User Account

All Pages

Calculate the year-end adjusted balances

Assignment Help Accounting Basics
Reference no: EM132385819

Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $6,000 ($2,000/month). (1) Record the rental for Commodores on November 1. (2) Record the adjusting entry on December 31. (3)

Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0).

Debit                 Credit

Cash             6,000

Deferred Rev           6,000

Deferred Rev. 4,000

Service Rev.            4,000

Deferred Rev.                    Service Rev.

1/1      0                            0

Reference no: EM132385819

Questions Cloud

Organizational risk assessment : Describe when some controls cannot be implemented. Explain what is to be done in each case identified above to compensate for control that cannot be implemented
Some examples may be marketing-privacy and security : Choose a subject area that requires strong IG. Some examples may be marketing, privacy and security, E-Mail & text messaging, social media, mobile device use,
Create proposal on how the company can use it technologies : Create a proposal on how the company can use IT technologies and systems to change the way it is doing business and transform itself.
Why are the aasb8 operating segments disclosures : Why are the AASB8 Operating segments disclosures under this standard less prescriptive than other standards in accounting?
Calculate the year-end adjusted balances : Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the
Calculate the average number of days that inventory : Calculate the average number of days that inventory was held by? Kelley, Inc. during 2018.? ?Kelley, Inc. provided the following account balances for? 2018.
Determine the amount that is not deductible for tax purposes : F Ltd. deducted the following reserves on its income statement for the current year: $20,000 reserve for doubtful accounts, $30,000 reserve.
What are multiple-element contracts : What are multiple-element contracts and why do they pose revenue recognition problems for companies. The response paper should be in APA format.
What is the book value of the cash registers on may 31 : Gourmet Shop purchased cash registers on April 1 for $19,800. If this asset has an estimated useful life of five years, what is the book value of the cash.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Tanner furniture company concluded its first year of

tanner furniture company concluded its first year of operations in which it made sales of 800000 all on installment.

  Ohio corporations break-even point for sales of product

Ohio Corporation sells its product for $16 per unit and incurs variable costs of $10 per unit and total fixed costs of $12,000. What is Ohio Corporation's break-even point for sales of product?

  Define cost flow assumption for mixer inventory

Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree.

  We spent a substantial amount of time in week 4 discussing

we spent a substantial amount of time in week 4 discussing the payment and taxation of corporate dividends. some of

  Compute the break-even point expressed in total revenue

Cost-Volume-Profit at a Hospital Children's Hospital predicts variable costs of 70% of total revenue and fixed costs of $42 million per year for the coming year

  What is the effect on income before taxes

ACCT221 - Intermediate Accounting Assignment - What is the effect on income before taxes of the change requested by the controller

  Post the estimated warranty payable t-account

Happy Trails USA guarantees of tires against defects for five years or 55,000 miles, Post the estimated warranty payable T-account

  Prepare the journal entry to record bad debt expense

Ballard Company had a beginning credit balance in Allowance for Uncollectible Accounts of $2,300. Prepare the journal entry to record bad debt expense

  Prepare journal entry for lcd purchase of the components

Prepare the journal entry for LCD's purchase of the components on November 1, 2018 and the first installment payment on November 30, 2018

  Calculate the book value of the equipment

Calculate the book value of the equipment at December 31, 2027

  Calculate the company unit contribution margin

a. Calculate the company's unit contribution margin. b. Calculate the company's contribution margin ratio.

  Journalize the entries to recored the followingcheck no

journalize the entries to recored the followingcheck no. 6172 is issues to establish a petty cash fund of 1000.the

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd