Question 2 MBI Corp. started the month with $130 of supplies on hand. During the month, the company purchased another $138 worth of supplies. At the end of the month, $100 worth of supplies were left on hand. What amount should MBI Corp. shows as SUPPLIES EXPENSE in their income statement for the month? Enter your response as a whole number, no commas, no dollar signs. Your Answer:

Question 2 MBI Corp. started the month with $130 of supplies on hand. During the month, the company purchased another $138 worth of supplies. At the end of the month, $100 worth of supplies were left on hand. What amount should MBI Corp. shows as SUPPLIES EXPENSE in their income statement for the month? Enter your response as a whole number, no commas, no dollar signs. Your Answer:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 3TP: If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on...

See similar textbooks

Similar questions

Suppose your company sells services for $325 cash this month. Your company also pays $100 in salaries and wages, which includes $15 that was payable at the end of the previous month and $85 for salaries and wages of this month. prepare journal entries a) Record the service revenue of $325 for cash. b) Record the salaries and wages paid of $100.
View the data below and then answer the question below: Company Name: WaitRose Sales - $2,100 (20% cash, 80% credit) Inventory - $750 Depreciation - $1,500 Plant & Equipment - $2,000 Accounts Receivable - $225 Notes Payable - $165 Question: What is the average collection period for the year for Waitrose? (show your work and explain)
As of the beginning of the quarter, Callahan's had a cash balance of $710. During the quarter, the company collected $1,860 from customers and paid suppliers $1,520. The company also paid a loan payment of $320 and a tax payment of $510. What is Callahan's cash balance at the end of the quarter? Multiple Choice O O $290 $110 $220 $90 $150
A company collects $50,000 from customers for the year. Accounts Receivable at the beginning of the year is $5,000, and Accounts Receivable at the end of the year is $15,000. What is sales revenue for the year? O $65,000 $60,000 $40,000 $55,000
Question 5. The following transactions were carried out by Columbia Outfitting. Columbia has a December 31 year-end. You can round off interest to the nearest full month. July 31: Brookside Co. repaid their overdue account receivable by issuing us a $3,000, three-month, 6% note. August 31: Abbey Ltd. purchased merchandise for $4,500 and signed a 6 month, 8% note in payment. Our cost for the merchandise was $3,200. September 30: Cage Co. borrowed $8,000 cash from us and issued us a six-month, 8% note. October 31: Brookside repaid their note plus interest. December 31: Journalized the year-end interest adjustment for the Abbey Ltd. note. December 31: Journalized the year-end interest adjustment for the Cage Co. note. February 28: Abbey repaid their note plus interest. March 31. Cage Co. repaid their note plus interest. Instructions Journalize the above transactions.
The Accounts Receivable account has a beginning balance of $24,000 and the company provdes serices of $60,000 on account during the month. The ending balance was $18,00o. How much did the company receive from customers during the month? O $6,000. O $66,000. O $102,000. $54,000. • Previous MacBoc
The Accounts Recelvable account has a beglnning balance of $24.000 and the company des e $60,000 on account during the month. The ending balance was $18.000 How much did the company receive from customers during the montht O $6,000. O $66,000. O $102,000. O $54,000.
Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues.
The company Young Furniture" has the following business transactions in the year 01. Always assume the standard VAT rate of 19% The business year is the same as the calendar year. Form the posting records for the following business transactions. 1. The company buys a company car worth € 65.000 (net) on credit. 2 The company pays its outstanding invoice of € 2.380 by bank transfer. 3 The company buys raw material with the value of € 11.900 (gross amount). Payment is made directly by bank. 4 The company returns unusable merchandise due to defects to the supplier and receives a price reduction of € 500 (net). The purchase of the merchandise on credit was already booked. 5. The company buys merchandise with a value of 30.000 € (net) on credit and receives a rebate by the supplier of 15%.
can uou help wit the worksheet in the picture wit the given information The fiscal period is one month. Merchandise Inventory at November 30 is $265 000. Supplies on hand November 30 are valued at $11 400. Equipment depreciation is 25 percent per year, using the declining-balance method. Round off the depreciation to the nearest dollar. $450 interest is owed on the bank loan. $1300 is owed to employees.
Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine When Seacoast Magazine should record revenue for this situation. The amount of revenue Seacoast Magazine should record for eight issues.
a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…