Prepare journal and adjusting entries, Finance Basics

Assignment Help:

Prepare Journal and Adjusting Entries

I need assignment help on topic Prepare Journal and Adjusting Entries. Can you please suggest me the answer.

The following two events occurred for XYZ Co. on October 31, 2009, the end of its fiscal year:

a. XYZ rents space in a building it owns to a tenant for $1,050 per month. By prearrangement, the tenant delayed paying the October rent until November 8. On this date, the tenant paid the rent for both October and November.

b. XYZ rents a building from its owner for $3,300 every month. By a prearrangement, the company delayed paying October's rent until November 5. On November 5, the company paid the rent for both October and November.

Required

1. Prepare adjusting entries that XYZ must record for these events as of October 31.

2. Assuming that XYZ uses reversing entries, prepare reversing entries on November 1 and the journal entries to record XYZ's payment of rent on November 5 and the collection of rent on November 8 from XYZ's tenant.

3. Assuming XYZ does not use reversing entries, prepare journal entries to record XYZ's payment of rent on November 5 and the collection of rent on November 8 from XYZ's tenant.

Advance thank you for your help.


Related Discussions:- Prepare journal and adjusting entries

Time value of money, One of the projects the US loan would fund is to build...

One of the projects the US loan would fund is to build earthquake-resistant buildings. The project will begin in March 2013, last for two years and is expected to have the followin

Limitations of middle asia stock exchange index, Limitations of Middle Asia...

Limitations of Middle Asia Stock Exchange Index 1. The twenty (20) company's sample whose share prices are utilized to calculate the index are not true representatives. 2.

Calculate holding period return, 1)       What is the holding period re...

1)       What is the holding period return to an investor who bought 100 shares of Charter Oil nine months ago for $36 a share, received two $50 dividend checks, and sold the s

Determine the critical path and the expected completion, The information in...

The information in the table below is available for a large fund-raising project. a. Determine the critical path and the expected completion time of the project. b. Plot the

Accounts payable turnover ratio, Accounts Payable Turnover Ratio Ratio...

Accounts Payable Turnover Ratio Ratio for Account Payable Turnover is as Follow: Creditors/accounts payable turnover = Annual credit purchases /Average creditors

What is expected return, 1. Using the variance-covariance matrix (∑) and th...

1. Using the variance-covariance matrix (∑) and the expected return vector (er) given in the appendix, calculate the set of weights that correspond to the portfolio that maximizes

Methods of analyzing investment, Methods of Analyzing Investment Capit...

Methods of Analyzing Investment Capital Budgeting Methods There are two process of analyzing the viability of such investment as: a) Traditional process Pay

Determine the dol for firm, XYZ Ltd. has an average selling price of Rs.10 ...

XYZ Ltd. has an average selling price of Rs.10 per unit. Its variable cost are Rs.7 , and fixed cost amount to Rs.170000. it finances all its assets by equity funds. It pays 35% ta

Cbk - monetary policy, CBK - Monetary Policy The money supply in the e...

CBK - Monetary Policy The money supply in the economy has a main effect on both the rate of inflation and the level of economic activity. The level of money supply is controll

Write Your Message!

Captcha
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