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Prepare the annual adjusting entries for the following transactions:
a. On August 1, Johnson paid one year in advance for office space. The Prepaid Rent account and Cash accounts in the amount of $24,000 were used to record the payment.
b. On October, Johnson received payment in advance for services to be performed over the next 12 months. The amount was $12,000 and the Cash and Unearned Fee Revenue accounts were used.
c. As of December 31, Johnson had not recorded unpaid wages of $500.
d. During November and December, Johnson provided services to a client in the amount of $5,400 but had not yet billed the client.
Prepare a T-account for each account on the companys balance sheet and prepare new T-accounts as needed. Key your entries to the letters - Compute the ending balance in each account.
What is the monthly level of sales dollars needed to break even-What is the monthly level of sales dollars needed to earn an operating profit of $10,000 monthly.
The Blue Moon is considering a 4-year project that requires an investment of $2.8 million for new equipment. This equipment will be depreciated straight-line to zero over the life of the project and will be worthless thereafter. The project is expect..
There is enough Alpha material in stock. If it is not used on this contract it is unlikely that it would be required in the near future. If the company chose to sell 4000 units of Alpha it has estimated that it would generate £20,000.
Fitzgerald Inc. uses the ABC method to allocate overhead to production. The following is a list of cost pools and the allocation base for each pool. Calculate total overhead cost allocated for the job.
Identify items of cash (and cash equivalents), understand the importance of cash management, and discuss revenue recognition when the right of return exists.
George Company was started on January 1, 2013, when it acquired $8,500 cash by issuing common stock. During 2013, the company earned cash revenues of $4,250, paid cash expenses of $3,000, and paid a cash dividend of $550. Based on this information,
US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS). If th..
question kravitz company is planning to get a 250000 machine to enhance manufacturing efficiencies thereby reducing
The general manager proposed changes in the company's accounting policies in a few areas in an attempt to show a higher profit. He met the company's auditors to discuss these ideas.
What important internal controls were ignored when LJM1 was created? . How might Enron's harsh Performance Review Committee (PRC) have aided company executives in committing the fraud?
record the following transactions in the general journal.3107invested 20000 in cash and 5000 of equipment in the
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