Journalize the adjusting entry on december 31

Assignment Help Financial Accounting
Reference no: EM132203952

On December 31, Miller Company has incurred interest expense of $4,500 on outstanding notes, even though the company will not actually pay the interest until the following year.

Required:

Journalize the adjusting entry on December 31.

Date

Account Title

Debit

Credit

Reference no: EM132203952

Questions Cloud

Net cash flow from operating activities : Reconcile a net income of $45,900 to net cash flow from operating activities.
Required write-down of inventory : After a physical count of its inventory, Whetzel Co. discovered that $400 of inventory is missing. Show how the required write-down of inventory
Customer account for the return : A customer returned goods to Whetzel Co. that had been purchased for $60 on account. the goods has originally cost Whetzel $35.
Reported on the balance sheet : In January 1, Year 2017, Kennard Co. issued $2,000,000, 5%, 10-year bonds, with interest payable on June 30 and December 31 when the market rate
Journalize the adjusting entry on december 31 : On December 31, Miller Company has incurred interest expense of $4,500 on outstanding notes, even though the company
Calculate the npv of the project : If required rate of return is 10%. Calculate the NPV of the project?
How much is inventory turnover ratio : AA found that they have $20,000 as ending inventory. During this accounting period, Cost of Goods Sold was $45,000. How much is inventory turnover ratio?
How much is the accrued interest : At the end of the 1stmonth, AA needs to record adjusting entries for accrued interest. How much is the accrued interest at the end of the 1st month?
How much would it report as cost of goods : Assume Swifty Manufacturing's cost of goods manufactured for 2020 amounted to $1190000. How much would it report as cost of goods sold for the year?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare post-closing trial balance-classified balance sheet

Below is an alphabetical listing of all of the accounts for T.O.'s Dance Studio on 12/31/14. Assume all adjustments have been made and all balances are "normal". Prepare closing entries for T.O.’s Dance Studio. Prepare the post-closing trial balance ..

  Product unit cost for one pillow based on the costing

Pretty Pillows, Mfg., manufactures silk throw pillows. Last month the company produced 3,890 pillows. Using job order costing, determine the product unit cost for one pillow based on the following costs: production facility utilities, $1,600; depreci..

  Which computes its inventory under the dollar-value lifo

You assemble the following information for Dillon Department Store, which computes its inventory under the dollar-value LIFO method.

  New piece of equipment-straight-line depreciation

Depreciation Expense Valley Corporation purchased a new piece of equipment on June 1, 2015. The cost of this machine was $325,000. The company estimated that the machine would have a salvage value of $25,000 at the end of its service life. Its life i..

  Amazon recognize revenue for the entire sales price

1.Assume that Amazon.com sells the MacBook Pro, a computer brand produced by Apple. Amazon arranges its operations such that customers receive products from Apple Stores rather than Amazon.

  Prepare the journal entries to record the purchase

BFA605 - Financial and Corporate Accounting Assignment Question. Prepare the journal entries to record the purchase by Almonds Ltd and total payment to Raisons

  Calculate the nci in chye ltds operating profit

Calculate the NCI in Chye Ltd's operating profit after tax and Puay Ltd's share of consolidated profit after tax for the year to 30 June 20x4.

  Which of the following is a value-added activity

Which of the following is a value-added activity?

  What is a persons gross income and how is it calculated

What is a person's gross income and how is it calculated - what is a person's adjusted gross income? List 4 adjustments that can be deducted from your gross income.

  Partnership not subject to the passive loss rules

In 2010, Kelly, who earns a salary of $200,000, invests $40,000 for a 20% interest in a partnership not subject to the passive loss rules. Through the use of $800,000 of nonrecourse financing, the partnership acquires assets worth $1 million.

  Prepare an amortization table for this installment note

On January 1, 2016, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, beginning on December 31, 2016. Prepare an amortization table for this installment note, similar ..

  Determine the amount of gross profit

Determine the amount of gross profit to be recognized in each of the three years. Prepare all required journal entries for each of the years (credit "Various accounts" for construction costs incurred). Purpose a partial balance sheet for 2009 a..

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