User Account

All Pages

Calculate the year-end adjusted balances

Assignment Help Accounting Basics
Reference no: EM132385819

Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $6,000 ($2,000/month). (1) Record the rental for Commodores on November 1. (2) Record the adjusting entry on December 31. (3)

Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0).

Debit                 Credit

Cash             6,000

Deferred Rev           6,000

Deferred Rev. 4,000

Service Rev.            4,000

Deferred Rev.                    Service Rev.

1/1      0                            0

Reference no: EM132385819

Questions Cloud

Organizational risk assessment : Describe when some controls cannot be implemented. Explain what is to be done in each case identified above to compensate for control that cannot be implemented
Some examples may be marketing-privacy and security : Choose a subject area that requires strong IG. Some examples may be marketing, privacy and security, E-Mail & text messaging, social media, mobile device use,
Create proposal on how the company can use it technologies : Create a proposal on how the company can use IT technologies and systems to change the way it is doing business and transform itself.
Why are the aasb8 operating segments disclosures : Why are the AASB8 Operating segments disclosures under this standard less prescriptive than other standards in accounting?
Calculate the year-end adjusted balances : Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the
Calculate the average number of days that inventory : Calculate the average number of days that inventory was held by? Kelley, Inc. during 2018.? ?Kelley, Inc. provided the following account balances for? 2018.
Determine the amount that is not deductible for tax purposes : F Ltd. deducted the following reserves on its income statement for the current year: $20,000 reserve for doubtful accounts, $30,000 reserve.
What are multiple-element contracts : What are multiple-element contracts and why do they pose revenue recognition problems for companies. The response paper should be in APA format.
What is the book value of the cash registers on may 31 : Gourmet Shop purchased cash registers on April 1 for $19,800. If this asset has an estimated useful life of five years, what is the book value of the cash.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What should good accounting system provide and why

There are accounting packages designed for different types of industries. From your own experience, working with various accounting software.

  The falling snow company is considering production of a

the falling snow company is considering production of a lighted world globe that the company would price at a markup of

  Prepare a second variable costing statement

Prepare a second variable costing statement assuming 90% of all the books in each category purchased were actually sold

  What is the amount of income tax expense

What is the amount of income tax expense that Southeast should report in its income statement? How should the extraordinary gain be reported?

  Prepare a cost of production report for the fabrication

Prepare a cost of production report for the Fabrication Department for June using the weighted average method costing.

  What is the percentage increase in cost of goods sold

Assume the following cost of goods sold data for a company. If 2016 is the base year, what is the percentage increase in cost of goods sold from 2016 to 2018?

  Calculate the product cost of the road trek and bmx bicycle

Calculate the product cost of the Road, Trek and BMX bicycles. Explain the concept of ABC, including its benefits and limitations.

  Complete the balance sheet

Ratio analysis Use the following information to complete the balance sheet below Use 365 day calendar Current ratio = 5 Current liabilities = 5 million Credit sales = 25 million Average collection period = 30 Inventory turns = 8 Total asset turns ..

  Entry to record the retirement problem

A $600,000 bond was retired at 103 when the carrying value of the bond was $622,000. The entry to record the retirement would include a:

  Discuss the balance in the unearned fees account

The balance in the unearned fees account, before adjustment at the end of the year

  Describe the new risks of internet orders

You as part of the management, had begun an Internet order system. Describe new risks of Internet orders that you as part of management should have considered.

  Online trading services by developing

EBay Incorporation is one of the leading and extremely close to be the top best place for buyers and sellers to meet and be able to exchange practically anything. eBay Inc. provides online trading services by developing eBay Marketplace, an Intern..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd