Prepare the adjusting entries for the items

Assignment Help Accounting Basics
Reference no: EM13143781

Assume the following adjustment data.

1. Advertising supplies on hand at 31 October total $1 000.
2. Expired insurance for the month is $100.
3. Depreciation for the month is $50.
4. Unearned income earned in October totals $600.
5. Services provided but not recorded at 31 October are $300.
6. Interest accrued at 31 October is $70.
7. Accrued salaries at 31 October are $1 200.

Instructions:

Prepare the adjusting entries for the items above.

Reference no: EM13143781

Questions Cloud

Cash basis of accounting and accrual basis of accounting : What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why?
Compute the activity coefficient of glucose : Calculate the activity coefficient of glucose in this solution if the solution freezes at -0.66 C.
Calculate the total activity of and in stock solution : How do I calculate the total activity of and in stock solution if I calculated .043636 Units/ml in an 4.0ml Assay. The stock solution was 59ml in the total 4.0ml Activity Assay it consisted of 1.0ml 1:100 dilution of stock solution.
What is the molarity of the hcl : If 30.00 mL of 0.500 M KOH are needed to neutralize 10.00 mL of HCl of unkown concentration, what is the molarity of the HCl
Prepare the adjusting entries for the items : Assume the following adjustment data. 1. Advertising supplies on hand at 31 October total $1 000. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $50.
Explain the reason the following description is inaccurate : explain the reason(s) the following description is inaccurate: in both cardiac and skeletal muscle cells, calcium ions enter the cell through Ca-channels in the transverse tubules to induce calcium release from the sarcoplasmic reticulum (SR).
Consider a binary liquid mixture a and b : Consider a binary liquid mixture A and B, where A is volatile and B is nonvolatile. The composition of the solution in terms of mole fraction is xA = 0.045 and xB = 0.955
What volume will the gas occupy at 288k : a gas sample has a volume of .150 L at a temperature of 256 K. What volume will the gas occupy at 288K?
Classifying expenditure as a capital or revenue expenditure : Identify the factors that are considered in classifying expenditure as a capital or a revenue expenditure. Are there instances where it may be difficult to classify an expenditure as one or the other (e.g., the purchase of a wastebasket that has a..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Corporation as a contribution to capital

Mary and Jane, unrelated taxpayers, hold Gray Corporation's stock equally. One year before the complete liquidation of Gray, Mary transfers land (basis of $600,000, fair market value of $180,000) to Gray Corporation as a contribution to capital.

  Holding periods

Cassie owns a Rembrandt painting she acquired on June 1, 2009 as an investment. She exchanges the painting on September 5, 2011, for a Picasso sculpture and marketable securities to be held as an investment. On what date does the sculpture's holdi..

  Standard using traditional costing using direct labor

Overhead applied to Standard using traditional costing using direct labor hours is

  What entry will givens brick company make to pay off

Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What entry will Givens Brick Company make to pay off the note and interest at maturity assuming that interest ha..

  Draw an entity-relationships diagram

Draw an Entity-Relationships Diagram. A commercial bakery makes many different products. these products include breads, dessert, specialty cakes, and many other baked goods.

  How medicare and medicaid have affected cost-setting

When Medicare and Medicaid were created, reimbursement of services changed. These entities comprised a very large portion of a health care provider's business. Explain how Medicare and Medicaid have affected cost-setting for a health care organiza..

  Which ratios would you use to analyze a company

What are the limitations of using ratios for financial statement analysis? What are the benefits?

  Determining taxable income of two owners

Goerge owns a sole proprietorship and Kevin is the sole shareholder of a C (regular) corporation. Each business sustained a $16,000 operating loss and a $2,500 capital loss for the year. Evaluate how these losses will affect the taxable income of ..

  Right of business type activities

In government wide financial statements information about fiduciary funds should be presented in a discrete column to the right of the business type activities

  Determine depreciation expense

Colaw Supply purchased machine at a cost of $72,000 on January 2, 2000. It originally had an estimated life of 10-years and a salvage value of $12,000.

  Basics of overall net operating income

Fixed expenses charged to the department are $65,000 per year. It is estimated that $40,000 of these fixed expenses could be eliminated if the department is discontinued. These data indicate that if the department is discontinued, the company's ov..

  Determining the break even point

Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess's break even point.

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