Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. DR Interest expense $2640; CR Interest payable $2640. b. DR Interest expense $220; CR Interest payable $220 c. DR Interest expense $660; CR Interest
a. DR Interest expense $2640; CR Interest payable $2640. b. DR Interest expense $220; CR Interest payable $220 c. DR Interest expense $660; CR Interest payable $660 d. DR Promissory note payable $2640; CR Cash $2640. QUESTION 7 a. DR Wages expense $4,100; CR Wages payable $4,100. b. DR Wages expense $8,200; CR Wages payable $8,200. d. DR Wages expense $20,500; CR Wages payable $20,500 QUESTION 8 a. DR Supplies expense $1,540; CR Supplies $1,540. d.DR Supplies expense $1,715; CR Supples $1,715. QUESTION 9 Assuming Crafty Colin uses the periodic inventory system and the first-in-first-out (FIFO) inventory method, what is the value of the cost of sales for the month of March 2023 (rounded to the nearest whole dollar)? a. $311,650 b. $315,700 0 d. $313,687 QUESTION 10 Assuming Crafty Colin uses the periodic inventory system and the last-in-first-out (LIFO) inventory method, what is the value of ending inventory at the end of March 2023 (rounded to the nearest whole dollar)? a. $89,700 b. $93,600 d. $91,638
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started