Which of the following is provided in a typical chart of accounts?
A) Account balance
B) Account number
C) Dates of transactions
D) Transaction amounts
B
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The depositor who orders the bank to pay a certain amount of money is known as the payee
Indicate whether the statement is true or false
The adjusting entry to record the salaries earned due to employees for services provided but unpaid at the end of the accounting period affects the accounts in which of the following ways?
A. Debit Salaries Expense and credit Salaries Payable. B. Debit Accrued Salaries and credit Salaries Payable. C. Debit Salaries Payable and credit Salaries Expense. D. Debit Salaries Expense and credit Cash. E. Debit Cash and credit Salaries Expense.
Two companies produce different proprietary versions of the same product. The two versions are very alike in quality and effectiveness, but the product from the company with a strong reputation for ethical performance costs slightly more. Given statistical research findings, what will most Americans who want this type of product do assuming they are familiar with the two companies?
a. Base their purchase on convenience and disregard ethical reputation. b. Base their purchase not on ethics or price but solely on user reviews. c. Pay the higher price for the product from the ethical company. d. Pay the lower price for the product from the company with no reputation for ethics.
Leak Enterprises LLC recorded the following transactions for the just completed month. The company had no beginning inventories. (1) Raw materials purchased for cash, $96,000
(2) Direct materials requisitioned for use in production, $69,000 (3) Indirect materials requisitioned for use in production, $22,000 (4) Direct labor wages incurred and paid, $129,000 (5) Indirect labor wages incurred and paid, $16,000 (6) Additional manufacturing overhead costs incurred and paid, $121,000 (7) Manufacturing overhead costs applied to jobs, $163,000 (8) All of the jobs in process were completed. (9) All of the completed jobs were shipped to customers. (10) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold. Use the following T-accounts to answer the following questions. Cash Raw Materials Work In Process Finished Goods Manufacturing Overhead Cost of Goods Sold The ending balance in the Raw Materials account is closest to: A. $74,000 B. $5,000 C. $22,000 D. $27,000