Assuming that all entries have been posted, prepare correcting entries for each of the following errors. a. The following entry was made to record the purchase of $774 in supplies on account:

Supplies 142 774
Cash 101 774

b. The following entry was made to record the payment of $475 in wages:

Rent Expense 521 475
Cash 101 475

c. The following entry was made to record a $396 payment to a supplier on account:

Supplies 142 196
Cash 101 196

The local electronics store is offering a promotion "1-year: same as cash," meaning that you can buy a tv now, and wait a year to pay (with no in

Amachine purchased three years ago for $720,000 has a current book value using straight-line depreciation of $400,000: its operating expenses are $60,000 per year. a replacement machine would cost $480,000, have a useful life of nine years, and would require $26,000 per year in operating expenses. it has an expected salvage value of $130,000 after nine years. the current disposal value of the old machine is $170,000: if it is kept 9 more years, its residual value would be $20,000. calculate the total costs in keeping the old machine and purchase a new machine. should the old machine be replaced?

Dakota products has a production budget as follows: may, 16,000 units; june, 19,000 units; and july, 24,000 units. each unit requires 3 pounds of raw material and 2 direct labor hours. dakota desires to keep an inventory of 10% of the next month’s requirements on hand. on may, 1 there were 4,800 pounds of raw material in inventory. direct labor hours required in may would be: