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(a) Construct T-accounts and enter the balances shown.(b) Prepare adjusting journal entries for the following and post to the T-accounts. (Omit explanations.) Open additional T-accounts as necessary. (The books are closed yearly on December 31.)(1) Bad debt expense is estimated to be $1,400.(2) Equipment is depreciated based on a 7-year life (no salvage value).(3) Insurance expired during the year $2,550.(4) Interest accrued on notes payable $3,360.(5) Sales salaries and wages earned but not paid $2,400.(6) Advertising paid in advance $700.(7) Office supplies on hand $1,500, charged to Supplies Expense when purchased.(c) Prepare closing entries and post to the accounts.
Instructions(a) Prepare a complete worksheet.(b) Prepare a classified balance sheet. (Note:$10,000 of the mortgage payable is due for payment in the next fiscal year.)(c) Journalize the adjusting entries using the worksheet as a basis.(d) Journalize the closing entries using the worksheet as a basis.(e) Prepare a post-closing trial balance.
The machine would reduce cash operating costs by $114,000 per year. The machine could have no salvage value.
The business CUELLA-RO S.A. has the following data related to its equity structure in 2009. Define six strategies for it to change from situation A to objective situation B, desirably for 2010.
Evaluate the price if a markup of 40% on total cost is used to determine the price
You are to reflect on how this case of China Sky relates to what the arguments for and against allowing audit firm partners and/or employees to join audit committees.
How much ending inventory of plastic should be reported on the company's balance sheet at September 30
Prepare a compelling argument to convince a company's partners
Explain each author's role and importance within the Harlem Renaissance.
These dividends are paid on 7/1/12. For period of 1/1/12 to 12/31/12 Company XYZ has a net loss of $600,000 and market price of its shares is $12 for each share.
Evaluate what is the total cost of building 8 picture frames by a new employee using the cumulative average-time method - The manufacturing overhead charge per hour is $ 10.
Calculate the return on average total equity for the fiscal years ending January and consolidated statement of earnings and the balance sheet of Home Depot, Inc and Subsidiaries.
Articles of Partnership stipulated that losses and profits be assigned in the subsequent manner and every partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year.
critically explain cost accounting as 1. a service activity 2. a descriptive/analytical discipline 3. an information system
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