This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If the physical count of inventory is more than the amount on the accounting records, what account ... (Read 186 times)

beccaep

  • Hero Member
  • *****
  • Posts: 535
on: Jul 6, 2018
If the physical count of inventory is more than the amount on the accounting records, what account is debited?
 a. Merchandise Inventory
   b. Cost of Goods Sold
   c. Sales
   d. Misc. Expense

Question 2

Assume that General Fund employees accrued 125,000 of compensated absences liability during the year.
 
  Compensated absences liability, which is considered to be a long-term liability, decreased 30,000 from the beginning of the year to the end of the year. The fund also actually paid 550,000 in salaries and wages during the year. At the end of the fiscal year, salaries and wages payable was 12,000 . The General Fund would report salaries and wages expenditures for the year of
  A. 532,000.
  B. 550,000.
  C. 562,000.
  D. 592,000.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jordangronback

  • Sr. Member
  • ****
  • Posts: 339
Reply #1 on: Jul 6, 2018
Answer to Question 1

a

Answer to Question 2

A


beccaep

  • Hero Member
  • *****
  • Posts: 535
Reply #2 on: Jul 6, 2018
Correct answers!


jordangronback

  • Sr. Member
  • ****
  • Posts: 339
Reply #3 on: Jul 6, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Did you know?

Parkinson's disease is both chronic and progressive. This means that it persists over a long period of time and that its symptoms grow worse over time.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

The Physical Structure of the Geosphere The Physical Structure of the Geosphere
How Orbital Eccentricity Changes the Amount of Solar Radiation Earth Receives How Orbital Eccentricity Changes the Amount of Solar Radiation Earth Receives
El Greco, The Burial of Count Orgaz. El Greco, The Burial of Count Orgaz.
For a differential white blood cell count, (A) the slide is examined under oil immersion. (B) Cells ... For a differential white blood cell count, (A) the slide is examined under oil immersion. (B) Cells ...
A Successful Physical Fitness Program Uses FITT Principles A Successful Physical Fitness Program Uses FITT Principles
Measurement and Evaluation in Physical Education and Exercise Science Measurement and Evaluation in Physical Education and Exercise Science
Video: Stroke volume

For a complete list of videos, visit our video library