A company has the following products in its ending inventory…

A company has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately to each product Product Quantity Cost per Unit Market per Unit Product A 10 $ 736 $ 706 Product B 15 $ 536 $ 576 Product C 20 $ 686 $ 711

On December 31 of the current year, the unadjusted trial bal…

On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $97,300; Allowance for Doubtful Accounts, credit balance of $971. What amount should be debited to Bad Debts Expense, assuming 4% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible?

Spencer Company has a $250 petty cash fund. At the end of th…

Spencer Company has a $250 petty cash fund. At the end of the first month the accumulated receipts represent $48 for delivery expenses, $147 for merchandise inventory, and $17 for miscellaneous expenses. The fund has a balance of $38. The journal entry to record the reimbursement of the account includes a: