Give the accounting equation effects of the adjustments

Assignment Help Accounting Basics
Reference no: EM13876736

For each of the following transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31:

a. Collected $ 2,400 rent for the period October 1 to December 31, which was credited to Unearned Revenue on October 1.

b. Paid $ 1,200 for a two- year insurance premium on October 1 and debited Prepaid Insurance for that amount.

c. Used a machine purchased on October 1 for $ 48,000. The company estimates annual depreciation of $ 4,800.

Reference no: EM13876736

Questions Cloud

What are ethical issues that arise with such surveillance : What are the ethical issues that arise with such surveillance? What other steps have been taken by businesses?
Compute the cost of each model : S. Lee Enterprises produces two models of lawn tractor: SL1 and SL2.
Explain process-scheduling and the schedulers : Q1. Explain Process-scheduling and the schedulers within 3 to 4 pages.
What are the advantages and disadvantages for tgc : What are the advantages and disadvantages for TGC of using a NAS versus using cloud storage for the files listed above
Give the accounting equation effects of the adjustments : For each of the following transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31: a. Collected $ 2,400 rent for the period October 1 to December 31, which was ..
Find out what happened in international union : Find out what happened in International Union, United Mine Work- ers of America v. United States Department of Labor, 358 F. 3d 40 (D.C.Cir. 2004).
What is the upper bond of the advantageous rates : A family takes out a 30-year fixed $300,000 mortgage with a rate of 5.25 %. After 8 years they decide to refinance the balance of the loan with another 30-year fixed mortgage. What is the upper bond of the advantageous rates?
Brunswick parts is a small manufacturing firm located : Brunswick Parts is a small manufacturing firm located in eastern Canada.
Prepare the adjusting journal entries required on october : Using the information in M4- 5, prepare the adjusting journal entries required on October 31. a. Collected $ 2,400 rent for the period October 1 to December 31, which was credited to Unearned Revenue on October 1. b. Paid $ 1,200 for a two year insur..

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  How does us gaap differ from international gaap

How does US GAAP differ in this treatment from International GAAP? Support your answers by the use of at least one reference.

  Is either action unethical

1. What effect would each of the actions that you are considering have on the store's operating income this year? In your opinion, is either action unethical?

  Should catalina report and then cancel those three sales

Catalina works for a regional sales branch of a large pharmaceutical company. Individual employees as well as individual goals, he or she receives a large bonus check at the end of the year.

  Homer company expects credit sales for january to be 50000

homer company expects credit sales for january to be 50000. cash sales are expected to be 30000. the company expects

  Emotional arguments as well as logical arguments

Question 1: A(n) __________ is a syllogism in which the major premise is unacknowledged; thus it can address probabilities rather an verifiable information and can employ ethical and emotional arguments as well as logical arguments.

  Problem associated to capital loss

On July 10, 2009, Bruce purchased an option to buy 1,000 shares of Omni, Inc. at $30 per share. He purchased the option for $2,000. It was to remain in effect for five months. The market experienced a decline during the latter part of the year, so..

  Brad jolie recently decided to open a restaurant

brad jolie recently decided to open a restaurant specializing in new orleans cuisine. he purchased a restaurant

  Determine cost for such a service

Do you agree with the customer? Discuss fully the problems involved in determining cost for such a service, including the limitations of the cost figures obtained.

  Calculate the receivables turnover ratio

Calculate the receivables turnover ratio and the average collection period for 2009 for FedEx and evaluate the balance in FedEx"s allowance for doubtful accounts.

  Corporation special situations and organization structure

Corporation Special Situations and Organization Structure

  Boise corp had a margin of safety of 394000 last month with

boise corp had a margin of safety of 394000 last month with sales revenue of 1120000 and fixed costs of 333960.a.what

  A company must decide between scrapping or reworking units

a company must decide between scrapping or reworking units that do not pass inspection. the co. has 15000 defective

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!

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