User Account

All Pages

Adjusting Entries, Financial Accounting

Assignment Help:
The following accounts and balances have been taken from the general ledger trial balance of Daiton Repairs Limited as at October 31, 19×2, after its first year of operation. Adjusting entries have not yet been made for the year.
Accounts
Accounts Payable $ 2,550
Accounts Receivable 4,560
Advertising Expense 2,540
Cash 3,890
Common Stock 20,000
Equipment 15,700
Furniture 6,300
Insurance Expense 1,100
Miscellaneous General Expense 1,650
Notes Receivable 3,500
Office Supplies Expense 500
Rent Expense 16,900
Repair Revenue 95,100
Repair Supplies Expense 1,870
Salaries Expense 36,250
Truck 21,000
Utilities Expense 1,890
Additional Information:
a.Daiton RepairsLtd.was required to pay its last month for rent at the time of signing a 5–]year lease. Nb. The rent expense of $ 16,900 includes one month rent as a security deposit.
b.The physical inventory taken October 31 showed that the repair supplies on hand were $ 360.
c.Asset Est Useful Life Salvage Value
Equipment 10 years $ 1,900
Furniture 5 years 600
Truck 3 year s1,200
All assets were purchased on November 1, 19×1. Use straight line method of depreciation
d. The company paid $ 500 advertising bill for television and radio ads to being in November 19×2
e.The insurance premiums of 410 were paid in October 19×2 were for the policy that begins in November 19×2
f. The company received $ 580 cash for work to be completed in November 19×2. The credit side of the entry was posted in the Revenue account.
Required:
Prepare the appropriate adjusting entries

Related Discussions:- Adjusting Entries

System x is judged to have high risk, Allied Managed Care Company is evalua...

Allied Managed Care Company is evaluating two different computer systems for handling provider claims. There are no incremental revenues attached to the projects, so the decision

What is cs optimal decision, Copper Suppliers, Inc. (CS), is a distributor ...

Copper Suppliers, Inc. (CS), is a distributor of commercial grade copper. CS purchases copper directly from copper mines and then after refining it, sells the refined copper to in

Practise.., What would be the effect on the balance sheet if adjustments (a...

What would be the effect on the balance sheet if adjustments (a) and (f) were omitted at the end of the year?k question #Minimum 100 words accepted#

Consolidated acccounts-group accounts, Consolidated acccounts 1AS 27 th...

Consolidated acccounts 1AS 27 therefore requires that the holding a company should include the financial results of the subsidiary company in its own financial statements. The

Explain your findings and conclusion, When the stock market is going up ove...

When the stock market is going up over a long period of time, investors can become complacent about the risks of being a stockholder. After the significant decline of the stock mar

Value of accounting information, Value of accounting information When a...

Value of accounting information When assessing value of accounting information we are confronted with similar problems. Provision of accounting information can be very expensiv

Method of accounting for securities, Settlement Method - Method of ACCOUNTI...

Settlement Method - Method of ACCOUNTING for SECURITIES whereby transactions are recorded on the date securities settle by delivery or receipt of securities and receipt or payment

UNDERSTANDING bUSINESS, I NEED HELP in business ratios for two company.Ido...

I NEED HELP in business ratios for two company.Ido not know how to do the formulas. Can you help.

Find market and alpha and beta values, a. Find five comparables for Bank of...

a. Find five comparables for Bank of America (BAC) b. Find the CEO of BAC and five comparable companies, For BAC and all firms, find: c. Market value, alpha and beta (pric

Rules of intestacy-one surviving spouse and children, The intestate leaves ...

The intestate leaves one surviving spouse and children The surviving spouse is entitled to: a. The personal and household effects of the deceased absolutely; b. A life inte

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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