How to write the reversing entry

Assignment Help Financial Accounting
Reference no: EM131264020

On November1,Rent revenue was credited for 1800, representing revenue from a subrental for a 3-month period beginning on that date. On december31, how to write adjusting entry? How to write the reversing entry?

Reference no: EM131264020

Questions Cloud

How much more new deposits will be created : If the central bank pumps the money into the economy, there are several ways to do it. If the Fed supply $100 into the economy and the reserve requirement is 10%, then how much more new DEPOSITS will be created
Discuss the possible marketing implications : Discuss the possible marketing implications of the recent trend toward supercenters, which combine a supermarket and a full-line discount store.
Why is management accounting in practice : Why is management accounting in practice pulled between Taylorism and Toyota's version of Lean? What research evidence is there that the slack built into the TPS version of Lean is an essential part of long term success and should not be confused ..
How to write the reversing entry : On November1,Rent revenue was credited for 1800, representing revenue from a subrental for a 3-month period beginning on that date. On december31, how to write adjusting entry? How to write the reversing entry?
Revolution cycles acquired plant asset at beginning of year : Revolution Cycles acquired a plant asset at the beginning of year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods (Straight-Line, Sum-of-the-Years-Dig..
How each event affects the elements of financial statements : Indicate how each event affects the elements of financial statements (1. assets 2. Liabilities 3. Equity 4. Revenues 5. Expenses 6. Net income 7. Cash flow). In performing the bank reconciliation for bounds company, a company employee found that the ..
Calculate the interest to be capitalized : Sunshine Holdings began construction on a new building on January 1, 2006. The building was completed and became ready for use on May 31, 2008. At the end of 2006 Sunshine had the following types of debt outstanding: Calculate the interest to be capi..
Calculate the time necessary to evaporate 95% of moisture : The evaporation rate of moisture from a sheet hung on a clothesline is proportional to the moisture content. If one half of the moisture is lost in the first 20 minutes, calculate the time necessary to evaporate 95% of the moisture.

Reviews

Write a Review

Financial Accounting Questions & Answers

  The five key steps to recognizing revenue

1.What are the five key steps to recognizing revenue?

  Should the housekeeping program be discontinued

Should the housekeeping program be discontinued? Explain and Recast the above data in a format that would be more useful to management in assessing the long-run financial viability of the various services

  Equipment with a fair value-carrying value

Morris, Inc. Corporation purchased equipment with a fair value of $600,000 on a 6 percent note. The note requires five end-of-year payments of $142,438. What would be the carrying value of the note immediately after the second payment?

  Prepare the journal entries necessary to record income taxes

Energizer Manufacturing Corporation reports taxable income of $829,000 on its income tax return for the year ended December 31, 2008, its first year of operations. - Prepare the journal entries necessary to record income taxes for 2008.

  Evaluate cost amount per unit and total manufacturing cost

Evaluate the cost amount per unit and total manufacturing costs for the production and sale of 5,000 units of cellular phones. Evaluate the product cost markup percentage rounded to two decimal places for cellular phones.

  What was the balance in supplies on january 1

If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1?

  Prepare a cash budget for the months of january and february

Prepare a cash budget for the months of January, February, and March. Determine the amount of additional bank borrowings necessary to maintain a cash balance of $50,000 at all times.

  Calculate the ratio of depreciation and amortization expense

Calculate the ratio of depreciation and amortization expense for 2011 reported on page 713 in the Consolidated Statements of Cash Flows to the total cost of plant assets reported in the schedule shown on page 747.

  What is the roi for the current year

What method would be most appropriate for calculating the division's return on investment (ROI)? Why? Using this method, what is the ROI for the current year?

  Question 1your finance text book sold 50000 prints in its

question 1your finance text book sold 50000 prints in its first year. the publishing company expects the sales to grow

  How are the effects of these transactions reported

Pilot Corporation purchased land for $480,000. Later in the year, the company sold land with a book value of $288,000 for $328,000. How are the effects of these transactions reported on the statement of cash flows?

  Jackson has a fiscal year

Since 2010, Holden has owned 100% of Jackson and uses the equity method to account for its investment in Jackson. Holden has a fiscal year end of December 31 and Jackson has a fiscal year end of October 31

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