Reference no: EM131205746
Financial Accounting Assignment - Cimear's Hair Design
The following tasks need to be completed for Cimear's Hair Design at the end of July.
July adjustments:
1. The clerk, Batuk, counts the supplies at the end of July and finds AED 13,790 of supplies on hand.
2. Depreciation expense for the month of July is AED 2,500 .
3. The company insurance was purchased on April 1, 2012 and provides insurance coverage for one year. No adjustment has been made to date.
4. The utility bill for July has been received but not entered into the accounting records. The amount is AED 6,764.
5. Employees are owed 34,500 at the end of July but will not be paid until August.
6. AED 8,250 of the unearned revenue balance has been earned by the end of July.
7. Make the required adjustment for the rent paid on 2 July. (Reminder: rent was paid for six months in advance.)
8. Make the required adjustment for the interest on the Notes Payable. The loan was taken out on July 15. (Round your answer to the nearest whole dirham.)
The financial statements must consist of an income statement, statement of retained earnings, and a statement of financial position. The balances in the adjusted trial balance must be automatically updated by changes in the general ledger. The balances in the financial statements should be automatically updated by changes in the adjusted trial balance, except for the Retained Earnings balance which is calculated on the Retained Earnings Statement.
A. Make the adjusting entries for July 31 2012 in the general journal. (Show all calculations immediately below your journal entry.)
B. Post the adjusting entries into the general ledger.
C. Prepare an adjusted trial balance for July.
D. Prepare the July financial statements for the year to date.
Attachment:- Financial Accounting Assignment.rar
|
Tax basis in his stock after the distribution
: This year, Sooner Company reports current E&P of negative $450,000. Its accumulated E&P at the beginning of the year was $344,000. Sooner distributed $688,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer’s tax basis in his S..
|
|
Discuss the classifications of organizational theory
: Discuss the classifications of organizational theory and their precepts and what can we learn from its history? For businesses to succeed they must maintain a competitive advantage in the marketplace.
|
|
Analyze legal mechanisms in which an inmate can challenge
: Examine the four (4) management issues that arise as a result of inmates with special needs. Prepare one (1) recommendation for each management issue that effectively neutralizes each concern. Provide a rationale for your response.
|
|
What would be the total of liabilities and owners equity
: Flores Realty Company has the following balance sheet accounts and balances: Accounts Payable $6,000 Earl Flores, Capital ? Accounts Receivable $1,000 Equipment $7,000 Building $8,000 Land $7,000 Cash $3,000 If, $3,000 of accounts payable were paid i..
|
|
Post the adjusting entries into the general ledger
: BUS 202 - Financial Accounting Assignment - Cimear's Hair Design. Make the adjusting entries for July 31 2012 in the general journal. Post the adjusting entries into the general ledger. Prepare an adjusted trial balance for July
|
|
Comparative advantage as a basis for international trade
: Comparative advantage as a basis for international trade. Why do People (or countries) Trade? How is that a good (Bad) thing? Find, read and cite at least one news article that discusses international trade.
|
|
Identify points in the peer review cycle
: Identify points in the peer review cycle that seem especially important and explain why. - How does an editor differ from a peer reviewer? Use at least two points to support your response.
|
|
Five assumptions of free market capitalism
: List and describe at least five assumptions of free market capitalism.
|
|
Assumptions of free market capitalism
: List and describe at least five assumptions of free market capitalism.
|