Lexi rented some office space beginning november 1 at a

Reference no: EM13603816

Lexi Corporation adjusts its accounts only at year-end. Prior to making their year-end adjustments, Lexi had a Net Income of $65,000. The following information is available as a source for preparing the adjusting entries at December 31, 2010:

1. Lexi rented some office space beginning November 1 at a rate of $2,700 per month.On that date Lexi was required to pay three months rent in advance. Prepaid rent was debited for the amount.

2. On November 1, Lexi borrowed $200,000 from the bank by signing a 9% note. The principal and interest are due and payable at maturity, which is in four months.

3. Lexi operates five days per week with an average daily payroll of $1,200. Payroll is paid bi-weekly (every other week). The last payroll payment was made on Friday, December 24.

For each of the above numbered items, prepare the necessary adjusting journal entry in good form. For any item requiring a computation, show your computation under the entry. If no adjusting entry is required, explain why.

Reference no: EM13603816

Questions Cloud

Determine the heat transfer rate in and out of the cycle : a heat pump cycle operates between a geothemial reservoir and your house. the cycle requires 200 kw to operate with a

A 60 kg skier leaves the end of a ski-jump ramp with a : a 60 kg skier leaves the end of a ski-jump ramp with a velocity of 24 ms directed 25 degrees above the horizontal.

In the arnolds muffler example for the exponential : in the arnolds muffler example for the exponential distribution in this chapter the average rate of service was given

1 a paired difference experiment consists of n 18 : 1 a paired difference experiment consists of n 18 pairs d5.7 and s2d 256. suppose you wish to detect ?dgt 0.a.

Lexi rented some office space beginning november 1 at a : lexi corporation adjusts its accounts only at year-end. prior to making their year-end adjustments lexi had a net

In 2010 logan sold 1000 units at 500 each and earned net : 1.harveys variable costs are 30 of sales. the company is contemplating an advertising campaign that will cost 33000.

What is the change in the gravitational potential energy of : a 1.50 kg snowball is fired from a cliff 12.5 m high. the snowballs velocity is 14.0 ms directed 41.0 degrees above the

If electricity costs 0 12 per kw hr find the cost of the : you have a freezer in you apartment that maintains an inside temperature at 12degreef. the coefficient of performance

A krypton laser produces a cylindrical red laser beam 20 : a krypton laser produces a cylindrical red laser beam 2.0 mm in diameter with 2.0 w of power. what is the light

User Account

All Pages