Prepare entries for the adjustments

Assignment Help Financial Accounting
Reference no: EM132645274

Problem 1: At October 31, the company made several adjusting entries. Prepare entries for the adjustments below and post them to the t-accounts, creating new accounts as necessary.

a. The company paid the entire premium on a 1-year insurance policy on June 1, 2015, with the insurance used up evenly throughout the life of the policy. This is the only insurance policy in force on September 30, 2015.

b. Employees earned salaries of $3,200 during the last two days of October but were not paid. These are the only unpaid salaries at the end of October.

c. The note payable is a 90-day, 6 percent note issued on September 30, 2015. The principal plus all associated interest will be repaid at the due date.

d. Merchandise inventory on hand on October 31, 2015 totals $155,900.

Reference no: EM132645274

Questions Cloud

Building content standards into learning progressions : Why is it important to incorporate content standards into instruction?
What amount of interest expense will ffc recognize : Ferris Farriers Corp. (FFC) issued $10,000,000, 4.0%, eight-year bonds on June 1, 20X2,What amount of interest expense will FFC recognize on November 30, 20X2?
Share some key priorities of negotiation : According to the Mock Negotiation: Auto Products Corporation of Indianapolis, IN vs. Local 5000, United Metal Workers of America Meyantae Johnson & Kyle Dan
How is digital imaging replacing more traditional methods : How is digital imaging replacing more traditional methods of crime scene reconstruction, surveillance, and geospatial analysis? Discussion topics support.
Prepare entries for the adjustments : At October 31, the company made, Prepare entries for the adjustments and post them to the t-accounts, creating new accounts as necessary.
What were the objectives of the case project : What recommendations would you make if you were assigned as Project Manager of this project in its earlier stage and What was the early delivery method
What strategies are most risky in types of strategies : List the strategies defined in types of strategies in order of low risk to high risk. wrote a synopsis that explains your rankings.
Explain whether any of behaviors violate any criminal laws : Identify a case in the news that you feel displays unethical police behaviors. In a 3-page written research informative paper, answer the following questions.
Find how much will have at the end of three years : At the beginning of each year for three years in a savings account that pays 6 percent interest per year, how much will you have at the end of three years?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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