Solution-Journalize the adjusting entries at year-end

Journalize the adjusting entries at year-end december

Assignment Help Accounting Basics

Reference no: EM131643728

Part 1) Journalize the adjusting entries below at year-end December 31, XXXX. Please share your supporting calculations for the adjusting entries requiring computations.

(a) Accrued Service Revenue of $5,000

(b) The unadjusted balance of the Supplies account is $1,700. The total cost of supplies remaining is $900.

(c) Interest revenue of $500 has been earned but not yet received.

(d) Equipment was purchased at the beginning of the year for $35,000. The equipment's useful life is 5 years and the residual value is $7,000. Record the depreciation for this year.

(e) The weekly payroll is $30,000. Employees are owed for 2 days of a 5-day work week.

(f) Beginning unearned service revenue is $3,000, and ending unearned service revenue is $1,500.

Part 2) Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made. Please share your work.

Reference no: EM131643728

Questions Cloud

Explain the meaning of each of the johnson company ratios : Please review the following 6 ratios for Johnson Company and Lee Enterprises for the year ended 2014, Explain the meaning of each of the Johnson Company ratios

The perspective of the current party in charge : For the ELECTIONS part you need to look at it from the perspective of the current party in charge and its leader.(Syriza and Alexi Tsipras)

How many days do half of all travelers wait : The number of days ahead travelers purchase their airline tickets can be modeled by an exponential distribution with the average amount of time equal to 15 days

How many minutes a student needs to complete a quiz : Then find the probability that a different student needs at least eight minutes to finish the quiz given that she has already taken more than seven minutes.

Journalize the adjusting entries at year-end december : Journalize the adjusting entries below at year-end December 31, XXXX. Interest revenue of $500 has been earned but not yet received

Advantages to the restaurant from outsourcing their food : What are the advantages to the restaurant from outsourcing their food? Do these advantages benefit the customer?

What were the relative roles of ads and debates : What were the relative roles of ads, debates, speeches, voter mobilization, and social media in the 2000 presidential election between Bush and Gore?

Prepare a multiple-step income statement for the year ended : Prepare a multiple-step income statement for the year ended December 31, 2014. Compute the gross margin percentage and net profit margin ratio

Overall accuracy rate of cartak price inputting system : What is the overall accuracy rate of Cartak's price inputting system?

Reviews

Write a Review

Required(*) Message

Accounting Basics Questions & Answers

The monthly payment on a 1000000 15 yr mortgage at 6 is

the monthly payment on a 1000000 15 yr. mortgage at 6 is 8438.57 per month. how much of that 1000000 on day 1 is deemed

The company does not use a third party designee

Refer to Problem 3-11B. Complete Parts 2, 4, and 5 of Form 941 (on page 3-56) for Gallagher Company for the third quarter of 2013.

Prepare the income statement using variable costing

Vernon Inc. manufactures and sells one product. Prepare the income statement using variable costing

Implications for information production

Why does accounting information have some features of a public good? What are the implications for information production in both unregulated and regulated markets?

Willkom corporation bought 100 percent of szabo inc on

willkom corporation bought 100 percent of szabo inc. on january 1 2009 at a price in excess of the subsidiarys fair

Explain the double taxation problem

Briefly explain the double taxation problem and how paying large salaries to owners avoids it.

Refer to pampampgs financial statements and the

refer to pampampgs financial statements and the accompanying notes to answer the questionsltbr gtltbr gt1. what are

The cost to produce part a was 20 per unit in 2012 during

question 1 the cost to produce part a was 20 per unit in 2012. during 2013 it has increased to 23 per unit. in 2013

Percent ownership of the partnership

Percent ownership of the partnership

What is the projects discounted payback period

Project K has a cost of $52,125, its expected net cash inflows are $12,000 per year for 8 years, and its cost of capital is 12 percent.

Oslo company prepared the following contribution format

oslo company prepared the following contribution format income statement based on a sales volume of 1000 units the

Assume plaza corporation has compensatory share options

Assume Plaza Corporation has compensatory share options for employees to purchase 2,000 common shares at $14 per share outstanding the entire year, and that the average market price for the common stock during the year was $20 per share.

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

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