Profit is an example of a(n) collection of possible answers. A mission statement identifies a goal or objective.
A mission statement is a declaration of purpose that lists the aims and ambitions of a company, group, or person. It is a concise declaration of what the organization or individual intends to do and how it intends to do it.
It is typically used to communicate the overall purpose of the organization or individual to its stakeholders, such as employees, customers, and investors. The mission statement should provide a clear and concise explanation of the organization's purpose and should serve as a guide for decision-making.
A mission statement should also be regularly reviewed and updated to ensure that it remains relevant and up-to-date.
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t
ces
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct
materials):
Selling expenses
Purchases of raw materials
Direct labor
Administrative expenses
Manufacturing overhead applied to work in process
Actual manufacturing overhead cost
Inventory balances at the beginning and end of the year were as follows:
Ending
$ 32,000
$ 27,000
?
Raw materials
Work in process
Finished goods
Beginning
$ 51,000
?
$ 39,000
$ 214,000
$ 265,000
?
$ 152,000
$ 369,000
$ 354,000
The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000;
the unadjusted cost of goods sold totaled $663,000; and the net operating income was $31,000. The company's underapplied or
overapplied overhead is closed to Cost of Goods Sold.
Required:
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income
statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Answer:
what do u mean with the t ces??
Work in process, work in progress, goods in process, or in-process inventory refers to a company's partially finished goods waiting for completion and eventual sale, or the value of these items.
What is a Work in progress?A company's partially finished goods that are awaiting completion and ultimate sale are referred to as work in progress, goods in process, or even in inventory, or the worth of these items. WIP is a vital input for computing inventory on such a company's balance sheet and is utilized in supply chain management.
Production and supply-chain management terms for partially produced products that are awaiting finishing include "work-in-progress." Raw materials, labor, and overhead expenses expended on goods that are in various phases of manufacturing are referred to as WIP.
In British English, "work in progress" has always been favored. While work in progress is once again the preferred expression now, work in process was more common for a brief while in the 20th century in American English.
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based on the following cash transfer schedule, by how much will cash be overstated as a result of kiting?
How much will the amount of cash be inflated as a consequence of kiting, according to the GO TO ROGER money transfer schedule.
Because there is virtually no NEFT amount transmission cap imposed by the RBI, NEFT is frequently used to move money between bank accounts. This indicates that no set limit amount is necessary to complete a transaction using NEFT. A recipient in India may get cash payments of up to Rs. 50,000. Any transfer that is greater than Rs. 50,000 must be made wholly by account payee check, demand draught, pay order, etc., or it must be credited immediately to a beneficiary's bank account. You are permitted to transfer amounting to Inr. 50,000 in cash per transaction. Additionally, there is no cap on the total sum that can be transferred.
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the price of a video game console decreases, ceteris paribus. as a result, demand will and quantity demanded will . be constant; increase be constant; decrease increase; be constant decrease; be constant depend on its determinants; increase
Ceteris paribus, the cost of a video game console falls. Demand will consequently rise and remain constant, as will the quantity demanded.
The price of a good or service and the quantity of that good or service that buyers are willing and able to acquire are indirectly related, in accordance with the Law of Demand. In other words, if an item's price increases, people are less able and willing to buy it, and vice versa. The rule of demand often explains how consumers react to price fluctuations. Remember that pricing affects quantity rather than the other way around! A price change only causes a drop in the quantity sought.
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how does inventory carrying cost for inventory in transit differ from the cost of inventory at rest?
Such costs are not included in the carrying cost of inventory that is moving. - Tax on inventory level was included in the service cost for inventory that was at rest.
In contrast, the service cost for inventory that was in transit also included the cost of the inventory's insurance. Tax on inventory level was part of the service cost for inventory that was at rest. The cost of inventory insurance was included in the service cost for inventory that was in transit, however.
Compared to the cost of inventory at rest, the cost of inventory-in-transit depreciation is minimal. Since in-transit inventory does not depreciate much.
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How might you work to get your products into those new outlets? What are some strategies you might form?
As the outlet is defined as a store, Which sells slightly or damaged outdated goods, from a particular manufacturer. When the goods are made in greater quantity.
What are the goods?The term Goods are products and resources that satisfy people's needs and wants. A good can be a natural science object, a provided service, or some accumulation of the two. Just about anything is good if it supplies some kind of benefit to consumers.
As the outlet stores mainly, Sell goods that are in overstock, That were made in the past season there are mainly the outlets that mostly sell the products, There are some vendors also there which create familiar-looking items is there at a lower cost.
Therefore, As a result, The outlet is a place where the damaged goods are sold.
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new trade theory stresses that countries should have favorable factor endowments to excel in the production of a good. True/False?
The new trade theory emphasizes that for a country to thrive in the production of a good, it should have favorable factor endowments.
When a nation produces a good more effectively than any other nation, it has a clear advantage over all others.
Governments should control economic activity, encourage exports, and, if necessary, restrict imports in order to maintain an export surplus, according to mercantilist theory.
Naturally, not every country could have a surplus of exports, but mercantilists thought that this was the intended outcome and that prosperous countries would benefit at the expense of less prosperous ones.
According to mercantilist philosophy, a country should aim to maximize domestic employment by exporting finished commodities and importing raw resources.
The foundation of the philosophy of free trade is the law of comparative advantage .For many production parameters, the law of comparative advantage is also applicable.
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the front office, housekeeping, concierge, security, and communications all belong to which division? group of answer choices human resources food and beverage sales rooms
The front office, housekeeping, concierge, security, and communications all belong to the Rooms division in the hospitality industry. So, the correct option is D.
The Rooms division is responsible for the day-to-day operations of the guest rooms and public areas of a hotel or resort. This division is responsible for providing guests with a clean, comfortable, and safe place to stay, as well as assisting with their needs and requests.
The front office is the main point of contact for guests, and is responsible for check-in and check-out, room assignments, and billing. The housekeeping department is responsible for cleaning and maintaining the guest rooms.
The concierge provides guests with information and assistance, such as making restaurant reservations or arranging transportation. The security department is responsible for ensuring the safety and security of guests and employees.
The communications department is responsible for managing the hotel's telecommunications systems, such as phones and internet access. Together, these departments work to provide guests with an enjoyable and memorable experience, which is an important factor in their satisfaction and loyalty to the hotel or resort.
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Complete question is:
The front office, housekeeping, concierge, security, and communications all belong to which division?
a)Human resources
b) Food and beverage
c)Sales
d)Rooms
You invest $100 into a CD offering 5% APR with semi-annual compounding How much money will you have in the account after 1 year? 1 point
The money you'll have $105.25 in the account after a year.
The interest rate that is applied to a loan or other financial product over the course of a year, with interest compounded twice a year, is known as the Annual Percentage Rate (APR) with Semi-Annual Compounding.
It follows that the interest rate is determined twice a year, at the start and the end of the year, and that the interest is added to the loan's principal sum.
Since the interest rate is applied less frequently, the APR with semi-annual compounding is typically lower than the APR with annual compounding.
It gives a more accurate reflection of the loan's or investment's actual cost, this rate is frequently used to compare various loan or investment packages.
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over 200 billion dollars a year is spent in the sports industry. which area represents the largest percentage? advertising travel licensed goods facility construction
Over 200 billion dollars a year is spent in the sports industry. Advertising to spread information about matches, merchandise represents the largest percentage of funds.
The sport industry is one in which individuals, activities, businesses, and organisations are involved in generating, facilitating, marketing, or coordinating any sport-related activity, experience, or economic operation. It is a market where the companies or products given to customers are associated to sports and might be commodities, services, people, locations, or ideas.
The professional leagues are the most important sports sectors, around which the majority of the other industries in the athletic world revolve. Football, basketball, hockey, baseball, and soccer are the first five major American sports leagues on the list.
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racting is typically considered at what time horizon when doing capacity planning? multiple choice short-term medium-term long-term
The answer is medium term, subcontracting is typically considered at what time horizon when doing capacity planning medium term.
What does a contract mean in its simplest form?A contract is an agreement between two parties that imposes a duty on one party to carry out (or refrain from carrying out) a certain task. The following components, each of which is covered in further depth below, must be present for a contract to be legally binding. A proposal (I'll trim your lawn this Saturday in exchange for $40)
Why is it referred to as a contract?Prior to its legal significance, the word meant to assemble. The word "contract" first appeared in this sense in the early 1400s, and as a verb a little later. However, it wasn't until the early 1600s that we learned to consider a contract as a legally enforceable agreement containing terms and other details.
