Question
In: Accounting
14. In the Excel, or spreadsheet, approach to recording financial transactions, if manufacturing overhead is underapplied...
14. In the Excel, or spreadsheet, approach to recording financial transactions, if manufacturing overhead is underapplied by X dollars, the Manufacturing Overhead account is closed out by deducting X dollars in the Manufacturing Overhead column and deducting X dollars in the Retained Earnings column.
True or false
16. In the Excel, or spreadsheet, approach to recording financial transactions, expired insurance coverage on factory equipment is recorded as a decrease in the Prepaid Insurance column and as a decrease in the Retained Earnings column.
True or False
Solutions
Expert Solution
| 14. In the Excel, or spreadsheet, approach to recording financial transactions, if manufacturing overhead is underapplied by X dollars, the Manufacturing Overhead account is closed out by deducting X dollars in the Manufacturing Overhead column and deducting X dollars in the Retained Earnings column. |
| True |
| The journal entry will be |
| Debit Cost of Goods sold |
| Credit Manufacturing Overhead a/c |
| So, Mfg. OH a/c is reduced & Retained earnings is reduced as COGS increases. |
| 16. In the Excel, or spreadsheet, approach to recording financial transactions, expired insurance coverage on factory equipment is recorded as a decrease in the Prepaid Insurance column and as a decrease in the Retained Earnings column. |
| True |
| The journal entry will be |
| Debit Insurance expense |
| Credit Prepaid Insurance |
| So, Prepaid insurance is reduced & Retained earnings is reduced as Insurance expense increases. |
ekkarill92 answered 1 year agoRelated Solutions
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