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Identify the following as fixed costs, variable costs, or mixed costs:
_____________a. Direct materials
_____________b. Electricity
_____________c. Factory building rent
_____________d. Advertising expense
_____________e. Shipping expense
_____________f. Insurance on the factory building
_____________g. Cost of goods sold
_____________h. Direct labor
Adjusting Journal Entries
Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Accumulated Depreciation
The aggregate depreciation cost that has been accounted for a particular asset since its first operational use.
Depreciation Expense
The allocation of the cost of a tangible asset over its useful life for accounting purposes, reflecting wear and tear.
Salvage Value
The predicted value that an asset retains at the end of its service period.
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