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a $300,000 bond was redeemed at 98 when the carrying amount of the bond was $292,000. the entry to record the redemption would include a
The entry to record the redemption would include a loss on bond redemption of $2,000.
We have given in the question,
Bond = $300,000
Redeemed at = 98
Carrying value of bond = $292,000
To find out,
entry to record the redemption would include
Solution,
we know here that the Redemption value is
Redemption value = bond × redeemed
Redemption value = $300,000 ×98%
Redemption value =$294,000 ................1
and here Carrying value is $292,000
so we paid the excess amount which is
paid excess amount = $294,000 - $292,000
paid excess amount = $2000
Therefore, The entry to record the redemption would include a loss on bond redemption of $2,000.
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the set of mechanisms and institutions that resolve the questions of what, how, and for whom goods are produced is called the: group of answer choices economic system. circular flow model. business resolution device. multiplier mechanism. automatic stabilizer mechanism.
The procedures and institutions that determine what, how, and for whom things are created make up the economic system.
A government or community can utilise an economic system as a tool to plan and distribute resources, services, and products across a region or country. Economic systems control the factors of production, including land, capital, labour, and natural resources. Using the economic system as a tool, the government plans and distributes the services, resources, and goods across the country. Economic systems control the elements of production by combining wealth, labour, physical resources, and businesspeople. Numerous firms, groups, objects, models, and decision-making procedures make up an economic system.
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an increase in demand will not cause the following select an answer and submit. for keyboard navigation, use the up/down arrow keys to select an answer. a an increase in equilibrium price. b an increase in supply. c an increase in equilibrium quantity.
The correct answer is c an increase in equilibrium quantity.an increase in demand will not cause the following select an answer and submit. for keyboard navigation.
With everything else being the same, an increase in demand will result in a rise in the equilibrium price and an increase in supply. Reduced demand will result in a drop in the equilibrium price and a reduction in supply. When demand rises, the supply curve moves to the right, and when supply rises, the curve moves to the right. When supply growth outpaces demand growth, the equilibrium price falls and the equilibrium quantity rises. This is so that the market may reach a new equilibrium point, which is E1, when supply exceeds demand. To do this, supply will increase from Q to Q1 and prices will decrease from P to P1.
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Suppose that a rise in average income increases the demand for preventative dental visits. The increase in income leads to an increase in __________This is because, as demand increases
Suppose that a rise in average income increases the demand for preventative dental visits. The increase in income leads to an increase in the Quantity Supplied.
Earnings are the consumption and saving possibility received by way of an entity within a detailed timeframe, which is commonly expressed in economic terms. earnings are difficult to outline conceptually and the definition may be distinctive throughout fields. as an example, someone's income in a monetary sense can be specific from their income as described with the aid of the law.
An incredibly essential definition of income is Haig–Simons profits, which defines profits as consumption + exchange in internet really worth and is widely utilized in economics. For families and individuals within the united states, profits are described with the aid of tax regulation as a sum that consists of any salary, profits, profit, interest charge, rent, or another shape of profits received in a calendar 12 months. Discretionary income is regularly defined as gross earnings minus taxes and different deductions (e.g., obligatory pension contributions), and is broadly used as a basis to examine the welfare of taxpayers.
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How will an organisation help an employee to achieve the self-esteem level on Maslow’s Hierarchy of Needs?
Answer:
An organization can help an employee achieve the self-esteem level on Maslow's Hierarchy of Needs by implementing the following strategies:
Recognition and reward: Provide recognition and rewards for employees' achievements and contributions, such as bonuses, promotions, and public recognition in team meetings or company-wide communications.
Opportunities for growth and development: Offer opportunities for employees to develop new skills and advance their careers through training and development programs, mentorship, and stretch assignments.
Encouraging open communication: Foster an environment that encourages open communication, where employees feel comfortable sharing their opinions and ideas. Encourage active participation in decision-making processes and provide feedback to employees on their performance.
Providing autonomy: Give employees the freedom and autonomy to make decisions and take ownership of their work. This will help employees feel valued and respected, increasing their sense of self-esteem.
Offering flexible work arrangements: Consider offering flexible work arrangements, such as flexible hours or the option to work from home, as this can help employees balance their work and personal responsibilities, increasing their sense of control over their lives.
By implementing these strategies, an organization can create a positive work environment that supports employee self-esteem, which in turn can lead to increased job satisfaction, motivation, and productivity.
after a devastating hurricane, households try to secure loans to repair and rebuild. other things equal, this would lead to
Due to the hurricane's devastation, there will likely be a rise in demand for loans for home repairs, which would often result in an increase in interest rates.
The underlying reason for this rise in home loan rates is the idea of limited resources or loanable funds. When demand declines, the situation is the opposite. An economic theory that describes the price link between dynamic supply and demand is the scarcity principle.
The scarcity principle states that when an item has a low supply and a high demand, its price rises to accommodate the anticipated demand.
Marketers sometimes apply this theory to artificially reduce the supply of a specific good or product—and make it exclusive—in order to increase demand.
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Note: Complete question is
After a devastating hurricane, households try to secure loans to repair and rebuild. Other things equal, this would lead to
an increase in interest rates of home repair loans as the demand for those loans increased. an increase in interest rates of home repair loans as the demand for those loans increased.an increase in interest rates of home repair loans as the supply for those loans decreased.an increase in interest rates of home repair loans as the supply for those loans decreased.a decrease in interest rates of home repair loans as the supply for those loans increased.1. marianne and betsy do indeed have different leadership styles. what style would you ascribe to betsy? to marianne? 2. does betsy need to change her leadership style to improve the situation with bridget and suzanne? does marianne need to change her style of leadership? 3. how can marianne and betsy work together?
I could ascribe authority compliance leadership fashion to Betsy, as she has a product orientation method to management, as she is greater targeted on obligations in preference to relationships.
Marianne is supplied as being a greater courting targeted chief. Her management fashion leans in the direction of consideration, being worker orientated and worried for people. Betsy is a greater challenge targeted chief. She's targeted on beginning shape and is greater manufacturing orientated.
Democratic management is one of the maximum famous management patterns as it includes enter from the whole crew and fosters personnel' feel of possession of their work.
A democratic chief will inspire personnel in any respect degrees to exercising authority within side the place of job and exercise management irrespective of their position inside an organization.
The electricity of a democratic chief is the choice for sincere and efficient remarks and willingness to be receptive to remarks that can be opposite to the chief's needs and beliefs. By welcoming new thoughts and perspectives, the democratic chief fosters a subculture of innovation and creativity that in the long run helps organizational success.
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accounting what are variable interests in an entity and how might they provide financial control over an entity?
Variable interests in an entity are interests that change over time as a result of the actions or decisions of other parties. These interests may include equity interests, liabilities, and rights to receive payments or other distributions.
Variable interests provide financial control over an entity because they can be used to influence the entity's overall financial performance. For example, if a shareholder has a variable interest in an entity, they may be able to influence the entity's decisions, such as how much it spends on capital expenditures or how much it pays out in dividends. Similarly, creditors may be able to influence the entity's decisions if they have an obligation to the entity that is subject to change.
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ow did it compare to its competitors? 3. what were the challenges facing walmart, and what were the implications for its supply chain?
Walmart has faced several challenges in recent years, including increased competition, changing consumer behavior, and the need to adapt to new technologies.
Comparison to Competitors: Walmart has been one of the largest retailers in the world and has a significant market share in the retail industry. However, it has faced intense competition from both brick-and-mortar retailers and online retailers. Some of its major competitors include Amazon, Target, and Costco. In recent years, Amazon has been growing at a rapid pace and has become a major threat to Walmart's dominance in the retail industry. Challenges facing Walmart: Walmart has faced several challenges in recent years, including increased competition, changing consumer behavior, and the need to adapt to new technologies. One of the biggest challenges that Walmart has faced is the shift towards online shopping, which has affected its brick-and-mortar stores. Additionally, the company has faced criticism for its labor practices and low wages, which has led to calls for higher wages and better working conditions for its employees.
Implications for its supply chain: The challenges facing Walmart have had a significant impact on its supply chain. For example, the shift towards online shopping has increased the demand for fast and efficient delivery, which has put pressure on Walmart's supply chain to keep up with changing customer expectations. Additionally, criticism of the company's labor practices has led to increased scrutiny of its suppliers, which has made it more difficult for the company to maintain its supply chain. To address these challenges, Walmart has been investing in technology and logistics to improve the efficiency and transparency of its supply chain, while also working to improve working conditions for its employees and suppliers.
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communicating stories that help others understand and embrace novel proposals is an essential entrepreneurial leadership capability often described as
Business leadership involves organizing and motivating a group of people to achieve a common goal through innovation,risk optimization.
