User Account

All Pages

Analysis shows that adjusting entries were made

Assignment Help Accounting Basics
Reference no: EM131137902

On December 31, the adjusted trial balance of Oslo Employment Agency shows the following selected data.

Analysis shows that adjusting entries were made to (1) accrue $4,500 of commission revenue and (2) accrue $1,500 interest expense.

Instructions

(a) Prepare the closing entries for the temporary accounts shown above at December 31.

(b) Prepare the reversing entries on January 1.

(c) Post the entries in (a) and (b). Rule and balance the accounts. (Use T accounts.)

(d) Prepare the entries to record (1) the collection of the accrued commissions on January 10 and (2) the payment of all interest due ($2,500) on January 15.

(e) Post the entries in (d) to the temporary accounts.  

Reference no: EM131137902

Questions Cloud

What are the agents responsible for weathering of rocks : What are the agents responsible for weathering of rocks?
Percentage of impurities in the given brand of peanut butter : With reference to Exercise 32, construct a 90% confidence interval for the standard deviation of the population sampled, that is, for the percentage of impurities in the given brand of peanut butter.
Describe the differences among the three main clay minerals : Describe the differences among the three main clay minerals.
Adjustment for alantic coast realty : Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of the current year, are as follows
Analysis shows that adjusting entries were made : Analysis shows that adjusting entries were made to (1) accrue $4,500 of commission revenue and (2) accrue $1,500 interest expense.
What is the name for the spaces between mineral particles : Explain the differences between a flocculated and a dispersed structure.
The large-sample confidence-interval formula : With reference to Exercise 24, use the large-sample confidence-interval formula of Exercise 19 to construct a 99% confidence interval for the standard deviation of the annual growth of the given kind of cactus
How would the effective annual interest rate for problem 27 : How would the effective annual interest rate for Problem 27 change if the bank charged a 1% loan origination fee?In Problem 27, determine the effective annual interest rate on a $75,000 short-term loan, with a term of one year and a nominal interest ..
Determine the effective annual interest rate on a 100000 : Determine the effective annual interest rate on a $100,000 short-term loan, with a term of 245 days and a nominal interest rate of 8%. The bank discounts the interest.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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