Exercise 3-42 adjusting entries allentown services inc is

Assignment Help Accounting Basics

Reference no: EM13481454

Exercise 3-42 Adjusting Entries Allentown Services, Inc., is preparing adjusting entries for the year ending December 31, 2011. The following data are available: Interest is owed at December 31, 2011, on a six-month, 8 percent note. Allentown borrowed $120,000 from NBD on September 1, 2011. Allentown provides daily building maintenance services to Mack Trucks for a quarterly fee of $2,700, payable on the fifteenth of the month following the end of each quarter. No entries have been made for the services provided to Mack Trucks during the quarter ended December 31, and the related bill will not be sent until January 15, 2012. At the beginning of 2011, the cost of office supplies on hand was $1,220. During 2011, office supplies with a total cost of $6,480 were purchased from Office Depot and debited to office supplies inventory. On December 31, 2011, Allentown determined the cost of office supplies on hand to be $970. On September 23, 2011, Allentown received a $7,650 payment from Bethlehem Steel for nine months of maintenance services beginning on October 1, 2011. The entire amount was credited to unearned service revenue when received. 1. Prepare the appropriate adjusting entries at December 31, 2011. a.) Dec. 31 Interest Expense _______ Interest Payable _____ b.) Dec. 31 [__] ____ Service Revenue _______ d.) Dec. 31 Unearned Service Revenue __ Service Revenue_____ Can you please help me fill in the blanks, I'm having a lot of trouble. An explanation would be great.

Reference no: EM13481454

Questions Cloud

Adshaw corp has identified three cost pools in its : adshaw corp. has identified three cost pools in its manufacturing process equipment maintenance setups and quality

Wendy is evaluating a capital budgeting project that should : wendy is evaluating a capital budgeting project that should last for 4 years. the project requires 800000 of

Determine the ending balance in the raw materials work in : oniel company began the year with 870000 of raw material inventory 1390000 of work-in-process inventory and 620000 of

On january 1 2010 anderson corporation had 60000 shares of : on january 1 2010 anderson corporation had 60000 shares of 1 par value common stock issued and outstanding. during the

Exercise 3-42 adjusting entries allentown services inc is : exercise 3-42 adjusting entries allentown services inc. is preparing adjusting entries for the year ending december 31

On december 31 2008 carver soldthe machinery for 80000 : carver company purchased machinery on january 12007 at a cost of 200000. the machinery has an estimated usefullife of

Jill elects to make the maximum contribution what is jills : during 2008 jill age 39 participated in a section. 401 k plan which provides for maximum employee contributions of 12

Determine the cost of material purchased the cost of raw : raw material inventory112004 5000raw material inventory12312004

What are these accrual deferral or neither recorded expense : what are these accrual deferral or neither.1 incurred other operating expenses on account2 paid a cash dividend to the

User Account

All Pages