Audited Balance 10/31/2018 Preliminary Balance 10/31/2019 Sales* $56,038,100 $61,641,910
Executive salaries 544,881 583,956
Factory hourly payroll 10,402,954 11,697,055
Factory supervisors' salaries 659,285 770,600
Office salaries 1,948,821 2,694,881
Sales commissions 2,950,799 2,829,500

Sales have increased 10% over prior year. 3% percent of that is due to an increase in the average selling price. The remaining 7% is attributed to an increase in the number of units sold.

Required:
Journalize the entries.

Accounts Receivable (Dr.) $61,641,910

Sales (Cr.) $61,641,910

Executive Salaries Expense (Dr.) $58,956

Executive Salaries Payable (Cr.) $58,956

Hourly Payroll Expense (Dr.) $11,697,055

Hourly Payroll Payable (Cr.) $11,697,055

Factory Supervisor Salaries Expense (Dr.) $770,600

Factory Supervisor Salaries Payable (Cr.) $770,600

Office Salaries Expense (Dr.) $58,956

Office Salaries Payable (Cr.) $58,956

Sales Commission (Dr.) $2,829,500

Cash (Cr.) $2,829,500

Explanation:

The sales rise is 10% due to out of which 3% is due to rise in selling price and the rest 7% rise is due to number of units sold.

The 3% rise accounts for $1,681,143 and the 7% increase is  $3,922,667.

answer; /// i do believe the correct answer is (possession utility);

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.