Prepare the adjusting journal entries, Accounting Basics

Prepare the Adjusting Journal Entries

The ledger of Casper Consulting at January 31, 2011 includes the following selected accounts:

Casper's accountant is inexperienced, and he would like your help in preparing the company's yearend January 31, 2011 financial statements. Casper makes adjusting entries only at year end. The accountant has provided you with the following information:

1. A one-year insurance policy costing $3,600 was purchased on January 1, 2011. At that time the full amount was debited to prepaid insurance.

2. A physical inventory count on January 31, 2011 revealed $800 in supplies were still remaining.

3. Land and building were purchased on February 1, 2010 at a cost of $160,000. The building has an expected useful life of 20 years. The purchase was financed by paying $70,000 in cash and the balance on a 2-year, 8% note payable. Interest on the note is due at maturity.

4. Unearned service revenue related to a client retainer paid on January 15, 2011. On January 31, 2011, one- quarter of this amount has been earned.

Required:

Prepare the adjusting journal entries required at January 31, 2011.

Posted Date: 2/15/2013 5:51:39 AM | Location : United States







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

Write discussion on Prepare the adjusting journal entries
Your posts are moderated
Related Questions
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv

A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7

hi i am lookimg forword someone to do my assignmet plz as i am not feeling weel to do it by myself

How To figure the discount using calculator 1.  Be sure that decimal selector is on 2 decimal places 2.  Key in amount of the sale 3.  Multiply by percent (use the percent key)

Investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to gain or increase ownership

using the break-even equations to solve for price and variable cost per unit andromeda company's break-even point is 2,400 units. variable cost per unit is $42; total costs are 6

entry for bad debts provision

accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables

Q. What is Articulate? The fundamental accounting concept of the double-entry method of recording transactions. Under the double-entry approach each transaction has a two-sided

The organization's name is Coffee Affectionardo Pty Ltd and the company imports and sell various  types  of coffee  machines, grinders,  filters and beans. The business has two dir