Reference no: EM131162310
On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:
a. The supplies account balance on March 31 is $5,865, the supplies on hand on March 31 are $1,330.
b. The unearned rent account balance on March 31 is $4,100 representing the receipt of an advance payment on March 1 of four month's rent from tenants.
c. Wages accrued but not paid at March 31 are $2,030.
d. Fees accrued but unbilled at March 31 are $18,090.
e. Depreciation of office equipment is $4,500.
Required-
1. Journalize the adjusting entries required on March 31.
2. What is the difference between adjusting entries and correcting entries?
|
What are sources of economies of scale for choosen company
: Consider the following questions: What factors may affect the mix of inputs used to produce the product or service? To what extent does your chosen company benefit from economies of scale? What are the sources of economies of scale for your chosen..
|
|
Develop a linear regression trend forecast
: Develop a linear regression trend forecast based on the average visits in each month. - Predict the visits for April through June.
|
|
Increase more likely to be justified in short run-long run
: Gina Picaretto is production manager at the Rich Manufacturing Company. Each year her unit buys up to 100,000 machine parts from Bhagat Incorporated. Is the increase more likely to be justified in the short run or the long run?
|
|
Incoming and outgoing rays are parallel to other
: A corner reflector is shown in the figure. This is a prism which uses total internal reflection at points A and B to reflect light back toward its source. In this specific case, the angle of incidence at point A is theta=36 degrees and the angle o..
|
|
Difference between adjusting entries and correcting entries
: Required- Journalize the adjusting entries required on March 31. What is the difference between adjusting entries and correcting entries
|
|
Should gina contest the price increase
: Gina Picaretto is production manager at the Rich Manufacturing Company. Each year her unit buys up to 100,000 machine parts from Bhagat Incorporated. The contract specifies that Rich will pay Bhagat its production costs plus a $5 markup (cost- plus p..
|
|
Find a point on x axis where the net field is zero
: A +18nC charge is located at x = 5.0 cm and a +2.0 nC charge is located at x = 10.0 cm. Find a point on x axis where the net field is zero.
|
|
Total emf in the circuit
: What is the voltage across the resistor at the end of five time constants? (Assume the potential difference across the resistor is positive.)
|
|
Explain the effectiveness of accounting principle guidelines
: Evaluate the effectiveness of the accounting principle guidelines for determining the market value of an asset, indicating improvements to these guidelines. Provide support for your recommendations.
|