Reconstruct adjusting and closing entries for the month ended September 30 from the T-accounts below. Prepaid Insurance Accounts Receivable Unearned Revenues
1,350 1,250 1,050
130 275 235
1,220 1,525 815
Wages Payable
385
385

Diane Lin, Capital Diane Lin, Drawing Income Summary Fees Earned
7,000 2,400 5,510 5,000
580 2,400 6,090 275
2,400 0 580 235
4,020 0 5,510 0
Wages Expense Rent Expense Insurance Expense Utilities Expense
3,600 1,880 130 95
385 1,880 130 95
3,985 0 0 0
0

You are at a holiday dinner with your family. your relative makes the argument that the u. s. economy is resurgent and has recovered from the great recession of 2007 – 2009. economic growth, as measured by gdp, has been increasing from one quarter to the next. you beg to differ. how would you structure your argument with your relative? hint: you should think about two things, the accuracy of gdp measures, and whether gdp should be considered a comprehensive measure of a countries well-being.

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.

Which of the following best explains why online retail companies have an advantage over regular stores? a. their employees make less money because they mostly perform unskilled tasks. b. they are able to keep distribution costs low by negotiating deals with shipping companies. c. their transactions require expensive state-of-the-art technological devices. d. they have a larger number of potential customers because people anywhere can buy from them.