Calculate the amount of each adjustment needed

Assignment Help Financial Accounting
Reference no: EM13521380

Applying the time-period concept

Consider the following situations:

a. Business receives $2,000 on January 1 for 10-month service contract for the period January 1 through October 31.

b. Total salary for all employees is $3,000 per month. Employees are paid on the 1st and 15th of the month.

c. Work performed but not yet billed to customers for the month is $900.

d. The company pays interest on its $10,000, 6% note payable of $50 on the first day of each month.

Requirement

1. Assume the company records adjusting entries monthly. Calculate the amount of each adjustment needed, if any, as of February 28.

Reference no: EM13521380

Questions Cloud

Obtain the frequency of the siren perceived by the observer : An ambulance is generating a siren sound at a frequency of 2400 Hz. The velocity of sound is 34.0 m/s. What is the frequency of the siren perceived by the observer
Complete famous cuts adjusted trial balance : Complete Famous Cuts adjusted trial balance and Key each adjustment by letter.
How do contractarians seek to justify basic moral rules : How do contractarians seek to justify basic moral rules?
What is the bulk modulus of air : The speed of sound in air at 0 degrees C is 331 m/s. If the density of air is 1.29 kg/m^3, then what is the bulk modulus of air
Calculate the amount of each adjustment needed : Calculate the amount of each adjustment needed, if any, as of February 28 - Applying the time-period concept
What is the rate of heat input : A heat engine has an efficiency of 35.0% and its power output is 600 W. What is the rate of heat input
People are fundamentally altruistic-story of ring of gyges : What lesson have many people taken from the story of the Ring of Gyges? Political power is dangerous when concentrated in the hands of a few people. People are fundamentally altruistic.
Journalize the adjusting entry that metro magazine makes : Journalize the adjusting entry that Metro Magazine makes to record the earning of $12,000 of subscription revenue that was collected in advance. Include an explanation for the entry.
How far from the slits should the screen be placed : Light of wavelength 530 nm is incident on two slits that are spaced 1.0 mm apart. How far from the slits should the screen be placed

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much tax savings will she receive as a result of home

If her standard deduction is $4,750 and she incurs the following costs related to housing, how much tax savings will she receive as a result of her home purchase?

  Harvey alexander an all-league professional football player

harvey alexander an all-league professional football player has just declared free agency. two teams the san francisco

  Computation of cash balance at the end

Computation of cash balance at the end using given data and Use the following information to calculate the change in the company's cash balance for the year

  Prepare the journal entry to record depreciation expense

At the beginning of the year, a company bought three new machines for its production facilities. The machines were all different so each had to be recorded separately. Below are the costs related to each purchase.

  Administrative and selling expenses

Administrative and Selling expenses

  Determine the cost of the inventory on december

Determine the cost of the inventory on December 31, 2010, by the last-in, first out method, following the procedures indicated in.

  Calculation of applied manufacturing overhead based on

calculation of applied manufacturing overhead based on direct labor hour rate.1. baka corporation applies manufacturing

  A company made the subsequent merchandise purchases and

a company made the subsequent merchandise purchases and sales during the month of maymay 1 purchased 380 units at 15

  Annandale inc sells and produce wireless reading devices a

annandale inc sells and produce wireless reading devices. a competitor danube electronic products sells similar

  Question paula and paul petroceli were trying to choose

question paula and paul petroceli were trying to choose whether to go to the symphony or to the baseball game. they

  Calculate amount of fixed manufacturing overhead

Calculate amount of fixed manufacturing overhead that will be included in ending inventory under full costing and reconcile it to the difference between income computed under variable and full costing.

  Illustrate what is differential cost between two alternative

Which costs are relevant and which are not relevant in the choice between these two alternatives? Illustrate what is the differential cost between the two alternatives?

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