User Account

All Pages

Prepare the adjusting entries for the month of March

Assignment Help Accounting Basics
Reference no: EM132469946

Question - The ledger of Hammond Company, on August 31, 2017, includes these selected accounts before adjusting entries are prepared. (10M) Prepaid Insurance $3,600 - Supplies 2,800 - Unearned Service Revenue 9,200 An analysis of the accounts shows the following. - Insurance expires at the rate of $100 per month. - Supplies on hand total $800. - During March, services were performed for one-half of the unearned service revenue. - At August 31, the company owed its employees $800 in salaries and wages that will be paid on September 1. - On August 1, the company borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 10%. - Revenue for services performed but unrecorded for August totaled $1,100.

Required - Prepare the adjusting entries for the month of March - Show the effect of adjustments on income statement and balance sheet.

Reference no: EM132469946

Questions Cloud

What amount of interest expense should be recorded : Cron Corporation is planning to issue bonds with a face value of $800,000. What amount of interest expense should be recorded on June 30 and December 31
What is cost formula for selling and administrative expense : What The cost formula for selling and administrative expenses with "X" equal to the number of books sold is? An income statement for Sam's Bookstore
What was the issue price on january of this year : PowerTap Utilities is planning to issue bonds with a face value of $2,500,000 and a coupon rate of 10 percent. What was the issue price on January of this year
What the expected cash collections in december are : What the Expected cash collections in December are? Collections are expected to be 60% in the month of sale and 40% in the month following the sale.
Prepare the adjusting entries for the month of March : Prepare the adjusting entries for the month of March - Show the effect of adjustments on income statement and balance sheet
State and explain her price elasticity of demand : Ariana consumes two goods, food and clothing. State and explain her price elasticity of demand for food when its price increases by 25%, ceteris paribus
Calculate ernies average income for each tax year : Calculate Ernie's taxable income for each tax year. Calculate Ernie's average income for each tax year. Ernie Wombat is primary producer who commenced business
Engagement and increase compliance with the treatment plan : An older patient reports his vision is good even though he has been diagnosed with glaucoma; his medical history includes diabetes and COPD.
Case study - lozells'' fine chocolates : Case Study based on Lozells Fine Chocolates - do Segmenting, targeting and positioning for international markets

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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