How do prepare adjusting entries for december

Assignment Help Accounting Basics
Reference no: EM132627911

Problem 1: The transactions for Edison Realty for the year 2019 have been recorded in the accounting system. This problem requires you to prepare adjusting entries for December 2019.

Dec. 31 A computer was purchased for ?1,600 on January 1, 2017. The useful life of the computer is 4 years.

Dec. 31 Furniture costing ?4,800 was purchased on January 1, 2019. The useful life of the furniture is estimated to be 10 years and the salvage value is ?800.

Dec. 31 The amount of supplies available at the end of December was ?850. The amount of supplies at the beginning of the period was ?1,000. ?1,850 of supplies were purchased during 2019.

Dec. 31 On September 1, 2019, Edison Realty had paid ?6,600 as rent for a six-month period. This had been recorded as prepaid rent.

Reference no: EM132627911

Questions Cloud

Discuss the dmaic methodology : Define and discuss the DMAIC methodology and its uses. Be sure to include the limitations of this methodology, and what alternatives are available.
Analyze the incentives, pressures, and opportunities : Analyze the incentives, pressures, and opportunities to commit financial reporting fraud, and attitudes and rationalizations to justify a fraud in above case
Prepare adjusting entries for december for edison realty : Prepare adjusting entries for December for Edison Realty. The transactions for Edison Realty for the year 2019 have been recorded in the accounting system.
Prepare journal entries to record the above transactions : Prepare journal entries (in general journal form) to record the above transactions. Use a 360-day year in making the interest calculations
How do prepare adjusting entries for december : Edison Realty for the year 2019 have been recorded in the accounting system. This problem requires you to prepare adjusting entries for December 2019.
How much is your salary : Imagine that you are an active partner in a firm and there is no mention about your salary in a partnership deed. How much is your salary
What is a summary of the health care administrator role : What is a summary of the health care administrator's role in regard to political, legal, and ethical issues related to an issue such as a data breach, a HIPAA o
How do prepare the relevant journal entries : Elias Company and Emma Company are fuel oil, Prepare the relevant journal entries if transaction is with commercial substance; and without commercial substance.
Connections between liability of professionals : What are the major connections between liability of professionals, insurance policy coverage, and settlement of claims due to health care liability issues?

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.

  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!

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