Determining effects of adjustments for each transactions

Assignment Help Accounting Basics

Reference no: EM132090441

Question: Determining Effects of Adjustments

For each of the following transactions for Sky Blue Company owned by sole proprietor Anna Cerveny, give the effects amounts and direction of effect (+ for increase or - for decrease) of the adjustments required at the end of the month on December 31, 2010. Use the following form. If an element is not affected, write NE for no effect.

a. Collected $1,200 rent for the period December 1, 2010, to February 28, 2011, that was credited to Unearned Rent Revenue on December 1, 2010.

b. Paid $2,400 for a two-year insurance premium on December 1, 2010; debited Prepaid Insurance for that amount.

c. Used a machine purchased on December 1, 2010, for $48,000. The company estimates annual depreciation of $4,800.

1478_Balance sheet.png

Reference no: EM132090441

Questions Cloud

Determine the amount of the prepaid advertising expenses : The company's Prepaid Advertising Expenses are included in the balance sheet under Other Current Assets. Refer to the notes to the financial statements.

Calculate the torque required to produce the acceleration : Calculate the torque required to produce the acceleration, neglecting frictional torque. What force is required at the edge?

Saturate the absorption in band : Methane has a current concentration of 1.7 ppm in the atmosphere and its doubling at a faster rate than is CO2, where in the spectrum does methane absorb

What is the average density of the mixture : How van I find the average density of the mixture; then 40 cm3 of gasoline are mixed with 50 cm3 of water. What is the average density of the mixture?

Determining effects of adjustments for each transactions : For each of the following transactions for Sky Blue Company owned by sole proprietor Anna Cerveny, give the effects amounts and direction of effect.

Analyse the performance of a firm : MGT704 Global Business Management - University of sunderland - Analyse the performance of a firm competing in a foreign market using theory to support argument

Sports car moving at constant speed travels : A sports car moving at constant speed travels 150 m in 4.00 s. If it then brakes and comes to a stop while decelerating at a rate of 6.0 m/s2 how long does

Newton laws of motion : Do the three of these objects react the same way to Newton's Laws of Motion? Please share your thoughts.

Prepare an adjusted trial balance for macro company : Preparing an Adjusted Trial Balance Macro Company has the following adjusted accounts and balances at year-end (June 30, 2010)

User Account

All Pages