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Adjusting and Reversing Entries
When the accounts of Constantine Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1.The prepaid insurance account shows a debit of $6,000, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2.On November 1, Rent Revenue was credited for $2,400, representing revenue from a subrental for a 3-month period beginning on that date. 3.Purchase of advertising supplies for $800 during the year was recorded in the Advertising Expense account. On December 31, advertising supplies of $290 are on hand. 4.Interest of $770 has accrued on notes payable.
Instructions Prepare the following in general journal form.
(a)The adjusting entry for each item.
(b)The reversing entry for each item where appropriate.
Prepare a statement of cash flows in proper form for 2006, using the indirect or the direct method and Prepaid expenses pertain to operating expenses; accounts payable pertains to merchan-dise purchases.
At the time of the liquidating distribution, the land had a fair market value of $100,000. Illustrate what amount of loss will Black Corporation recognize on the distribution of the land?
On Maze’s Form 1120 tax returns, no loans from shareholders were reported. Describe whether John is entitled to a bad debt deduction for the amount of the payment on the loan
nbsppreparation of bank reconciliation statement.prepare a bank reconciliation as of august 31 from the following
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Purpose a Scatter diagram for these data with sales volume plotted on the total cost and horizontal axis plotted on the vertical axis
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Illustrate what about chain of custody before someone from the legal system discovers the evidence? If the evidence passes through several hands first, does that invalidate the chain of custody?
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