Prepare journal and adjusting entries, Finance Basics

Prepare Journal and Adjusting Entries

I need assignment help on topic Prepare Journal and Adjusting Entries. Can you please suggest me the answer.

The following two events occurred for XYZ Co. on October 31, 2009, the end of its fiscal year:

a. XYZ rents space in a building it owns to a tenant for $1,050 per month. By prearrangement, the tenant delayed paying the October rent until November 8. On this date, the tenant paid the rent for both October and November.

b. XYZ rents a building from its owner for $3,300 every month. By a prearrangement, the company delayed paying October's rent until November 5. On November 5, the company paid the rent for both October and November.

Required

1. Prepare adjusting entries that XYZ must record for these events as of October 31.

2. Assuming that XYZ uses reversing entries, prepare reversing entries on November 1 and the journal entries to record XYZ's payment of rent on November 5 and the collection of rent on November 8 from XYZ's tenant.

3. Assuming XYZ does not use reversing entries, prepare journal entries to record XYZ's payment of rent on November 5 and the collection of rent on November 8 from XYZ's tenant.

Advance thank you for your help.

Posted Date: 2/14/2013 7:11:44 AM | Location : United States







Related Discussions:- Prepare journal and adjusting entries, Assignment Help, Ask Question on Prepare journal and adjusting entries, Get Answer, Expert's Help, Prepare journal and adjusting entries Discussions

Write discussion on Prepare journal and adjusting entries
Your posts are moderated
Related Questions
Objectives of Business Entity The Main objectives of a business entity are clarified in detail below. Any business firm would have specific objectives that it aims at achievin

Profitability Index or P.I. P.I. (benefit-cost ratio) = Present value of inflows / Present value of cash outlay Whether P.I. is greater than 1.0, invest and whereas less th


MRP systems and Functions of MRP systems Where dependent demand exists, for example between finished product and its constituent parts, item forecasting or inventory control t

Methods or Techniques of Financial Forecasting 1. Use of Cash Budgets A cash budget is a financial statement showing as: a) Sources of capital and revenue cash inflows

Agency Theory The agency problem between managers and shareholders can be resolved via paying high dividends. If retention is low, managers are necessary to increase additiona

I need report on Corporate Finance. Do you provide help in topic Corporate Finance? I need expert's assistance to solve my college assignment. Please suggest if it works for me.

Earning method - Bases of Valuation The business is valued according to the net stream of income it is expected to create over its lifetime. Determination of maintaina

Hull-White model As an extension of the Vasicek model, Hull-White model (1990) assumed that the short interest rate process follows the mean-reverting stochastic differential e

What are the tasks of a financial system? Three Tasks of a Financial System are as follows: 1. Decreasing transaction costs 2. Decreasing financial risk 3. Giving liqu