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
Define Meaning of Investment Meaning of Investment: Investment involves making of a sacrifice in the present with hope of deriving future advantages. Investment has many

The organization performed very well during the last year and generated profit in each segment. In the food and beverage segment, the company has made 30% net profit and in rooms a

Reasons for why Ordinary Share Capital is Attractive Reasons for why ordinary share capital is attractive despite to be risky Shares are used as securities for loans as

Development Banks and Financial Institutions There are some sectors in the economy such may not secure adequate funds from commercial banks for different motives. a) May re

Task The following information has been extracted from the accounts of R Ltd., a manufacturer and distributor of home cordless phone in Hong Kong.

Stock Split and Reverse Split This is whereas a block of shares is broken down into smaller units or shares hence the number of ordinary shares rises and their respective par

Determine the amount you would be willing to pay for a $1,000 par value bond paying $80 interest each year (annual) and maturing in 12 years, assuming you wanted to earn a 9% rate

what makes a preference shares a hybrid?

XYZ Ltd. has an average selling price of Rs.10 per unit. Its variable cost are Rs.7 , and fixed cost amount to Rs.170000. it finances all its assets by equity funds. It pays 35% ta

Consider an economy with three dates {t=0, 1, 2}. A firm has assets in place that generate an output (profit) of either 40 in state L or 160 in state H at t=2. Bothe states equally