User Account

All Pages

Make the journal entries

Assignment Help Accounting Basics
Reference no: EM132696483

Question - Accrued Expenses - On January 13, 2018 Rays Ltd is preparing to close its financial statements for the year 2017. At that date is has calculated the following accruals for 2017:

Electricity for December 2017 $2,000

Water for December $650

Audit fees for the year 2017 $5,500

On March 14, 2018, it has paid the above expenses in full, however audit the fees actually paid were $5,000 since the auditors decided to give a discount to the company.

Required - Make the journal entries for 2017 and 2018 taking into account the above.

Reference no: EM132696483

Questions Cloud

What is bond nominal yield to call for keenan industries : Keenan Industries, The bond has 6.50% nominal yield to maturity, but it can be called in 3 years at a price of $1,085. What is the bond's nominal yield to call?
How many coins of each type does Marysia have : If she has 8 quarters fewer than three-eighths the number of loonies, how many coins of each type does Marysia have
Discuss activities such as recruitment and retention : With the increasing economic uncertainty and problems of the 2008 global financial crisis, enterprises should focus their HR policy solely on downsizing.
Scope and boundary for it risk management plan : Define the scope and boundary for an IT risk management plan to encompass the seven domains of a typical IT infrastructure.
Make the journal entries : On March 14, 2018, it has paid the above expenses in full, Make the journal entries for 2017 and 2018 taking into account the above
What type of information do hr budgets take : What type of information do HR budgets take into consideration when used in forecasting human resource demand? The response must be typed.
Leadership communication is important for all phases : Leadership communication is important for all phases of an IT project. What is one challenge of this advice?
Determine the maximum share price an investor : Use the dividend discount model to determine the maximum share price an investor should be willing to pay for one of Box Co.'s shares
What are some benefits of evidence-based decision making : What are some benefits of evidence-based decision making to human resource management? How important is data to evidence-based decision making?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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