One of the statements for my project is utilities expenses

Assignment Help Accounting Basics
Reference no: EM13566163

One of the statements for my project is "Utilities Expenses of $3,200 remain unpaid. 60% of the utilities expense is for office and 40% of utilities expense is for the store"

The journal entry I came up with was

Utilities Payable 3200
Utilities Expense-Store 1280
Utilities Expense-Office 1920

but now that I'm doing my income statement, i'm pretty sure thats word. Would I switch the debits and credits around or is it just totally wrong all together?

Reference no: EM13566163

Questions Cloud

Select a religion that is not your own and then visit a : project world religions report1 select a religion that is not your own and then visit a place of worship and interview
Hampton corporations research and development department is : hampton corporations research and development department is presenting a proposal for new product research. the new
Break even time clarkson companys research and development : break even time. clarkson companys research and development department is presenting a proposal for new product
The statement is a company took out a 9 month 75 40000 : the statement is a company took out a 9 month 7.5 40000 note on december 1 2014 with interest and principal to be paid
One of the statements for my project is utilities expenses : one of the statements for my project is utilities expenses of 3200 remain unpaid. 60 of the utilities expense is for
Rollins corps total assets at the end of last year were : rollins corps total assets at the end of last year were 300000 and its ebit was 75000. what was its basic earning? a.
The goal of this assignment is to demonstrate effective : term paper critical speech analysisconceptthe goal of this assignment is to demonstrate effective critical thinking
Rocket company produces small gasoline-powered engines for : rocket company produces small gasoline-powered engines for model airplanes. mr. clemens rockets cfo has presented you
Prepare the required journal entries for the following : the following data were taken from the balance sheet accounts of wickham corporation on december 31 2012.current

Reviews

Write a Review

Accounting Basics Questions & Answers

  Vintage cellars manufactures a 1000-bottle wine storage

evaluating decision-making scenarios using linear profit and cost modelingvintage cellars manufactures a 1000-bottle

  In your own words define two methods to adjust for varying

in your own words define two methods to adjust for varying levels of risk when conducting a capital budgeting analysis.

  Preventative controls

Discuss the nature of preventive controls that may be designed into an AIS. Give an example and explain how it may prevent fraud or abuse of the system.

  Tax consequences of the exchange

The common stock has voting rights. The preferred stock does not. a. Is the exchange nontaxable under Sec. 351? Explain the tax consequences of the exchange to Al, Bob, Carl, and West.

  Amount of cash required to fund cash dividend

Gannon, Inc., had 100,000 shares of common stock outstanding. During the current year, the company distributed a 10 percent stock dividend and subsequently paid a $.50 per share cash dividend Calculate the number of shares outstanding at the time ..

  Explain what is meant by transaction analysis reply to this

1. describe what is meant by transaction analysis. 2. reply to this response in format of conversation. this is a class

  Andrew jackson credit corp

Accounts receivable of $14,800 (gross) are factored with Andrew Jackson Credit Corp

  On april 1 2011 warm universe issued 8 bonds dated april 1

on april 1 2011 warm universe issued 8 bonds dated april 1 2011 with a face amount of 10000000. the bonds mature in

  Shortcomings of the official unemployment rate

Some Keynesian economists criticize the official unemployment statistics for understating the extent of joblessness in the United States. Which of the following statements represent shortcomings of the official unemployment rate reported by the Bu..

  Short-term credit decision

Short-Term Credit Decision

  Error in the financial statements of a prior period

Correction of an error in the financial statements of a prior period discovered subsequent to their issuance.

  Describe the research design

Assume you are the decision maker for IndustryWeek. Given the declining value of the reader response card to subscribers, originally designed as a value-enhancing service to IW readers and advertisers alike, what further research might be suggeste..

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