. Assemblers 6. Merchant Wholesalers 7. General Merchandise Wholesalers

8. General Line Wholesalers 9. Speciality Wholesalers 10. Local Wholesalers 11. Regional or Sectional Wholesalers 12. National Wholesalers 13. International Wholesalers 14. Limited Function Wholesalers and a Few Others.

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7 0

2 years ago

Imagine you are a manager at in organization where there are lots of hindrance stressors. What actions would you take to help en

Daniel [21]

Answer:

Explanation: Problem-focused coping targets the causes of stress in practical ways which tackles the problem or stressful situation that is causing stress, consequently directly reducing the stress. Problem focused strategies aim to remove or reduce the cause of the stressor, including: Problem-solving. Time-management.Stress arises when individuals perceive a discrepancy between the physical or psychological demands of a situation and the resources of his or her biological, psychological or social systems . There are many ways of coping with stress. Their effectiveness depends on the type of stressor, the particular individual, and the circumstances. For example, if you think about the way your friends deal with stressors like exams, you will see a range of different coping responses. Some people will pace around or tell you how worried they are, others will revise, or pester their teachers for clues. Problem-focused coping is that kind of coping aimed at resolving the stressful situation or event or altering the source of the stress. Coping strategies that can be considered to be problem-focused include (but are not limited to) taking control of the stress (e.g., problem solving or removing the source of the stress), seeking information or assistance in handling the situation, and removing oneself from the stressful situation.

6 0

3 years ago

In its first year of operations, Cloudbox has credit sales of $200,000. Its year-end balance in accounts receivable is $10,000,

bulgar [2K]

Answer:

Cloudbox

a) Year-end adjusting entry to estimate bad debts expense:

Debit Bad Debts Expense $1,500

Credit Allowance for Uncollectible accounts $1,500

To record the uncollectible allowance.

b) Current Assets Section of the Balance Sheet:

Cash $14,000

Accounts receivable (net) 8,500

Inventory 22,000

Prepaid Rent 3,000

Total current assets $47,500

Explanation:

a) Data and Calculations:

Credit sales = $200,000

Accounts receivable ending balance = $10,000

Estimated uncollectible accounts = $1,500

Cash $14,000

Accounts receivable (net) $8,500 ($10,000 -$1,500)

Inventory $22,000

Prepaid Rent $3,000

6 0

1 year ago