Prepare of annual adjusting entries

Assignment Help Accounting Basics
Reference no: EM132472497

Question 1: A review of the ledger of Sheridan Company at December 31, 2020, produces the following data pertaining to the preparation of annual adjusting entries.

Point 1. Salaries and Wages Payable $0. There are eight employees. Salaries and wages are paid every Friday for the current week. Five employees receive $820 each per week, and three employees earn $580 each per week. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December.

Point 2. Unearned Rent Revenue $392,790. The company began subleasing office space in its new building on November 1. Each tenant is required to make a $5,630 security deposit that is not refundable until occupancy is terminated. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease.

Point 3. Prepaid Advertising $20,400. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as shown below.

  • The first advertisement runs in the month in which the contract is signed.

Point 4. Notes Payable $62,200. This balance consists of a note for one year at an annual interest rate of 12%, dated June 1.

Reference no: EM132472497

Questions Cloud

How can data governance help protect a business from hackers : How can data governance help protect a business from hackers? (130 Words). Research the 1982 deaths related to Tylenol. Prepare a one to two page Class Brief.
How did working capital change : What is the value for other comprehensive net income (or net loss), accumulated deficit, and/or retained earnings. How are these values changing?
View the general ledger trial balance report : Sage 50 Complete Accounting Assignment Help and Solution -In Sage 50, view the General Ledger Trial Balance report for Intermaweb Computer as of 30 April 2017.
Determine and compute the current ratio : Determine and Compute the current ratio. Coastal Company's balance sheet reported total assets of $473,000 which include: cash, $35,000
Prepare of annual adjusting entries : A review of the ledger of Sheridan Company at December 31, 2020, produces the data pertaining to the preparation of annual adjusting entries.
Describe the value and purpose of it audits to scope : Imagine you are an IT manager at Gail Industries. The company has a client, Smallville Collections Processing Entity (SCOPE), which requires an annual IT audit.
What is the direct materials quantity variance : For Dvorak Company produces a product that requires five standard pounds, What is the direct materials price variance, quantity variance, and cost variance?
Discuss one aspect of an it system that is subject to audit : Discuss one aspect of an IT system that is subject to audit. Describe the legal and regulatory requirements related to the process of auditing that aspect.
How an organization can use social media as a strategic tool : Give an example of how an organization, company or government can use Social Media as a strategic tool. Please give some insight into your thoughts.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the given using the bankrate calculator

Calculate the following using the Bankrate calculator. You may use the Bankrate calculator for the remainder of the questions on this worksheet.

  Case study of cherokee company

Cherokee Company acquired a machine on January 1, 2009, that cost $2,700 and had an estimated residual value of $200. Complete the following schedule using the three methods of depreciation: A. straight-line, B. units-of-production, C. 150% declin..

  What is the basic assumption underlying the percentage of

chang constructions entered into a fixed-price contract withtravels hotels on 1 jan 1993 to construct a 4-storey

  Preparing the budget for the period january to march

Preparing the budget for the period January to March. What would be the desired ending budgeted direct materials in units of flour in the Quarter column?

  Prepare a income statement for the company

The following information is available for Reinsch Corporation for the year ended December 31, 2017: prepare a income statement for the company

  Evaluate the three alternative bonus plans

Evaluate the three alternative bonus plans. Sally can earn a 6% annual return on her investments.What is the present value of the first alternative?

  Determining the cutoff value bounds

More IQs. In the Normal model N(100, 16) for IQ scores from Exercise 22, what cutoff value bounds the

  Prepare budgeted income statement

BBAC501 Management Accounting - Prepare monthly budgets as well as the total quarterly estimates for the third quarter - Prepare cash budget for the month

  Prepare the 2013 journal entry to record pension expense

Prepare the 2013 journal entries to record the cash contribution to plan assets and payment of retiree benefits.

  What would have been bonanza drink

ACCTG 372 - Overview of Financial Forensic Accounting - What would have been Bonanza Drink Co.' selling price per bottle (for the bottles produced

  Dicuss about the foreign currency risk

Compare the U.S. GAAP approach to the IFRS approach of translating foreign currency financial statements. Dicuss about the Foreign Currency Risk

  Discuss the step-down and direct methods

Allocating costs of support departments; step-down and direct methods. The Eastern Summit Company has prepared department overhead budgets for budgeted-volume.

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd