Prepare adjusting entries in general journal

Assignment Help Accounting Basics
Reference no: EM131044737

1. The following are selected balances before adjustments and adjustments data for Prometheus Inc at end of annual accounting periods, December 31, 2010:

Adjustment Data:

a) Allowance for bad debts was estimated at Rs.3,000
b) Insurance policy was acquired on May 1,2010 for one year
c) Rent for prepaid to the extent of Rs.12,000
d) Rent payable amounted to Rs.12,000
e) Salaries were prepaid to the extent of Rs.6,000
f) Actual salaries expense for the year amounted to Rs.78,000
g) Advertising payable amounted to Rs.14,000
h) Actual advertising expense for the year amounted to Rs.21,000
i) Prepaid taxed were Rs.24,000
j) Actual taxes for the year amounted to Rs.27,000

Required: Prepare adjusting entries in general journal

Reference no: EM131044737

Questions Cloud

How the changes of the world is affecting the way we think : How the changes of the world is affecting the way we think critically and the dangers (computers, cell phones, health, security, politics, relationships (family, sex, or marriage) personal fulfillment, finances, beliefs and values).
Stages of the new product development process : In this assignment you are required to examine in depth, the role of testing at various stages of the new product development process. You will do this by designing a concept and product test that could have been used for Oculus Rift - a virtual r..
Self esteem for elementary school girls : To evaluate a program designed to improve self esteem for elementary school girls, girls were divided into treatment and control groups. Girls in the treatment group were required to attend an after-school program, while girls in the control group..
How much will the aggregate demand curve initially shift : If household wealth falls by 4 percent because of declining house values, and the real interest rate falls by 2 percentage points, in what direction and by how much will the aggregate demand curve initially shift at each price level?
Prepare adjusting entries in general journal : 1. The following are selected balances before adjustments and adjustments data for Prometheus Inc at end of annual accounting periods, December 31, 2010: Adjustment Data:
Describe the gender role differences : Describe the gender role differences and how they impact the development of an individual's personality. Justify how this information would be beneficial as you begin to use the assessment tools available to measure an individual's personality.
Mobile banking services offered in the fiji islands : Below is a list of sample research questions that students may wish to use or adapt for their purposes:i.) What are Fiji Islanders perceptions' of mobile banking services?
Probability that the sample mean : A racing car consumes a mean of 101 gallons of gas per race with a variance of 49. If 43 racing cars are randomly what is the probability that the sample mean would differ from the population mean by greater than 2.4 gallons.
Midpoint of the interval for the x value : a. For each age group, pick the midpoint of the interval for the x value. (For the 80+ group, use 85.) b. Using ages as the independent variable and Number of driver deaths per 100,000 as the dependent variable, make a scatter plot of the data.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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