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On Oct 1, 2011 you received rent in advance of $12,000 for 3 years. You credited rent revenue. You forgot to make an adjusting entry on December 31, 2011. What is the correcting entry to be made in 2012assuming the books for 2011 are closed?
Assume the same information given above except you credited rent expense for $12000. What is the correcting entry in 2012 assuming the books in 2011 are closed?
rohan corporation holds assets with a fair value of 150000 and a book value of 125000 and liabilities with a book value
Discuss the differences between temporary and permanent accounts. What will happen if the temporary accounts like revenue, expense and dividend accounts are not closed in the ledger?
Quiltworks company reported actual sales of $2,000,000, and fixed costs of $450,000. The contribution margin ratio is 30%. (a) compute the break even point in dollars
Managerial accounting: a. has its primary emphasis on the future. b. is required by regulatory bodies such as the SEC. c. focuses on the organization as a whole, rather than on the organization's segments. d. Responses a, b, and c are all correct.
Canarsie Company leased equipment to Fulton Inc. on January 1, 2014. The lease is for an eight-year period expiring December 31, 2021
argentina partners is concerned about the possible effects of inflation on its operations. presently the company sells
A business paid 100 to cash to Karen Smith (the owner of the business) for her personal use. Set up the necessary T accounts and show how this transaction would be recorded directly to those accounts
Justin and Tiffany form the equal TJ Partnership, Justin contributes cash of $20,000 and land (fair market value of $80,000, adjusted basis of $65,000), and Tiffany contributes the assets of her sole proprietorship (value of $100,000, adjusted bas..
What were the beginning balance and ending balance for Merchandise Inventory?
research a specific company of your choice and identify some of the managerial decisions that were made over time and
Entries for Bonds Payable.Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co., On April 1, 2009, Quirk issued $500,000, 9% bonds for $537,868 including accrued interest. Interest is payable annually ..
Al's Car Wash purchased a piece of equipment on October 1, 20x7, for $27,000. The equipment has an estimated life of four years or 40,000 units of production and an estimated residual value of $2,000.
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