User Account

All Pages

What is the correcting entry on december

Assignment Help Accounting Basics
Reference no: EM132170145

Question - On June 1, Garish Enterprises enters into a contract to provide advertising services for one-year to Colorful Company for $48,000.

On December 31, Garish has received $24,000 in cash, which it has recorded to revenue, and has inadvertently accrued an additional $10,000 in revenue, recording to debit to Accounts Receivable. What is the correcting entry on December 31 to reflect the proper amount of earned revenue?

Reference no: EM132170145

Questions Cloud

Why are bosses using emoticons in emails : Why are emoticons increasing in the workplace and why are bosses using emoticons in emails
What is the adjusting entry on september : ON September 30, Right Angle's year end, Right Angle has completed 70% of the contract, What is the adjusting entry on September
Ethics and corporate social responsibility : ''The Organization: Ethics and Corporate Social Responsibility''
The merger and acquisitions from china and india : Speculate on which country's acquisitions are likely to generate more value for the stakeholders. Provide a rationale for your response.
What is the correcting entry on december : On December 31, Garish has received $24,000 in cash, which it has recorded to revenue, What is the correcting entry on December
Explain the business scenario faced by best game production : Analyze the information provided to you in the Best Game Productions: Company Background and Business Scenario document.
Which areas do you think are relevant to epidemiology : How do you think (or hope) this MPH programme, especially the Epidemiology unit, may contribute to your future career, project and thinking
What amount should vanney record for bad debit : Vanney Inc. estimates its bad debt expense using the percentage of credit sales method. What amount should Vanney record for bad debit
How would a company measure improvements : Identify stakeholders and plan how manufacturing or service processes use value stream mapping. What is the benefit and why do companies do it?

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