User Account

All Pages

Show the effect of each entry on the financial statements

Assignment Help Accounting Basics
Reference no: EM133020259

Question - The following transactions occurred in ABC Company:

1. The accrued salaries at December 31,2020 amounted to $490, The accountant made an adjusting entry by debiting salaries expense $940 and crediting Accrues Salaried $940.

2. The accountant recorded $900 Depreciation Expense on store equipment as follows:

Dr. Depreciation Expense 900

Cr. Cash 900

Required - Show the effect of each entry on the financial statements separately. (Correcting entries are not required).

Reference no: EM133020259

Questions Cloud

Should the corporation accept the order : Assume that the available (excess) capacity for the special order is only 30,000 units, Should the corporation accept the order
Determine the interest rate implicit in the lease : Lease payments: $5000 at lease inception, $5500 on 30 June each year (that is, 10 payments). Determine the interest rate implicit in the lease
Compute the cost of machinery : On Jan 01, 2019 Sonex closed one of its plants and sold this machinery for Rs.33,600. Compute the cost of machinery
How much did your grandmother originally invest : Today, she gave you the proceeds of that investment which totaled $5,539.92. How much did your grandmother originally invest
Show the effect of each entry on the financial statements : The accrued salaries at December 31,2020 amounted to $490, Show the effect of each entry on the financial statements separately
Prepare a working paper for the home office : Prepare a working paper for the home office to analyze the flow of merchandise to Southwest branch during March 2020
What is the margin of safety in units : Assume a sales volume of 8880 units, unit selling price of $18, unit variable cost of $10, and total fixed costs of $29600. What is margin of safety in units
Determine the fixed cost : Determine the fixed cost given the following information: Highest level of activity - 900 units at a total cost of $5100
What is the minimum number of bonds : The MerryWeather Firm wants to raise $10 million to expand its business. What is the minimum number of bonds it must sell to raise the $10 million it needs

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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