User Account

All Pages

Adjusting entry for each item

Assignment Help Financial Accounting
Reference no: EM13513670

Adjusting and Reversing Entries

When the accounts of Constantine Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1.The prepaid insurance account shows a debit of $6,000, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2.On November 1, Rent Revenue was credited for $2,400, representing revenue from a subrental for a 3-month period beginning on that date. 3.Purchase of advertising supplies for $800 during the year was recorded in the Advertising Expense account. On December 31, advertising supplies of $290 are on hand. 4.Interest of $770 has accrued on notes payable. 

Instructions Prepare the following in general journal form. 

(a)The adjusting entry for each item. 

(b)The reversing entry for each item where appropriate.

Reference no: EM13513670

Questions Cloud

Explain the ph of the solution with decrease : An acid-base equilibrium system is created by disolving 0.10 mol HF in water to a volume of 1.0 L. What is teh effect of adding 0.050 mole F-(aq) to this solution. a. the pH of the solution with decrease
Discuss machine company flexible budget : The production budgeted for September was 6,000 units. During the month, the company produced 6,200 units. The conversion costs incurred were.
Calculate how fast are the ions moving : Singly ionized (one electron removed) atoms are accelerated and then passed through a velocity selector consisting of perpendicular electric and magnetic fields. How fast are the ions moving when they emerge from the velocity selector
Define what is the molar mass of this unknown acid : A 10.0 mL aliquot of this weak acid solution was titrated with a 0.0498 M NaOH solution. The equivalence point was reached by adding 11.62 ml of NaOH from the buret. What is the molar mass of this unknown acid?
Adjusting entry for each item : The adjusting entry for each item and the reversing entry for each item where appropriate.
State what is the final temperature of the water : 154 g of water at 80.0°C are mixed with 78.1 g of water at 23.0°C. If no heat is lost to the surroundings, what is the final temperature of the water. The specific heat of water is 4.184 J/g·°C.
Compare the flexible budget with the actual overhead : Compare the flexible budget with the actual overhead, computing a variance for each item and for the total overhead. Indicate whether variances are favorable (F) or unfavorable (U).
What effect does magnetic field have on speed of particle : An alpha particle (a He nucleus, containing two protons and two neutrons and having a mass of 6.52×10^?27 kg) traveling horizontally at 35.2 km/s enters a uniform, What effect does the magnetic field have on the speed of the particle
Prepare a schedule converts dr. dunbars excess : Prepare a schedule that converts Dr. Dunbar's excess of cash collected over cash disbursed" for the year 2012 to net income on an accrual basis for the year 2012.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find the unknowns in big chucks abbreviated cash budget

Determine the outstanding loan balance as of September 30, after any repayments have been made.

  Classification of cost in to variable and fixed

Classification of cost in to variable, fixed, period, product, direct and indirect.

  How much did this subscription originally cost

This is the remaining balance of a twelve-month subscription purchased on September 30 in the current year. How much did this subscription originally cost?

  What additional information is needed to complete assessment

What additional information, if any, is needed to complete your assessment? What, if any, communications would you be required to make to those charged with governance?

  The net income reported on income statement of the present

the net income reported on income statement of the present year was 92000.depreciation recorded on store equipment for

  Comparison of mutually exclusive projects based on eac amp

comparison of mutually exclusive projects based on eac amp npv.eads industrial systems company eisc is trying to decide

  What is organizational legitimacy

What is organizational legitimacy and why might it be considered to be a 'resource'?

  Select a company you are interested in and obtain a copy

select a company you are interested in and obtain a copy of its most recent annual reportpanera bread. keep this

  Question bennett inc is a publicly held company whose

question bennett inc. is a publicly held company whose diversified operations have been separated into five industry

  The mcdonalds corporation is a well-developed multinational

the mcdonalds corporation is a well-developed multinational company that conducts business in 119 countries and the

  Compute the expected balance in accounts receivable

RPR, Inc., anticipates that 120,000 units of product K will be sold during May. Each unit of product K requires four units of raw material A. Actual inventories as of May 1 and budgeted inventories as of May 31 follow.

  Explain reason for any two of the seven internal control

explain the reason for any two of the seven internal control procedures and (2) provide examples of how your two selected internal control procedures will meet the goal of safeguarding assets and promoting ethical business practices.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd