Prepare connelly adjusting entry to record the fees earned

Assignment Help Accounting Basics

Reference no: EM131779503

Question: On December 31, Connelly Company had performed $5,000 of management services for clients that had not yet been billed. Prepare Connelly's adjusting entry to record these fees earned.

1. What account you debited and credited?

a. Accounts Payable and Fee Revenue for 5,000

b. Accounts Receivable and Cash for $5000

c. Accounts Receivable and Fee Revenue for 5,000

d. Accounts Payable and Cash for 5,000

2. Show the December 31 adjusting entry to record $750 of earned but unpaid salaries of employees at the end of the current accounting period.

What account you debited and credited?

a. Salaries expense and Cash for 750

b. Cash and Salaries Expense for 750

c. Salaries Expense and Revenues for 750

d. Salaries Expense and salaries Payable for 750

Reference no: EM131779503

Questions Cloud

Disagreement in your community or in the larger society : What is one issue that elicits considerable disagreement in your community or in the larger society?

How to properly adjust the given items : It is December 31, 20x9 and TZ Corporation is making their necessary year-end adjusting entries. Their accountant is unsure how to properly adjust.

Business model innovation in practice : Business Model Innovation in Practice, discuss the challenge of implementing innovations within organizations that are naturally resistant to change.

Prepare a cost of goods manufactured schedule : Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) Prepare an entire income statement through net income

Prepare connelly adjusting entry to record the fees earned : On December 31, Connelly Company had performed $5,000 of management services for clients that had not yet been billed. Prepare Connelly's adjusting entry.

Destructive power that results in a total financial : Explain why derivatives such as CDOs and CDSs had such a destructive power that results in a total financial market meltdown, not only in the United States

North wind aviation received its charter capital stock : North Wind Aviation received its charter during January authorizing the following capital stock

Explain why organizational structures differ : In a PowerPoint presentation (approximately 10 slides), explain why organizational structures differ. Define and provide an example of the four reasons.

What is the required rate of return : A stock has a beta of 1.7. The pure rate of interest is 3.25 percent and investors require a 3 percent inflation premium. What is the required rate of return

User Account

All Pages