Savvy entrepreneurs take smart steps that test ideas within acceptable losses, then reflect and build on what they find by taking action from others,which increases the identification of more problems that need a solution and therefore more stimuli to trigger the number of ideas.An entrepreneurial mindset can help build confidence and means one is more inclined to seize opportunities and not be afraid of taking risks.Critical thinking is the practice of methodically collecting, analyzing and evaluating information.It is one of the most vital parts of the problem-solving and decision-making process, as it is the act of clearly thinking through the options that will lead to a final choice.
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a government plans the quantity of goods and services produced as well as the prices at which they are sold in a pure_____command
In a pure command economy, the government plans the quantity of goods and services produced as well as the prices at which they are sold.
Here, correct answer will be
This type of economy is completely centrally planned, with the government making all economic decisions. The government sets prices for goods and services, and also decides what to produce based on its own preferences and those of the population.
All economic resources are owned and controlled by the state, and the government makes decisions about what to produce, how to produce, and how to distribute goods and services. This type of economy is typically seen in communist countries, where the government controls the production, distribution, and pricing of goods and services.
In a pure command economy, the government has the power to influence the economy in ways that are not possible in more capitalist economies.
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those who have a claim in some aspect of a firm's products, operations, markets, industry, and outcomes are known as . question 12 options: shareholders stockholders stakeholders claimholders special-interest groups
Stakeholders are those who have an interest in a certain facet of a company's operations, markets, sector, or results.
Any person, entity, or party with an interest in a business and the results of its operations is considered a stakeholder.
Employees, clients, shareholders, suppliers, communities, and governments are typical examples of stakeholders.
Companies frequently have to make trade-offs when attempting to appease all of their stakeholders because they all have distinct interests.
Customers are stakeholders in a company because they are affected by the value and quality of the goods and services offered.
For instance, when boarding a flight, a passenger practically places their life in the hands of the airline. Both debt holders and shareholders are considered investors.
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the first part of a sustainability effort comes from processes used where to minimize waste of everything from food to energy?
The first part of a sustainability effort to minimize waste of everything from food to energy often comes from processes used in the production and consumption of goods and services.
What are some Sustainability Efforts?The first component of a sustainability endeavor to reduce waste of everything from food to energy is frequently derived from methods employed in the production and use of goods and services. This includes efforts to reduce waste and increase efficiency in the use of resources, such as:
Designing products and processes for sustainability: This involves incorporating sustainable practices and principles into the design and development of products and processes, with the goal of reducing waste, energy consumption, and environmental impact.Implementing resource-efficient production processes: This involves adopting resource-efficient technologies and practices, such as using renewable energy, recycling and reusing materials, and reducing water usage.Promoting sustainable consumption: This involves encouraging consumers to make more sustainable choices, such as choosing products that are eco-friendly, energy-efficient, and made from sustainable materials.Managing waste: This involves managing waste in a way that minimizes its impact on the environment, such as by recycling, composting, and properly disposing of hazardous materials.Overall, minimizing waste and promoting sustainability requires a comprehensive approach that involves all stakeholders, from producers and consumers to policymakers and regulators.
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maynard enterprises paid $1,636 in dividends and $1,508 in interest over the past year. the common stock account increased by $1,488 and retained earnings decreased by $586. what was the company's net income?
If dividends paid $1,636 and $1,508 in interest over the past year also the common stock account increased by $1,488 and retained earnings decreased by $586 then the company's net income is $1050.
Dividends declared and retained earnings make up net income. From a company's net income, dividends and retained earnings are obtained. Net come is, in other words, retained earnings plus issued dividends.
An item that is taken into account while calculating net income is interest paid. The account for the common stock has no bearing on net income.
For businesses in Maryland, net income is the sum of the dividend declared and the change in retained earnings.
Net income, thus, is $1636 + (-586) = $1636 - 586 = $1050.
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General mills, inc. utilizes executives from organizations such as cigna, kimberly-clark, aarp, and nike as:_________
General Mills, inc. utilizes executives from organizations such as cigna, kimberly-clark, AARP, and NIKE as inside directors. Thus, option (c) is correct.
What is organizations?The word “organization” refers to the structure and hierarchy of the workplace as well as the shared objectives of its participants. The word “organization” is primarily used in the workplace and in business contexts.
