User Account

All Pages

Prepare all adjusting entries required on december

Assignment Help Accounting Basics
Reference no: EM13868101

Using data from PA10-1, complete the following requirements.

Info PA10-1

Apr. 30 Received $ 600,000 from Commerce Bank after signing a 12-month, 6 percent, promissory note.

June 6 Purchased merchandise on account at a cost of $ 75,000. (Assume a perpetual inventory system.)

July 15 Paid for the June 6 purchase.

Aug. 31 Signed a contract to provide security service to a small apartment complex and collected six month's fees in advance amounting to $ 24,000. (Use an account called Unearned Revenue.)

Dec. 31 Determined salary and wages of $ 40,000 were earned but not yet paid as of December 31 (ignore payroll taxes).

Dec. 31 Adjusted the accounts at year-end, relating to interest.

Dec. 31 Adjusted the accounts at year-end, relating to security service.

Required:

1. Prepare journal entries for each of the transactions through August 31.

2. Prepare all adjusting entries required on December 31.

3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31.

4. Complete requirement 2 of PA10-1, if you have not already done so.

Reference no: EM13868101

Questions Cloud

What is likelihood that four or more hits result in purchase : What is the likelihood of exactly four purchases? How many purchases should she expect? What is the likelihood that four or more "hits" result in a purchase?
From the top steps of the lincoln memorial : Two tourists with a surveying tool want to measure the distance from their hotel to the Washington Monument and to the Lincoln Memorial. From the top of the Washington Monument, they find that the angle hotel-Washington Monument-Lincoln Memorial is65..
What is the full design for 16 logic microoperations : what is the full design for 16 logic microoperations - Explain in detail.
Analyze a country in the context of human resources : To study and analyze a country in the context of human resources Why study intercultural communication in business contexts?Why Discuss Culture in Project Management?
Prepare all adjusting entries required on december : Prepare journal entries for each of the transactions through August 31. Prepare all adjusting entries required on December 31. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31. Complete require..
Reserch paper on revolutions in europe from 1517-1800 : reserch paper on revolutions in Europe from 1517-1800
Consider one-dimensional transient conduction : Consider one-dimensional transient conduction in a slab of thickness L. Initially, the entire slab is at temperature Ti and both surfaces are at temperature Ti. At time t = 0, the left surface (x = 0) temperature is increased to Ts. Find the tempe..
How to do square root problems : What's the square root of 30 divided by 3? how to do square root problems.
What is the probability that of those selected for interview : Four of the ten are selected to participate in an in-depth interview. What is the probability that of those selected for the in-depth interview two liked the new flavor and two did not?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare journal entries to record the following

prepare journal entries to record the following transactions involving both the short-term and long-term investments of

  Eleby company has gathered the following information units

eleby company has gathered the following information. units in beginning work in process 0 units started into

  Compute dow earnings per share problem

On February 28, 2009, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31,2009, was $2,100,000. The income tax rate is 40%.

  One company buys a controllingcp interest in anither

one company buys a controllingcp interest in anither company on april1. explain how the pre-acquisiton revenues anc

  What is a contingency why are contingencies important to

what is a contingency? why are contingencies important to users of financial statements? what are the criteria for

  Compute pension expense for the year 2012 prepare the

the following information is available for the pension plan of radcliffe company for the year 2012. actual and expected

  Partnership bottom line net income

What are the partnership's bottom line net income and its separately stated items?

  Sales for the year were 600000 accounts receivable were

sales for the year were 600.000. accounts receivable were 100.000 and 80.000 at the beginning and end of the year.

  Charge of preparing and analyzing financial statements

As the CFO of your corporation, you are in charge of preparing and analyzing financial statements that will be presented to potential investors and creditors.

  Direct materials and conversion costs

Determine the number of equivalent units of production with respect to direct materials and conversion costs. Enter all amounts as positive numbers. If an amount is zero or a blank, enter in 0.

  Sarita company installs a computerized manufacturing

sarita company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of

  Journal entry to record the allocation of net income

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $40,600 to Coburn and $35,700 to Webb, interest of 10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the..

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

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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