Make the necessary adjusting entries at the end

Assignment Help Accounting Basics
Reference no: EM132840255

Question - Jim's Cleaning Services prepares financial statements at the end of each month. The following information is in relation to the month of July.

1. On 1 July, rent of $3,600 for the 6-month period ending 31 December is paid.

2. A 1-year insurance policy is purchased on 1 July for $1,560.

3. On 10 July, the Cross Hotel paid the business $2,800 in advance for doing their cleaning for the next 3 months. 30% of the cleaning work has been provided in the month of July.

4. The cleaning supplies of $2,340 was purchased on 15 July. The supplies account had a $260 debit balance on 1 July and $220 of supplies are on hand as at 31 July.

5. The business has two part-time employees who each earn $190 per day. They were both worked 16 days in the month. They were paid for the 14 days on 28 July, but not for the last 2 days for which they have worked after 28 July.

Required -

a) Record the above transactions occurred in the month of July in the general journal.

b) Make the necessary adjusting entries at the end of the month of July.

Reference no: EM132840255

Questions Cloud

What is the role of an ergonomist : 1. What is the role of an ergonomist? 2. List 4 ways in which heart rate can be measured.
How the validity and reliability of each assessment supports : Based on your "Diagnostic Assessments Graphic Organizer" assignment from Topic 1, determine which types of assessments should be administered.
Analyze development of your teaching or leadership skills : Write a commentary of your media presentation. Analyze the development of your teaching, coaching, training, or leadership skills throughout your M.Ed. program.
What is the three-year average organic revenue growth rate : What is the three-year average organic revenue growth rate that PA should assume in determining the number of potentially outstanding dilutive awards
Make the necessary adjusting entries at the end : The business has two part-time employees who each earn $190 per day. Make the necessary adjusting entries at the end
Which message concept or approach is more effective : In Chapter 13, you learned there are different messaging concepts/approaches: Benefits, Fear Appeal, Perceived Threat, Hope, Barriers, Consequences.
What elements you think you might want to include : Imagine that you want to open your own Family Child Care Home. Reflect on what your setting would look like, what elements you think you might want to include.
What might the early childhood professional have said : What might the early childhood professional have said or done to improve the quality of the interactions and better promote an anti-bias learning environment?
How to create the credit note in MYOB : You are instructed to give the customer a credit note of 55 dollars for the five damaged tents. How to create the credit note in MYOB

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.

  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!

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