The following errors took place in journalizing and posting transactions:Cash of $4,370 received on account was recorded as a debit to Fees Earned and a credit to Cash. A $1,440 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Note: Prepare the entry to reverse the original entry first.

The winston company estimates that the factory overhead for the following year will be $1,250,000. the company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. the total machine hours for the year were 54,300. the actual factory overhead for the year were $1,375,000. determine the over- or underapplied amount for the year.

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.

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