User Account

All Pages

Discuss the examples of two types of adjusting entries

Assignment Help Accounting Basics
Reference no: EM131846165

Question: Assume this week is the end of 2018. It has been a wonderful year-end for you because your business Computer Servicing and Networking Business was doing great! But don't forget that you need to complete adjusting entities on Dec 31, 2018. Please give me one each example of two types of adjusting entries:

1. Deferred accounts

2. Accrued accounts

Please feel free to read the text books, but make sure you use transactions of your own company. For example:

1. Deferred expenses- Unearned Revenue

Scenario: I own a catering service. On Dec 16, 2018 one of my clients came to my office and asked me to provide the catering service on his birthday party for the next 30 days. He knew I would be very busy then, so he paid me $1,000 in advance. Deal! Here I need to record an entry on Dec 16 and adjust it on Dec 31. (Only entries, no ledgers needed)

Date Accounts and Explanation Debit Credit Dec. 16 Cash 1,000 Unearned Revenue 1,000 Collected cash for future services

Date Accounts and Explanation Debit Credit Dec. 31 Unearned Revenue 500 Service Revenue 500 To record service revenue earned that was collected in advance.

Reference no: EM131846165

Questions Cloud

Write a memo to the cio that describes how to implement : What additional resources (people, information, time, money, etc.) will expedite the process so you don't end up like Susie Jeffer?
Choose five of the many roles the us military : Choose five of the many roles the U.S. military play as a foreign policy tool and briefly describe them.
What is the hierarchy of data in databases : Why is the storage of accounting data important to an accounting information system? What is the hierarchy of data in databases?
What is the local issue : What is the local issue and how does it relate to global issues? On a global level, explain what actors create/perpetuate the issue, if applicable
Discuss the examples of two types of adjusting entries : Assume this week is the end of 2018. It has been a wonderful year-end for you because your business Computer Servicing and Networking Business was doing great.
Explain the three sources of market failure fisher discusses : Identify and explain the three sources of market failure Fisher discusses. Calculate the producer surplus at the market determined price.
Submit an abstract and annotated bibliography : Each student will submit an abstract and annotated bibliography using proper APA format. Final paper must contain a minimum of four "scholarly" resources
Why is competitive advantage so important : What is the difference between programmed and non-programmed decisions? Why is non-programmed decision making an uncertain process?
What is the importance of identity in african cultures : What is the importance of identity in African cultures?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the proper sequence reducing the corporate earnings

Pressley Corporation was incorporated on January 1, 1994. What is the proper sequence reducing the corporate earnings accounts for the distribution

  What is the direct-labor cost rate per hour

A local CPA employs ten full-time professionals. The budgeted compensation per employee is $50,000. What is the direct-labor cost rate per hour

  Business organization and stock ratios

Business Organization and Stock Ratios

  How are deferred tax assets and deferred tax liabilities

How are deferred tax assets and deferred tax liabilities reported on the balance sheet?

  Following errors has on 2010 net income and 2011 net income

Indicate the effect-Understate, Overstate, No Effect-that each of the following errors has on 2010 net income and 2011 net income.

  Compute basic and diluted earnings per share

Karen Company had 105,000 shares of common stock outstanding on January 1, 2011. On August 30, 2011, Karen sold 50,000 shares of common stock for cash. Karen also had 11,000 shares of convertible preferred stock outstanding throughout 2011.

  How organizations in the not-for-profit sector

Explain how organizations in the not-for-profit sector differ from organizations in the public sector or for-profit business sector. Provide an example of an entity in each sector.

  How does the narrative language create illusion of reality

How does the narrative language, description, dialogue, and repetition create the illusion of reality? Be sure to share a quote from the story to support your d

  Determining the fluctuating profits

Why is financial gearing riskier for a company which has fluctuating profits?

  Prepare the liability section of a classified balance sheet

Prepare the liability section of a classified balance sheet and any necessary footnote disclosure for Nevada Harvester at December 31, 2013

  Give an explanation using the four classification criteria.

Garvey Company (the lessee) entered into an equipment lease with Richie Company (the lessor) on January 1 of Year 1. Use the following information to decide whether this lease qualifies as an operating or capital lease for Garvey, and give an explana..

  Research economies and monetary policies of two countries

Research the economies and monetary policies of two countries.

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