How to record the adjustment on a journal

Assignment Help Financial Accounting
Reference no: EM13753012

How to record the adjustment on a journal: 1. Employee salaries in the amount of $55,000 were incurred for the year. Of that amount $50,000 had been paid in cash, the remainder was still owed to employees at the end of the year. Record the journal entry necessary at December 31, 2005 to account for both the paid and unpaid portion of salaries. 2. At December 31, the company had earned 35,000 in tax consulting revenue, but had not yet received payment from their customer. Record the adjustment necessary at December 31, 2005. 3. The building has a useful life of 25 years and no salvage value. The equipment has a useful of 10 years and has a $30,000 salvage value. Record the adjustments necessary at December 31, 2005 (record the entire year's depreciation for both the building and equipment.) 4. Taxes for the year totalled $35,000. The taxes will be paid next year. Record the adjustment.

Reference no: EM13753012

Describe why a management accountant would play

Describe the ethical issue and describe why a management accountant would play a role in this "overproducing" issue - Discuss your personal opinion on whether you think this i

What is the payback period for the new machine

A company is considering the purchase of a new machine for $54,000. Management predicts that the machine can produce sales of $16,600 each year for the next 10 years. Expenses

Important part of accounting and all business transactions

Ethics are an important part of accounting and all business transactions. Conduct research to identify a company's code of ethics. First Post: Share a link to the company's co

From the previous revenue recognition standard

Recently the FASB and IASB issued a new Revenue Recognition standard. Go to both the FASB and IFRS websites. Discuss this new standard using information obtained from both web

Determine the margin of safety

What dollar amount of sales would be necessary to achieve a profit of $150,000? how many units would be necessary to achieve the $150,000 profit? using the $150,000 profit, ca

The change in price the bond will experience in dollars

A 8.30 percent coupon bond with 13 years left to maturity is priced to offer a 9.0 percent yield to maturity.- What is the change in price the bond will experience in dollars?

Consider the purchase of an outstanding bond

On April 1, 2014, you consider the purchase of an outstanding bond that is issued on April 1, 2013. It has an 8% annual coupon and has a 30 year original maturity. It matures

First interest payment and the amortization of related bond

On the first day of the fiscal year, a company issues a $4,000,000, 6%, five-year bond that pays semi annual interest of $120,000 ($4,000,000 × 6% × ½), receiving cash of $4,1

Reviews

Write a Review

 
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