User Account

All Pages

Prepare adjusting entries needed on december

Assignment Help Accounting Basics
Reference no: EM132072944

Question - The following information is given for Ribbons and Bows prior to adjustments on December 31, 2013. Ribbons and Bows prepares adjusting entries annually on December 31.

a) Salaries of $5,000 are paid every Friday for a five-day workweek ending on Friday. December 31, 2013, is a Thursday.

b) On October 1, 2013, Ribbons and Bows collected $10,000 to be earned evenly over the next five months and credited unearned revenue.

c) Accrued service revenue on December 31 amounts to $1,400.

d) On June 1, 2013, Ribbons and Bows purchased a $4,800, two-year insurance policy and debited an asset account.

e) The supplies account had a January 1, 2013, balance of $2,400. Purchases of supplies during 2013 amounted to $3,500. Supplies on hand December 31, 2013, amount to $800.

Prepare adjusting entries needed on December 31, 2013.

Reference no: EM132072944

Questions Cloud

Discuss any ethical dilemmas presented in the article : Discuss the article's findings, any ethical dilemmas presented in the article, and how the specific topic relates to a biblical worldview.
What is the impact and implications of each alternative : From the cost of capital point of view, what’s the impact and implications of each alternative?
Describes the problem or project you want to work on : Describes the problem or project you want to work on and explains its significance. Integrates at least two viable sources into the request to demonstrate.
Example of compound interest : Such as $12,000 invested with an interest rate of 5.5% for 15 years
Prepare adjusting entries needed on december : Salaries of $5,000 are paid every Friday for a five-day workweek ending on Friday. Prepare adjusting entries needed on December 31, 2013
How many prisoners would they have to process annually : How many prisoners would they have to process annually to break even at this new location?
What percentage of principal is paid off after five years : What is the mortgage balance after 5 years? What percentage of the principal is paid off after 5 years?
Mean of sample and sd of sample : If the average American sleeps 8 hours a night, with a standard deviation of 1 hour, and I plan on gathering a sample of 12 college students
Develop a strategy for completing the project as a group : Develop a strategy for completing the project as a group. It is extremely important that everyone in the group know their roles and responsibilities.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the major issue involved in translation

XYZ Corporation, with a division located in Germany, must translate its financial statements from euros to U.S. dollars. What is the major issue involved in translation?

  Bronson industries reported a deferred tax liability

Determine the effect of the change and prepare the appropriate journal entry to record Bronson's income tax expense in 2011. What adjustment, if any, is needed to revise retained earnings as a result of the change?

  What are the difference between data and information

What are the difference between data and information? Explain in detail the three approached to systems implementation

  What is the future value of periodic payments

What is the future value of 15 periodic payments of $7,000 each made at the end of each period and compounded at 10%

  Natural best health food stores

Natural Best Health Food Stores is a chain of health food stores serving Oklahoma, Arkansas, and Texas. Garrett Davis opened his first Natural Best Health Food Store in 1975 and has since opened fifteen stores in three states. Initially, he sold o..

  Examine the causes of material price variances

the article indicates approximately 90% of the companies in the study were sensitive to the variances in material prices. Examine the causes of material price variances and the potential impact on pricing decisions.

  Company issuing 175000 face value of bonds with a coupon

company issuing 175000 face value of bonds with a coupon rate of 10. to help the sale of the bonds detachable stock

  What is the unit variable manufacturing cost

What is the unit variable cost? What is the unit variable manufacturing cost? Which is used in cost-volume-profit analysis and why?

  Find the net operating income in the planning budget

Menson Corporation manufactures and sells a single product. The net operating income in the planning budget for December would be closest to

  Journalize the remittance to the federal reserve bank

Journalize the remittance to the Federal Reserve bank on February 28, 2014, of the FICA and federal income taxes payable to the government

  Lockard company purchased machinery on january

Compute 2010 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2010.

  What is the annual dividend on the preferred stock

Story Inc. has 5,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2013. What is the annual dividend on the preferred stock?

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