User Account

All Pages

Need an accrual entry for the income from haircuts

Assignment Help Accounting Basics
Reference no: EM132725652

Question - Brice has a contract with the local boarding school where he cuts the hair of the students as required. The school counts up how many haircuts have been provided during the month and pays Brice the cost of the haircuts. The payment is usually received one week into the following month. During June 20X1 Brice has provided 8 haircuts to students, the cost of each haircut is $25. Brice expects to receive the funds on 5/7/X1. The boarding school is not treated as an account receivable.

On the template below:

I. Need an accrual entry for the income from haircuts as at 30/6/X1.

II. Need the reversing entry that would be processed on 1/7/X1.

Reference no: EM132725652

Questions Cloud

Which is not a tax accounting election a new partnership : When preparing tax forms, which is not a tax accounting election a new partnership must make? Accounting method. / Tax-exempt status
Determine the budgeted payments for purchases of materials : New Ventures intends to start business on January 1. Determine budgeted payments for purchases of materials for each of the first three months of operations.
Four functional areas of business : Provide a total of four findings of fact; 1 from the following four functional areas of business:
What is the January balance in the Freeze Company : Crane Company has a balance in its Accounts Receivable control account of $10,600 on January 1, 2020. What is the January balance in the Freeze Company
Need an accrual entry for the income from haircuts : During June 20X1 Brice has provided 8 haircuts to students, the cost of each haircut is $25. Need an accrual entry for the income from haircuts as at 30/6/X1
What is the incremental impact on profit : Harry Ltd is manufacturing 1,000 units of a product. The present costs and sales data are as follows:
Which a primary of a discontinued operation : Which a primary difference between a discontinued operation and a restructuring project is? Discontinued operations involves revaluing long-term assets.
Why is vanguard ceo tim buckley viewing innovation : What recommendations would you have for Mr. Buckley to leverage innovation for competitive advantage? Be specific.
Calculate the incremental income : The cost of reworking the Jackets will be $101,100, but the jackets can then be sold for their regular price of $44.00 each. Calculate the Incremental Income

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much of the account inquiry cost will be assigned

How much of the account inquiry cost will be assigned to Department A? How much of account verification costs will be assigned to Department A?

  Adjusted balance of gleason advertising company

Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

  How state the level of materiality as immaterial

How State the level of materiality as immaterial, material, or highly material. If you cannot decide the level of materiality, state the additional informatio

  Compute the net income or net loss

Prepare a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Common Stock.

  Discuss the root causes of the crisis and damages

Read "The Financial Crisis" in Gitman and Zutter. Discuss the root causes of the crisis and damages that it caused to society as a whole.

  Sesame company purchased a computer system

Sesame Company purchased a computer system for $74,000 on January 1, 2009. It was depreciated based on a 7-year life and an $18,000 salvage value.

  Develop the cost formula for the marketing department

Using the high-low method. develop the cost formula for the Marketing Department. (Round off the variable cost per unit posted to the nearest cent)

  What are the negative impacts that can happen

Identify the key internal and external stakeholders. What are the negative impacts that can happen if you do not follow the instructions of your supervisor

  Discuss application of statistical multivariate techniques

Find at least three articles related to "Application of statistical multivariate techniques to business problems.explain in your own words the application

  Determine what is the maturity value of the note

Monster Co. issued a $65,000, 120-day, discounted note to Cannibal Bank. The discount rate is 12%. What is the maturity value of the note?

  Dividend yield on this investment

Suppose you purchased 1,100 shares of Pan Ann Airlines at the beginning of the year for $17.22. By the end of the year, the stock price had appreciated to $20.67.

  How PwC Illustrative Financial Statements

How PwC's Illustrative Financial Statements Preview the document"Value IFRS Plc" chose to present statement of financial position differently from U.S. company

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