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1) On August 17, at the end of the day, the cash register's record shows $957, but the
count of cash in the register is $965. Prepare the general journal entry to record the
day's cash sales.
2) At the end of the accounting period, immaterial variances are closed to
____________________.
3) _____________________ is a class of stock assigned a value by the corporation in
its charter.
4) Chips Co. assigned direct labor cost to its products in May for 1,300 standard hours
of direct labor at the standard $8 per hour rate. The direct labor rate variance for the
month was $200 favorable and the direct labor efficiency variance was $150 favorable.
Prepare the journal entry to charge Goods in Process Inventory for the standard labor
cost of the goods manufactured in May and to record the direct labor variances.
Assuming that the direct labor variances are immaterial, prepare the journal entry that
Chips would make to close the variance accounts.
5) The _______________________ protects stockholders' proportional interest in a
corporation by allowing them to purchase their proportional share of any common stock
later issued by the corporation.
6) A capital budgeting method that considers how quickly a project recovers costs is
known as _____________________. An enhancement to this method that considers the
time value of money is called ________________.
