Peng company accumulates the following adjustment

Assignment Help Accounting Basics
Reference no: EM131145729

Peng Company accumulates the following adjustment data at December 31.

(a) Service Revenue earned but unbilled totals $600.
(b) Store supplies of $160 are on hand. Supplies account shows $1,900 balance.
(c) Utility expenses of $275 are unpaid.
(d) Service revenue of $490 collected in advance has been earned.
(e) Salaries of $620 are unpaid.
(f) Prepaid insurance totaling $400 has expired.

Instructions

For each item, indicate 

(1) The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and 

(2) The status of the accounts before adjustment (overstated or understated).

Reference no: EM131145729

Questions Cloud

The ledger of sagovic rental agency on march 31 : The ledger of Sagovic Rental Agency on March 31 of the current year includes the selected accounts on page 206 before adjusting entries have been prepared.
Weighted average cost of capital for a firm : The weighted average cost of capital for a firm is the And If the CAPM is used to estimate the cost of equity capital, the expected excess market return is equal to the
Compare the expected values of the decision alternatives : Develop a response to the decision tree chart from the attached "QAT1 Task 5 Spreadsheet" in which you do the following: Determine the expected value for each of the four decision branches. Describe the process used to reach the solutions you deter..
What is its tie ratio : The H.R. Pickett Corp. has $900,000 of debt outstanding- What is its TIE ratio?- show the calculation for this problem?
Peng company accumulates the following adjustment : Peng Company accumulates the following adjustment data at December 31.
Why does the quantity of real gdp supplied change : Why does the quantity of real GDP supplied change when the price level changes? What is the forecast for inflation that results from the analysis of all the relevant data and economic science?
Compute the price you will pay for the bonds : Compute the price you will pay for the bonds using the present value mode- Recompute the price in a if your required rate of return is 10%.
Explain the key macro and micro environmental factors : Identify and explain the key macro and micro environmental factors which will impact on the marketing planning for a consumer electronics product of your choice over the next 12 months in a defined geographical market of your choice.
Important characteristic of a successful business website : The most important characteristic of a successful business website is And Automated stock replenishment, electronic selling and processing of customers orders and payments are examples of

Reviews

Write a Review

Accounting Basics Questions & Answers

  Case problem with sample answer entek international

Case Problem with Sample Answer Entek International, an Oregon-based company, hired Shane Dawson, a male homosexual, as a temporary production-line worker. Dawson worked with twenty-four other employees, all male. Certain individuals at work began..

  Calculate the present value annuity in millions

You have won a lottery which will pay you 10 annual checks of $3 million each. Your checks will begin arriving starting a year from now. Calculate the present value annuity in millions of dollars of these cash flows assuming a discount rate of 5%.

  Pioneer report the change

1.At the beginning of 2013, Pioneer Products' ownership interest in the common stock of LLB Co. increased to the point that it became appropriate to begin using the equity method of accounting for the investment.

  Problem regarding the modern management planning

Write an 8-10 page research paper, not including cover and reference pages, use at least "5" sources of research minimum for this paper. give personal opinions, examples that justify your conclusions, and use graphics if you want (cut and paste wi..

  On february 1 the board of directors declared a 3-for-2

on february 1 the board of directors declared a 3-for-2 stock split distributed on february 22 to shareholders of

  In a february 10 2003 businessweek article cvss potent

in a february 10 2003 businessweek article cvss potent growth potion joseph agnese points out that the retail pharmacy

  The bonds are callable at 101 ie at 101 of face amount and

24800 were incurred in connection with the issue. interest on the bonds is payable annually each december 31. the 24800

  Benefit to prepare financial statements on accrual basis

After reviewing Mr. Donaldson's accounting information, you are about to write a business memo to Mr. Donaldson. In the memo, you should compare cash-based operating cash flows with accrual-based net income and explain why it is of Mr. Donaldso..

  Financial implications-sarbanes oxley act

Discuss the financial impact of SOX and consider its effect on economic growth and enterprise.

  Can someone tell us the difference between a tangible and

can someone tell us the difference between a tangible and an intangible asset and give s an example of

  Complete the performance report that will help ms jaskis

kam mammi supervisor of the kammi corporations machining department was visibly upset after being reprimanded for her

  Goal to promote the interests of society

Mahatma Gandhi is quoted as saying: "Capitalism as such is not evil; it is its wrong use that is evil." What do you think Gandhi meant by this statement? Give an example of when capitalism may have fallen short of its goal to promote the interests..

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