General Mills, inc. utilizes executives from organizations was the inside directors such as company employee, direct stakeholder, and officer are the involved in the board members. inside directors can be a critical role to a company's success.
As a result, the significance of the organization are the aforementioned. Therefore, option (c) is correct.
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Your question is incomplete, but most probably the full question was.
external stakeholders.
trustees.
inside directors
Outside directors
An organization's internal stakeholders consist of Multiple Choice the board of directors, employees, and owners.
competitors, the community, and suppliers.
the board of directors, customers, and local government.
customers, the community, and employees.
allen, incorporated, has a contribution margin of 38% and fixed costs of $213,560. what is the break-even point in sales dollars? multiple choice $81,153 $213,560 $348,440 $562,000
The break-even point in sales dollars is the point at which a company's total revenue is equal to its total costs.
It can be calculated using the formula: Break-even point in sales dollars = Fixed costs / Contribution margin, where contribution margin is equal to the sales price per unit minus the variable cost per unit. In this case, the contribution margin is 38%, which means that for every dollar of sales, 38 cents is left over after paying the variable costs. So, the contribution margin ratio is 0.38.
Substituting the fixed costs and contribution margin into the formula, we get:
Break-even point in sales dollars = $213,560 / 0.38
Break-even point in sales dollars = $562,000
Therefore, the correct answer is $562,000.
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your employer offers to pay you 0.0000078 million-dollars every 2 micro-seconds. how many dollars per hour is this?
This is 102.4 billion dollars/hour.
To Calculate the Hourly Rate, We Need to Determine the Total Amount Earned Per Hour.First, we need to convert the payment of 0.0000078 million-dollars every 2 micro-seconds to a more manageable unit. To do this, we'll convert the payment to dollars per second:
0.0000078 million-dollars * 10^6 = 78 dollars
78 dollars / 2 micro-seconds * 10^6 = 39 million dollars per second
Now we can calculate the hourly rate by multiplying the payment per second by the number of seconds in an hour:
39 million dollars/second * 60 seconds/minute * 60 minutes/hour = 102.4 billion dollars/hour
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according to the definition of ipc, when managing our relationships, we have three possible goals. name any two of them.
Communication is used to define or achieve personal goals, Relational goals. Instrumental goals.
Relational objectives are the ideal conditions we would like to see in our relationships. Relational objectives are concerned with things like who we are to each other, how power is shared, and what our future holds. The three different kinds of instrumental goals were: 1) temporally proximal externally regulated goals; 2) distal externally regulated goals; and 3) distal internally regulated goals. What is the ideal illustration of an instrumental objective? Examples of communicating for practical purposes include the following: You request the assistance of your friend to move this weekend (obtaining/resisting compliance). At the end of your shift, you ask a coworker to remind you how to balance your cash register (requesting or presenting information).
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would the assumption that goods are perfect substitutes be valid in a study of intertemporal food purchases?
Therefore, in order for the study to be valid, we cannot assume that food products are perfect substitutes. It's frequently a transient foot.
One dollar bills, for instance, can be used in place of other $1 bills. Additionally, butter from two separate producers is also regarded as an ideal equivalent because, although having a different producer, both types of butter serve the same functions.
Perfect goods replacements are two items that have the same applications as one another. In that instance, the utility of combining the two items is a function of their combined quantities in an increasing order of magnitude. A substitute good could be flawless or flawed. An imperfect substitute is a product, whereas a perfect substitute is one that is identical to the original item.
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knowledge check 01 a company is in its first month of operations. supplies worth $4,000 were purchased on january 5. at the end of the month supplies worth $3,000 were in hand. what adjusting entry would be made at the end of january? post the adjusting entry for the scenario provided.
The journal entry will be Debit Supplies Expense $1000, Credit Supplies $1000
A journal entry is a proper record of a financial transaction made by an enterprise and kept in its accounting records. A business's transactions are tracked in a journal, which also shows the debit and credit balances. These particular entries can aid in the authentication of transactions and make it easier to determine whether they are backed by bills.
In the described situation, the business has only been operating for one month. On January 5, goods costing $4,000 were bought. At the conclusion of the month, there was $3,000 worth of goods available. Therefore, there is a balance of $1,000. As a result, the journal entry will be -
Supplies Expense A/c Dr 1000
To Supplies A/c. 1000
( Being supplies purchased)
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