User Account

All Pages

Prepare necessary year-end adjusting entries as of december

Assignment Help Financial Accounting
Reference no: EM132693920

The December 31, 2013, trial balance of Pilsner Inc. included the following selected accounts:

Accounts receivable $176,000

Unearned service revenue 24,000

Prepaid rent 69,000

Prepaid insurance 36,000

Equipment 280,000

Salary expense 130,000

Additional data:

  • One-third of the revenue received in advance has been earned by December 31, 2013.
  • The prepaid insurance represents the annual premium on a policy providing coverage starting September 1, 2013.
  • Since the last payday, employees have earned an additional $2,500 which has not yet been paid or recorded.
  • The equipment has an estimated life of 10 years and no expected value at the end of its life.
  • Services performed but unbilled and uncollected at year end amount to $6,500.
  • The prepaid rent relates to one-half of a year beginning on October 1, 2013.

Problem 1: Prepare the necessary year-end adjusting entries as of December 31, 2013

Reference no: EM132693920

Questions Cloud

Make journal entry pertaining to transaction for january : Prepare journal entries pertaining to this transaction for January 1, 20X5, and December 31, 20X5, together with a summary journal entry to record the cost
What process will you go through to determine need for one : How would you know when OD intervention is required to solve certain organization problems? What process will you go through to determine the need for one?
Evaluate what is the amount of the gross profit : During the current year, merchandise is sold for $168,400 cash and $662,600 on account. The cost of the goods sold is $531,800. What is the amount of the gross
Calculate the inventory turnover : Problem - Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. Calculate the inventory turnover for 2020, 2021, and 2022
Prepare necessary year-end adjusting entries as of december : Prepare the necessary year-end adjusting entries as of December 31, 2013. The prepaid rent relates to one-half of a year beginning on October 1, 2013.
Discuss the impact of learning on employee retention : Discuss the impact of learning and development on employee retention and productivity. What are the HR planning challenges facing the 21st century managers.
What is the purpose of accounting in society : What is the purpose of accounting in society? Technology is increasingly used to process accounting data. Why then must we study and understand accounting?
Determine what unit cost must be entered on the stock card : Determine What unit cost must be entered on the stock card for material XY assuming that the allowance method is used in accounting for discounts?
How to earn participation marks for the remaining chapters : Please listen closely to the Oct. 27 Zoom session to find the full discussion on how to earn participation marks for the remaining weekly chapters.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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