Solution-Make the necessary adjusting entries

Make the necessary adjusting entries

Assignment Help Cost Accounting

Reference no: EM13546150

Adjusting Entries

The following accounts were taken from the trial balance of Cristy Company as of December 31, 2008:

Sales	$90,000
Interest Revenue	5,000
Equipment	46,000
Accumulated Depreciation-Equipment	12,000
Inventory	20,000
Advertising Expense	2,000
Selling Expense	6,000
Interest Expense	1,000

Given the information below, make the necessary adjusting entries.

(a) The equipment has an estimated useful life of nine years and a salvage value of $1,000. Depreciation is calculated using the straight-line method.

(b) Of selling expense, $2,500 has been paid in advance.

(d) Of advertising expense, $620 was incorrectly debited to selling expense.

Reference no: EM13546150

Questions Cloud

The earths rate of rotation is constantly decreasing : The Earth's rate of rotation is constantly decreasing, causing the day to increase in duration. In the year 2006 the Earth took about 0.840 s longer to complete 365 revolutions than it did in the year 1906. What was the average angular acceleration o..

Determine what is the smallest insect a bat can detect : A bat can detect small objects, such as an insect, whose size is approximately equal to one wavelength of the sound the bat makes. what is the smallest insect a bat can detect

Define what is the density of the saline solution : A volume of saline solution weighed 25.6 g at 4 degrees celsius. An equal volume of water at the same temperature weighed 24.5 g. What is the density of the saline solution

How much mass can the larger piston support : A hydraulic lift has pistons with areas 0.60m^2 and 5.30m^2 , and they're at the same height. how much mass can the larger piston support

Make the necessary adjusting entries : Make the necessary adjusting entries - the equipment has an estimated useful life of nine years and a salvage value of $1,000. Depreciation is calculated using the straight-line method.

What was the speed of the wave : Tsunamis are fast-moving waves often generated by underwater earthquakes. In the deep ocean their amplitude is barely noticeable, What was the speed (in m/s) of the wave

What is the velocity of the red ball after the collision : A red ball with a velocity of +3.0 m/s collides head-on with a yellow ball of equal mass moving with a velocity of -2.0 m/s. What is the velocity of the red ball after the collision?

How much torque does the flywheel exert on the machine : Flywheels are large, massive wheels used to store energy. They can be spun up slowly, then the wheel's energy can be released quickly to accomplish a task that demands high power. How much torque does the flywheel exert on the machine

How far should she stand from the washington monument : A student has built a 20-cm-long pinhole camera for a science fair project. How far should she stand from the Washington Monument

User Account

All Pages

Make the necessary adjusting entries

Reference no: EM13546150

Reference no: EM13546150

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT