Accounting for N. Klein and Company
Not what you're looking for?
N. Klein & Company had the following transactions in June. Using the matching concept, decide which of these transactions represented expenses for June
a. Received orders for goods with prices totaling $25,000.00; Goods to be delivered in July
b. Paid Office staff $9,750.00 for work performed in June
c. Products in Inventory costing $1,725 were found to be obsolete
d. Sold goods with a cost of $25,000.00 in June
e. Paid $750.00 for radio and advertising in June
f. Purchased additional Inventory for $27,000.00.
Answer Transactions b, c, d, e.
Purchase this Solution
Solution Summary
The solution discusses accounting for N.Klein and company.
Solution Preview
Answer to your questions is provided in a separate word document attached. It is also produced herewith for your ready reference.
1 Answers:
(B Salary paid to office staff is to be recognized as expense in the current period as expenses incurred in current month relating to revenues earned i.e. work performed should be recorded as per matching concept.
© Products in Inventory costing $1,725 were found to be obsolete should be recognized and recorded as expenses (loss)on the ...
Purchase this Solution
Free BrainMass Quizzes
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.