Prepare the required adjusting entries

Assignment Help Accounting Basics
Reference no: EM131712394

Question - The trail balance relates to the year 2016. It was prepared at 31/12/2016 but the accountant did not include the following.

1. Deprecation for the year. Years of usefulness of equipment is 10 years.

2. Accrued salary at 31, December for Monday, Tuesday, Wednesday and Thursday. The five days weekly payroll is 1500.

3. On the first of October, the company collected from a customer for advertisement $4000, the service will be provided from October through January.

Account

Debit

Credit

Cash

120200


Accounts receivable

15600


Supplies

3300


Prepaid rent

1050


Equipment

20000


Accumulated depreciation


2000

Accounts payable


10450

Salary payable


5600

Unearned revenue


4000

Share Capital


120000

Revenue


30000

Retained eantinp,s


9350

Withdrawals

950


Depreciation

0


Salary expense

12000


Rent Expense

8300


Total

181400

181400

Required -

1. Prepare the required adjusting entries.

2. Prepare the adjusted trail balance.

3. Prepare the Income statement and the balance sheet.

Reference no: EM131712394

Questions Cloud

What is the rate of disappearance : a) What is the rate of disappearance of C5H6 at the same time? b) This reaction is second order. Write the rate law for this reaction.
Why would the merger have violated antitrust laws : Would the merger have violated antitrust laws? Why, or why not? Do not be unduly influenced by the Justice Department's stance on the issue.
Current ratio on december 31, 2015 : Net income percentage in 2015. Return on equity in 2015. - Working capital on December 31, 2015 and current ratio on December 31, 2015
Discuss complexity science and postmodernism share : What are some assumptions about the nature of the world that complexity science and postmodernism share
Prepare the required adjusting entries : Deprecation for the year. Years of usefulness of equipment is 10 years. Prepare the required adjusting entries. Prepare the adjusted trail balance
What is the range of the strength scores : Tendon transfers. People with spinal cord injuries may lose function in some, but not all, of their muscles. The ability to push oneself up is particularly.
What makes a merger successful by paul walker : Read the following article: What makes a merger successful by Paul Walker and David Hanna which describes a successful merger.
Define nonrenewable resources of fossil fuels and minerals : The world is now dependent on renewable and nonrenewable resources of fossil fuels and minerals
Discuss the soil technique and agricultural system : Discuss the soil technique and agricultural system that are appropriate form the management of these soils

Reviews

Write a Review

Accounting Basics Questions & Answers

  Stores break-even point

Its average product sells for $28 a unit. the variable cost per unit is $18. the store experiences a 45 percent tax rate. What are the store's fixed costs expected to be next year? Calculate the store's break-even point in both units and dollars.

  Comparative advantages and disadvantages of ideal

Explain the following in a memo to your instructor. The comparative advantages and disadvantages of ideal versus normal standards.

  Rc had earnings per share of 8 in year 2010 and it paid 4

r.c had earnings per share of 8 in year 2010 and it paid 4 dividend. book value per share at years end was 80. during

  Machinery is purchased on may 15 2009 for 50000 with a 5000

machinery is purchased on may 15 2009 for 50000 with a 5000 salvage value and a five year life. the half year

  Henry emmy and frannie unrelated individuals own all of the

henry emmy and frannie unrelated individuals own all of the stock in new corporation with earnings and profits of

  Discuss the tax consequences of gifts made of property

Discuss the tax consequences of gifts made of property and any income produced by the property

  Forecast gross profit in the second year

Tversky and Co. have devised a new psychological test for investors' risk tolerance. They expect to sell 10,000 tests in the first year at $150 each. Cash costs associated with producing, administering and scoring the test are $50 per unit. In the..

  Elibert company accumulates the following summary data

Elibert Company accumulates the following summary data for the year ending December 31, 2014 for its water Division, which it opertes as a profit center:

  You receive a 500 check in the mail today from a distant

you receive a 500 check in the mail today from a distant uncle who wrote on the accompanying note that as long as you

  A construction company contracted to build a parking garage

a construction company contracted to build a parking garage for 3000000. construction began on january 1 2008 and was

  What would be the forecast for next year sales

Suppose a firm has had the following historic sales figures. What would be the forecast for next year's sales using regression to estimate a trend

  On january1 kwum corporation purchase 25 equity in

on january1 kwum corporation purchase 25 equity in connorscorporation for 180000. at december 31 connors declared and

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