Reference no: EM132561098
Question - Computer Games Ltd reported a profit of $53,950 for the year ending 31 December 2016. However, upon closer examination of the accounting records, the chief financial officer noticed the following important information.
1. Service Revenues included an advance of $18,200 for computer games to be delivered in March of the following year.
2. There was $2,500 of advertising supplies on hand at 31 December that was recorded as Supplies Expense.
3. Prepaid Insurance included an amount of $11,520, which is the whole amount paid on 1 October 2016 for a 1-year policy.
4. The following invoices had not been paid: advertising for week of 24 December, $2,300; repairs made on 10 December, $2,020; and electricity expense, $880.
5. At 31 December, 2 days' wages had not been accrued or paid, amounting to $390.6.The business took out a loan of $229,200 on 1 January 2016 at an annual interest rate of 11%.
The amount for interest expense for the month of December was not accrued.
Required - Prepare the journal entries to record the missing transactions or events. Ignore GST.
|
Prepare the journal entries for financial year
: Prepare the journal entries for 2019, 2020 and 2021 financial year, assuming that the measure of progress on the contract cannot be reliably assessed
|
|
General sense of body rhythms
: 1. What is your general sense of your body's rhythms?
|
|
Calculate the profit or loss position of futures transaction
: Three months later, when the manager closes out the position, the contract is trading at 2512. Calculate the profit or loss position of the futures transactions
|
|
Prospective legal issues and regulations
: In order to be successful in the student affairs profession, you must be knowledgeable of current, past, and prospective legal issues and regulations
|
|
Prepare journal entries to record the missing transactions
: Computer Games Ltd reported a profit of $53,950 for the year ending 31 December 2016. Prepare journal entries to record the missing transactions
|
|
Compute the coefficient of correlation
: Compute the coefficient of correlation, r, and the coefficient of determination, r2 between supplies expense and each of the two activity measure.
|
|
Identify laws and regulations regarding individuals
: Identify laws and regulations regarding individuals with special needs as relates to their education.
|
|
Differences between mitosis and meiosis
: Describe in detail the differences between mitosis and meiosis. What is the end result of each and why is meiosis important to evolution?
|
|
Our cells use which of the carbohydrates
: Our cells use which of the carbohydrates below is their main type of fuel?
|