User Account

All Pages

Create general journal entry for required end of the month

Assignment Help Financial Accounting
Reference no: EM132482841

The following is a partial unadjusted Trial Balance.

Bravo Unlimited Unadjusted Trial Balance (partial) 1/31/16

Accounts           Debit Credit

Cash                  $32,527

Prepaid Insurance  1,800

Insurance Expense   0

Question 1: The beginning balance in the Prepaid Insurance account on January 1, 2016 was $600 and represented five months of the building liability insurance. On, January 2, 2016, Bravo Unlimited purchased a 12 month motor vehicle insurance policy. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment.

Reference no: EM132482841

Questions Cloud

MAE 3724 Dynamic Systems Analysis : MAE 3724 Dynamic Systems Analysis and Introduction to Control Assignment help and solution, Oklahoma State University - Homework Help
What are the factors the company should a deferred tax asset : Determine What are the factors the company should consider before recognizing a deferred tax asset with respect to the tax loss incurred in the year?
How much depreciation expense would they recognize : How much depreciation expense would they recognize in a) year 1 and b) year 2, assuming that they used the straight-line method
Calculate the book value of each asset : Calculate the book value of each asset and determine which assets are impaired. What amount of impairment loss will Axel report on December 31, 2017
Create general journal entry for required end of the month : Determine and Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment.
What is the cost of common stock : The risk-free rate is 5.7%, the market risk premium is 9.2%, and the stock's beta is 1.53. What is the cost of common stock? Use the CAPM Equation.
How much will Mr Smith have saved : Mr. Smith purchases an annuity that pays 20% compounded quarterly. If the quarterly payment is $1000, how much will Mr. Smith have saved in 6.5 years
Preapre a record the debit and credit in appropriate account : Preapre a Record the debit and credit in the appropriate account for each of the Issued common stock for cash, Purchased equipment on credit.
What entry make to record the bad debt expense : A $26,000 account written off as uncollectible was recovered before the end of the current period. What entry make to record the bad debt expense

Reviews

Write a Review

Financial Accounting Questions & Answers

  Effect on profit and return on ordinary shareholders

Aeroworks Works Ltd is considering these two alternatives for financing extensions:

  Prepare cook company journal entries related to the lease

On January 1, 2016, Cook Textiles leased a building with two acres of land from Peck Development. The lease is for 10 years at which time Cook has an option to purchase the property for $130,000. The building has an estimated life of 20 years with a ..

  Determine the total cost from the given datawinkle kotter

determine the total cost from the given data.winkle kotter and zale is a small law firm that contains 10 partners and

  Prepare annual adjusting entries for the seven items

Hwang borrowed NT$10,000 by signing a 9%, one-year note on September 1, 2020.Depreciation on the equipment for 2020 is NT$1,000.

  The income or loss compare to original income statement

We are using the same company as in the first Module. However, you need to consider some additional information. One client indicated that they were interested in purchasing $42,500 worth of products, so the bookkeeper recorded the transaction. Conse..

  Bank will refuse to renew loan and bankruptcy will result

The Morris Corporation has $400,000 of debt outstanding, and it pays an interest rate of 10% annually. Morris's annual sales are $2 million, its average tax rate is 40%, and its net profit margin on sales is 5%. If the company does not maintain a TIE..

  Acid-test ratio equals

KLM Corporation’s quick assets are $6,158,000, its current assets are $13,650,000 and its current liabilities are $8,170,000. Its acid-test ratio equals:

  What is capitalized cost of the equipment

The present value of an ordinary annuity factor for three years at 8% is 2.58, and the present value for the future amount of a single sum of one dollar for three years at 8% is .735. Shipping charges for the equipment were $2,000, and installati..

  Evaluate the optimum selling price

Evaluate the optimum selling price and identify which customer group is most profitable.

  Prepare journal entry that recorded by general host company

Prepare the journal entry that should be recorded by General Host company for the sale of the land in exchange for the note. Prepare the amortization schedule for the note receivable accepted in the transaction.

  Determine the total manufacturing costs assigned

Thunderbird uses a job-order cost system and applies factory overhead to production orders on the basis of direct labor costs. The overhead rates for '19x9 are 200 percent for Department A and 50 percent for Department B.

  Cash using the indirect method-statement of cash flows

A building with a book value of $40,219 is sold for $55,018 cash using the indirect method, choose how this transaction should be shown on the statement of cash flows.

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