Prepare the adjusting entries

Assignment Help Cost Accounting

Reference no: EM13915905

The XYZ, Inc. on March 31, 2012, includes the following selected accounts before adjusting entries.

Debit Credit

Supplies 2,500

Prepaid Insurance 2,400

Equipment 30,000

Unearned Service Revenue 10,000

An analysis of the accounts shows the following.

1. Insurance expires at the rate of $300 per month.

2. Supplies on hand total $900.

3. The equipment depreciates $200 per month.

4. During March, services were performed for two-fifths of the unearned service revenue.

Prepare the adjusting entries for the month of March.

Reference no: EM13915905

Questions Cloud

New home construction : DC Construction has two divisions: Remodeling and New Home Construction.

Monthly financial statements : Andy is the new owner of Computer Services. At the end of July 2012, her first month of ownership, Andy is trying to prepare monthly financial statements. She has the following information for the month.

Enforce in this environment : Betty's Bakery is a start-up bakery that employs Betty, the owner, as well as one sales clerk, and one baker. Which cash receipt controls may be hardest to enforce in this environment

Miscellaneous itemized deductions : Rich and Shauna Nielson file a joint tax return, and they itemize deductions. Assume their marginal tax rate on ordinary income is 25 percent. The Nielsons incur $2,400 in miscellaneous itemized deductions, excluding investment expenses.

Prepare the adjusting entries : 2. Supplies on hand total $900.The equipment depreciates $200 per month.During March, services were performed for two-fifths of the unearned service revenue.Prepare the adjusting entries for the month of March.

Musical instrument : Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone

Stockholders section of a classified balance sheet : Prepare journal entries for the transactions listed above.2. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014

Statement of cash flows for the year ended : Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.Prepare Flimsy Company's st..

Margin and total asset : A company had net income of $49,000, net sales of $390,000, and average total assets of $290,000. Its profit margin and total asset turnover were respectively:

User Account

All Pages