Interest earned from its investments in government bonds

Assignment Help Financial Accounting
Reference no: EM13890771

For each separate case below, follow the 3 step process for adjusting the accrued revenue account: Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record an adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year.

a. Accounts Receivable. At year end, the Krug Company has completed services of $19,000 for a client, but the client has not yet been billed for those services.
b. Interest Receivable. At year end, the company has earned, but not yet recorded, $390 of interest earned from its investments in government bonds.
c. Accounts Receivable. A painting company collects fees when jobs are complete. The work for one customer, whose job was bid at $1,300, has been completed, but the customer has not yet been billed.

Reference no: EM13890771

Questions Cloud

How do you find the atomic mass of various elements : How do you find the atomic mass of various elements?
Existing credit card and make no subsequent payments : You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of .5 percent per year, compounded monthly for the first six months, increasing thereafter to 17.6 percent compounded monthly. Assume you transfer t..
Why the old partners pay a bonus to the new partner : In general, when a new partner enters a partnership, why would the new partner pay a bonus to the old partners, or why the old partners pay a bonus to the new partner?
A substance having the molecular formula c4h10 : How many structural isomers are possible for a substance having the molecular formula C4H10? A) 1 B) 2
Interest earned from its investments in government bonds : For each separate case below, follow the 3 step process for adjusting the accrued revenue account:
What do you have to deposit today : Suppose you need $20,000 to buy a new car in 5 years. Assume that you use an account earning 10% per annum. What do you have to deposit today, assuming quarterly compounding
Review the article-police-induced confessions: risk factors : Provide a description of each issue or consideration (practical, ethical, and legal) related to forensic psychology consultation that you selected. Then explain why each is an issue or consideration and important to address. Be specific and provid..
Compare to traditional individual retirement plan : What are some important considerations when deciding to contribute to an employee sponsored 401K plan? What are some key advantages of this plan and how do they compare to a traditional individual retirement plan (IRA)?
Does affirmative action advance racial equality : From the eBook Taking Sides (2014) read the following articles: "Does Affirmative Action Advance Racial Equality?" "Will the Affordable Care Act Successfully Transform the American Health Care System

Reviews

Write a Review

Financial Accounting Questions & Answers

  Ending inventory used FIFO-LIFO and average-cost methods

There are 48 units of the item in the physical inventory on 12/31. the periodic inventory system is used. Determine the dollar value of the ending inventory used the FIFO, LIFO, and average-cost methods.

  Purpose journal entries to record these events

Calculation of applied manufacturing overhead based on direct labor hour rate - Purpose journal entries to record these events. Use those journal entries.

  The following summary transactions occurred during 2011cash

the following summary transactions occurred during 2011cash received

  Impact the company''s intangible assets

How would his layoff impact the company's intangible assets? How would the BPR event be reflected in the company's financial statemen

  Calculate the operating income for the olive oil division

Calculate the operating income for the olive oil division using a transfer price of $4.60.

  How is amount of excess acquisition-date fair value

How is the noncontrolling interest in Subsidiary's net income appear on the consolidated statement of cash flows? How is amount of excess acquisition-date fair value over book value recognized in the consolidated statement of cash flows?

  Question at the main street theater the cashier situated in

question at the main street theater the cashier situated in a box office at the entrance receives cash from customers

  Effect on the tax basis of each partner partnership

orders stationery and other office supplies in the amount of $300. Before the partnership pays for the supplies but after the partnership has taken title and possession of the supplies, is there any effect on the tax basis of each partner's partne..

  Financial statements of ascension health

Review the companies' balance sheets, statements of income/operations, and statements of cash flows. Identify and describe five similarities

  Cost of goods sold increased by a specific dollar

Multiple choice question based on share valuation -  Which of the subsequent would be most likely to reveal that cost of goods sold increased by a specific dollar amount during the year?

  Show the perpetual inventory system

Journalize the transactions for the month of June for Goldenrod Warehouse, using a perpetual inventory system

  Journalize the adjusting entries at july 31

Journalize the adjusting entries at July 31 on the books of Crane Video Company and what amount of bad debt expense will Mingenback Company report if it uses the direct write-off method of accounting for bad debts?

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