When indirect labor is performed in the factory, the following journal entry is made:
a. Debit Wages Expense, credit Factory Overhead.
b. Debit Wages Payable, credit Factory Overhead.
c. Debit Factory Overhead, credit Wages Payable.
d. Debit Factory Overhead, credit Accounts Payable.
e. Debit Work in Process Inventory, credit Wages Payable.
c
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Which of the following is true of survey research?
A) It is the most widely used method for gathering primary data. B) It is the most suitable method for establishing causal relationships. C) It is the best method to use when people are unwilling to answer questions. D) It is not suitable for collecting data for descriptive research. E) It is inflexible and cannot be used in many different situations.
A chart of accounts is
A) the same as a balance sheet B) usually a listing of accounts in alphabetical order C) usually a listing of accounts in financial statement order D) used in place of a ledger
The Dayton Corporation began the current year with a retained earnings balance of $25,000. During the year, the company corrected an error made in the prior year, which was a failure to record depreciation expense of $3,000 on equipment. Also, during the current year, the company earned net income of $12,000 and declared cash dividends of $5,000. Compute the year end retained earnings balance
A) $29,000 B) $35,000 C) $39,000 D) $45,000
Suppliers to business markets often
A. have to agree to contracts that allow for changes in the purchase arrangements. B. must manage inventory and delivery carefully, to provide customers with just-in-time delivery. C. serve as technical consultants to their customers. D. provide information about industry trends. E. All these answers are correct.