User Account

All Pages

Prepare the adjusting entries in the general journal

Assignment Help Accounting Basics
Reference no: EM133180508

Question - Prepare the adjusting entries in the general journal from the following information pertaining to the accounts of Guimaras Inn as of November 30, 2010, the end of its fiscal year:

a. The prepaid insurance account shows a balance of P24,000 representing the May 31, 2010 premium payment for one-year fire insurance coverage.

b. Furniture and equipment (P20,000) is being depreciated using the straight-line method and an estimated useful life of five years, no salvage value. Annual depreciation has not been recorded.

c. Salaries and wages earned by employees for November 28, 29, and 30, have not been recorded. Weekly wages (five days) amount to P16,000.

d. Interest earned on a note receivable not yet collected is P1,500.

e. The customers' deposit account has a balance of P16,000 before adjustments. Of these deposits, P6,000 were earned during November 2010.

f. The food inventory account reveals an unadjusted balance of P3,200. The correct amount of food inventory on hand is P1,200 on November 30, 2010.

Reference no: EM133180508

Questions Cloud

Mean between extremes in actions and emotions : Which philosopher's theory of moral virtue states that virtues are habits that enable a person to live according to reason, by habitually choosing the mean betw
What practices prevent future occurrences of these impacts : What practices can prevent future occurrences of these impacts? Please provide the answer thoroughly and focusing on Construction Industry
Organizational culture of the company : You are in an interview for a job. The interviewer has asked you to describe your personality to see if you will fit in to the organizational culture of the com
Behavioural and situational interview question : In addition to providing a resume, many organizations also require candidates to complete application form. Detail 3 reasons why companies use application forms
Prepare the adjusting entries in the general journal : Prepare the adjusting entries in the general journal from the following information pertaining to the accounts of Guimaras Inn as of November 30, 2010
Develop a written message that states the message clearly : Think of a situation in your job in which you need to communicate a negative message.
Why does immigration matter in canada : Question 1: Why are people racist? Question 2: Why does immigration matter in Canada?
Prepare the journal entry to record the impairment : Prepare the journal entry to record the impairment of the asset at December 31, 2020. The company does not use accumulated amortization accounts
Brief description of the organization : For this task you are going to act as the Human Resources Director of an organization. Your goal is to write a role play script to illustrate controlling an emp

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