Find and journalize adjusting entry to record accrued fees

Assignment Help Financial Accounting
Reference no: EM132721648

Adjusting Entry for Accrued Fees, At the end of the current year, $11,850 of fees have been earned but have not been billed to clients.

Problem a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.

Problem b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

Reference no: EM132721648

Questions Cloud

Will syeed accumulate enough money to buy car and explain : The car will cost RM 115,000 at the end of the fifth year and Syeed's Raya bonus is RM 20,400 a year. Will Syeed accumulate enough money to buy the car?
Determine yield rate and amount repayable to the bank : Your monthly installment is RM 1418.52, and you already paid for 36 months. Compute the yield rate and amount repayable to the bank.
Compute what is the present worth of the series of payments : Compute What is the present worth of the series of payments? $6,000 at the end of each year for eight years at 7% compounded annually?
Calculate the amount of noncontrolling interest : Calculate the amount of noncontrolling interest to be deducted from consolidated income in the consolidated income statements for 2011 and 2012
Find and journalize adjusting entry to record accrued fees : Adjusting Entry for Accrued Fees, Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.
What amount should Rangoon Mine report as depletion : In its 2011 statement of comprehensive income, what amount should Rangoon Mine report as depletion
What are the measured external costs : Assume that the multiplier for Stahman's hidden external failure costs is six. What are the measured external costs? what is the total hidden cost?
Indicate the accounts that are increased for transactions : Feb. 1, 2015 Pays principal and interest to Olathe State Bank. Indicate the accounts that are increased and/or decreased for each of the above transactions.
How to perform impairment testing for the tiny division : Tiny Division has the carrying amounts at June 30, 2021, Perform impairment testing for the Tiny Division and calculate any impairment loss.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare the journal entry to record the disposition

Cheney Company sold a 20-ton mechanical draw press for $64,400. The old draw press cost $84,600 and had a book value of $59,000. Required: Prepare the journal entry to record the disposition. (If no entry is required for a transaction/event, select "..

  What must be the variable cost per unit

What must be the variable cost per unit? (Round your answer to 2 decimal places.) The following estimates have been prepared for a project.

  Distinguish between static budgets and flexible budgets

How to distinguish between static budgets and flexible budgets. When are each an appropriate means of evaluating a manager's performance and why?

  What will the noncontrolling interest share

Java Company acquired 70 % of Richie Corporation on 1/13. Fair values of Richie's assets and liabilities approximated book values on that date. Java uses the initial value method to account for its investment in Richie. What will the noncontrolling i..

  What amount should slide report

what amount should Slide report as the cumulative effect on the statement of retained earnings - FIFO method of inventory valuation to the weighted-average

  Calculate the allocation of profit

Calculate the allocation of profit for 2014 and 2015, assuming profits are divided as Based on the ratio of the partners' original investments.

  What is jacks adjusted gross income

This year Jack intends to file a married-joint return with two dependents. Jack received $177,800 of salary and paid $6,550 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. What is Jack's adjusted gross income..

  What would be the overall margin on the order

Meade Nuptial Bakery,Assuming that the company charges $607.75 for the Haupt wedding cake, what would be the overall margin on the order?

  Prepare the adjusting entry recorded on december

Prepare the adjusting entry recorded on December 31, 2010. Prepare the entry recorded on February 1, 2011. Prepare the entry recorded on August 31, 2011.

  About the start college education

Gina has planned to start college education in 4 years from now. To pay for her college education, she has decided to save $1000 a quarter for the next 4 years in a bank account paying 12% interest (Compounded Quarterly). How much will she have at th..

  What is the par or stated value of intels ordinary shares

What are Intel's projected obligations on Long-Term Debt and Payments due by period and what is the par or stated value of Intel's preference shares and what is the par or stated value of Intel's ordinary shares?

  What is the present value of that annuity

What is the present value of that annuity if the discount rate is 8% annually? What is the present value if the payments are received at the beginng

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd