Prepare the adjusting entries for the items given

Assignment Help Financial Accounting
Reference no: EM131220204

The trial balance for Pioneer Advertising Agency shows the following.

Pioneer Advertising Agency Inc.
Trial Balance
October 31, 2014


Debit

Credit

Cash

$14,818


Supplies

2,110


Prepaid Insurance

653


Equipment

5,056


Notes Payable


$4,423

Accounts Payable


2,168

Unearned Service Revenue


1,544

Common Stock


8,506

Retained Earnings


0

Dividends

697


Service Revenue


11,141

Salaries and Wages Expense

3,589


Rent Expense

859



$27,782

$27,782

Assume the following adjustment data.

1.Supplies on hand at October 31 total $677.
2.Expired insurance for the month is $260.
3.Depreciation for the month is $86.
4.Services related to unearned service revenue in October worth $682 were performed.
5.Services performed but not recorded at October 31 are $210.
6.Interest accrued at October 31 is $93.
7.Accrued salaries at October 31 are $1,429.

Prepare the adjusting entries for the items above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Reference no: EM131220204

Questions Cloud

What are some of the strategic and operational objectives : What are some of the strategic and operational objectives for planning for the audit? What are different risk assessments you need to consider during an audit process?
Why conduct periodic reviews of information systems : Why conduct periodic reviews of information systems to determine whether they continue to meet the organization's objectives? What questions would you ask to understand the design and operation of the organization's policies and practices?
Designing a supersonic aircraft : Temperature of the surface of the aircraft In addition, you want to indicate regions of unsafe turbulence around the aircraft.
Derive and compute indonesia output per worker : a. Derive and compute Indonesia's output per worker. b. Derive and compute the steady-state (i.e., the steady-state capital per worker) value of capital per worker for Indonesia. c. Derive and compute the steady-state value of output per worker for..
Prepare the adjusting entries for the items given : Prepare the adjusting entries for the items above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Price of ethanol increases : How can i explain it in through the graph: Assume that the supply curve for corn is upward-sloping. In the market for corn, a primary input in the production of ethanol, how will the total surplus change when the price of ethanol increases?
Agreed to a bilateral ceasefire : The Colombian government and the main rebel group have recently agreed to a bilateral ceasefire. This includes two economic dimensions: land reform involving redistribution of land to poor farmers, and the end of illegal drug trade
Design a gear drive for a 100-hp motor driving a blower : Create detail drawings of the gears needed to reduce the RPMs of the motor from 1800 to 600 RPM.
Find taxi travel to costly : Fare regulation is often supported by politicians because of the view that there is a corporate social responsibility to make taxi travel affordable. What other options are there to support those who would otherwise find taxi travel to costly?

Reviews

Write a Review

Financial Accounting Questions & Answers

  High and low points of ore extraction activity

Corporation extracts ore for eight different companies in Colorado. The firm anticipates variable costs of $65 per ton along with annual fixed overhead of $840,000, which is incurred evenly throughout the year. These costs exclude the following semiv..

  Identify activities that are nonvalue-adding

Resser Corporation manufactures serving trays and utensils for use by airlines for meal service. Several airlines order these products in large quantities. Resser had adopted an activity-based management philosophy. Listed below are the principal act..

  Goal of tax planning is to legally minimize or defer taxes

A key goal of tax planning is to legally minimize or defer taxes. This is done by focusing on key components of taxable income. How can timing strategies and income-shifting strategies be used to affect deductions for adjusted gross income (AGI), dep..

  Principle of adequate disclosure

Briefly explain what is meant by the principle of adequate disclosure and How does professional judgment enter into the application of the principle of adequate disclosure?

  Day operation as well as developing the capital budget

You are the Administrator of the Radiology Department responsible for the day to day operation as well as developing the capital budget. Your capital budget for fiscal year 2015(July 1, 2014 to June 30, 2015)is $1 million. You have received two capit..

  The company uses the interest method is

he first day of its fiscal year, Ebert Company issued $12,500,000 of 10-year, 9% bonds to finance its operations.- The company uses the interest method is?

  Assignment of costs to transferred out units

Assignment of costs to transferred out units and ending work in process given beginning of process and period production costs.

  Compute the break-even point in units and dollars

Compute the break-even point in units and dollars and margin of safety in dollars Assuming no changes to selling price or costs

  1 baker company is considering the acquisition of charley

1 baker company is considering the acquisition of charley inc. to assess the amount it may be willing to pay baker

  Colter company prepares monthly cash budgets

Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017

  What is the most this individual would pay to play a game

An individual has a certainty equivalent coefficient equal to 0.4. What is the most this individual would pay to play a game that pays $50 or $30 with equal probability?

  How should declared but unpaid dividends be recorded

The problem states that the company has a yearend date of Dec 31st. and that there are 15000 of declared dividends. Should this affect my common stock or retained earnings?

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