Prepare the year end entry in journal form

Assignment Help Accounting Basics
Reference no: EM13839000

The supplies account began the year with a balance of $380. During the year supplies in the amount of $980 were purchased. At the end of the year(Dec 31) the inventory of supplies on hand was $440. Prepare the year-end entry in journal form to record the adjustment for supplies expense for the year. 

Reference no: EM13839000

Questions Cloud

Compute the simple rate of return : Compute the simple rate of return on the new automated bottling machine. Use straight-line depreciation method.
For repayment schedule : For a repayment schedule that starts at EOY three at $Z and proceeds for years 3 through 8 at $2Z, $3Z,..., what is the value of Z if the principal of this loan is $10,200 and the interest rate is 9% per year? Use a uniform gradient amount (G) in you..
Forty years ago, the price of a new volkswagen : Forty years ago, the price of a new Volkswagen was $5,000. (Actual price adjusted to simplify the calculation). The price of a new Volkswagen is $25,000 today. Basing your answer solely on the aforementioned prices, by what percent have prices increa..
Old equilibrium price and quantity and new equilibrium price : Clearly show on your graph the old equilibrium price and quantity and the new equilibrium price and quantity. Can you tell for certain whether the new equilibrium price will be higher or lower than the old equilibrium price?
Prepare the year end entry in journal form : The supplies account began the year with a balance of $380. During the year supplies in the amount of $980 were purchased. At the end of the year(Dec 31) the inventory of supplies on hand was $440. Prepare the year-end entry in journal form to record..
The cost of capital-marginal cost is equal marginal revenue : The cost of capital is. To produce where marginal cost is equal to marginal revenue is called
The internal rate of return for a project is : A piece of new equipment will cost $70,000. The equipment will provide a cost savings of $15,000 per year for ten years, after which it will have a $3,000 salvage value. If the required rate of return is 14%, the equipment's net present value is: (Ig..
Cost of macroeconomic and microeconomic events : Opportunity Cost of Macroeconomic and Microeconomic EventsThe market system cannot supply each person with an unlimited amount of resources, so choices must be made. Given the following events,
Rivalry is especial destructive to probability : Rivalry is especial destructive to probability if:

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  The undamaged chairs are sold to a retail chain for 70 each

yesterday the employees at stix produced 46 chairs. of the 46 chairs produced 12 were damaged due to a problem with a

  Expanding the size of direct sales

As vice president of sales for a rapidly growing company, you are grappling with the question of expanding the size of your direct sales force (from its current level of 60 national salespeople). You are considering hiring from 5 to 10 additional ..

  Problem related to reinvesting of investment

Assume ABC Company deposits $25,000 with First National Bank in an account earning interest at 6% per annum, compounded semi-annually. How much will ABC have in the account after five years if interest is reinvested?

  Amount of interest expense recorded annually

Garrison Company issued $500,000 bonds with a stated interest rate of 10% for $480,000 in 2009. The bonds pay interest annually and have a 10 year maturity. The amount of interest expense that should be recorded annually should be ?

  What value should cataldi report for the tvs

Under the lower of- cost-or-market basis of accounting for inventories, what value should Cataldi report for the TVs on the balance sheet? Why?

  The real risk-free rate of interest is 4 inflation is

the real risk-free rate of interest is 4. inflation is expected to be 2 this year and 4 during the next two years.

  Domer corporation is preparing to issue a relatively small

domer corporation is preparing to issue a relatively small amount of securities and does not want to go to the trouble

  On november 1 2013 ziegler products issued a 200000 9-month

on november 1 2013 ziegler products issued a 200000 9-month noninterest-bearing note to the bank. interest was

  How should southwestern report each of these three assets

southwestern corporation operates throughout texas buying and selling widgets. to expand into more profitable markets

  During april the production department of a process

during april the production department of a process manufacturing system completed a number of units of a product and

  Debbie is 24 years old and a dependent of her parents she

debbie is 24 years old and a dependent of her parents. she earns 4200 working part-time and receives 2200 interest on

  Compute the value of the 2010 and 2010 inventories using

arna inc. uses the dollar-value lifo method of computing its inventory. data for the past 3 years follow.year ended

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd