The application of overhead has resulted in a $5,600 credit balance in the Factory Overhead account, and this amount is not material. The entry to dispose of this remaining factory overhead balance is:
The Marina Corp. has applied overhead to jobs during the period as follows:
A) Debit Cost of Goods Sold $5,600; credit Factory Overhead $5,600.
B) Debit Factory Overhead $5,600; credit Cost of Goods Sold $5,600.
C) Debit Factory Overhead $5,600; credit Work in Process Inventory $5,600.
D) Debit Work in Process Inventory $5,600; credit Factory Overhead $5,600.
E) No entry is needed.
B) Debit Factory Overhead $5,600; credit Cost of Goods Sold $5,600.
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Why is it usually advantageous to not place key issues of a negotiation at the very beginning of the agenda?
A. It saves time as it becomes obvious that if an agreement can't be reached on the smaller issues then there is no point in discussing the key issues. B. It provides an opportunity to learn the other side's bargaining style and concession routines. C. By conceding most of the smaller issues in the beginning, the selling team creates a moral "debt," which the buying team is likely to have to repay by conceding on the key issues. D. It allows the team setting the agenda to wear down the other side, which will likely result in them agreeing to all the key issues proposed. E. It provides the sellers an advantage as the buyers lose interest toward the end of the session when the key issues are discussed.
An unsecured bond is called a
A) debenture bond. B) mortgage bond. C) registered bond. D) serial bond.
Assume that the $1,000, 90-day, 8 percent note was received on August 31 and that the fiscal year ended on September 30 . The adjusting entry that would be made to record the interest receivable is (amounts rounded to nearest dollar):
a. Interest receivable 7 Interest Income 7 b. Notes receivable 7 Interest Income 7 c. Accounts receivable 20 Cash 20 d. Interest income 20 Accounts receivable 20
Which of the following statements is not true about adjusting entries?
a. Adjusting entries must be both journalized and posted. b. Adjusting entries are normally supported by an explanation. c. Adjusting entries are dated as of the last day of the period. d. Omission of adjusting entries will have over- or understatement impacts on the income statement but not the balance sheet.