User Account

All Pages

Prepare the adjusting entries for the month of March

Assignment Help Accounting Basics
Reference no: EM132469946

Question - The ledger of Hammond Company, on August 31, 2017, includes these selected accounts before adjusting entries are prepared. (10M) Prepaid Insurance $3,600 - Supplies 2,800 - Unearned Service Revenue 9,200 An analysis of the accounts shows the following. - Insurance expires at the rate of $100 per month. - Supplies on hand total $800. - During March, services were performed for one-half of the unearned service revenue. - At August 31, the company owed its employees $800 in salaries and wages that will be paid on September 1. - On August 1, the company borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 10%. - Revenue for services performed but unrecorded for August totaled $1,100.

Required - Prepare the adjusting entries for the month of March - Show the effect of adjustments on income statement and balance sheet.

Reference no: EM132469946

Questions Cloud

What amount of interest expense should be recorded : Cron Corporation is planning to issue bonds with a face value of $800,000. What amount of interest expense should be recorded on June 30 and December 31
What is cost formula for selling and administrative expense : What The cost formula for selling and administrative expenses with "X" equal to the number of books sold is? An income statement for Sam's Bookstore
What was the issue price on january of this year : PowerTap Utilities is planning to issue bonds with a face value of $2,500,000 and a coupon rate of 10 percent. What was the issue price on January of this year
What the expected cash collections in december are : What the Expected cash collections in December are? Collections are expected to be 60% in the month of sale and 40% in the month following the sale.
Prepare the adjusting entries for the month of March : Prepare the adjusting entries for the month of March - Show the effect of adjustments on income statement and balance sheet
State and explain her price elasticity of demand : Ariana consumes two goods, food and clothing. State and explain her price elasticity of demand for food when its price increases by 25%, ceteris paribus
Calculate ernies average income for each tax year : Calculate Ernie's taxable income for each tax year. Calculate Ernie's average income for each tax year. Ernie Wombat is primary producer who commenced business
Engagement and increase compliance with the treatment plan : An older patient reports his vision is good even though he has been diagnosed with glaucoma; his medical history includes diabetes and COPD.
Case study - lozells'' fine chocolates : Case Study based on Lozells Fine Chocolates - do Segmenting, targeting and positioning for international markets

Reviews

Write a Review

Accounting Basics Questions & Answers

  Intermediate accountingnbspplease provide thorough

intermediate accountingnbspplease provide thorough explanations and full calculations for each answer

  Share of the non-controlling interest

1. Petros Limited is a subsidiary of Butros Limited. When Butros acquired its 60% interest the retained earnings of Petros Limited were $20 000. At the beginning of the current period Petros Limited's retained earnings had increased to $50..

  What is initial value of castle rock equity without leverage

Castle Rock Inc. will have one of three values at the end of next year: $200mm with 30% probability, $130mm with 50% probability or $70mm with 20% probability. What is the initial value of Castle Rock's equity without leverage? What is the price pe..

  Company has provided the following data for the month of

company has provided the following data for the month of feb. there were no beginning inventories the direct materials

  What journal entry will parent make on date of acquisition

What journal entry will Parent make on the date of acquisition to record the investment in Son Inc.?

  What dollar value per year would the intangible benefits

(Ignore income taxes) What dollar value per year would the intangible benefits have to have in order to make the equipment an acceptable investment

  How much cash does ruby expect to collect in march

Ruby's expects to collect 30% of the sales dollars in the month of the sale and 70% in the month, How much cash does Ruby's expect to collect in March

  The ledger of dey company includes the following accounts

The ledger of Dey Company includes the following accounts. Explain why each account may require adjustment.(a) Prepaid Insurance (c) Unearned Revenue(b) Depreciation Expense (d) Interest Payable

  Total overhead variance

Actual overhead for June was $15,800 variable and $9,100 fixed, and standard hours allowed for the product produced in June was 3,000 hours. The total overhead variance is?

  Noncurrent liability

Which of the following is NOT classified as a noncurrent liability?

  Cost is relevant for establishing a minimum selling price

Assume the company has 500 units of this product left over from last year that are inferior to the current model. The units must be sold through regular channels at reduced prices. What unit cost is relevant for establishing a minimum selling price f..

  What happens to the unused dividend received deduction

In 1992, the Billy Bob Corporation had $4,000,000 in sales, $800,000 in dividends from a 70 percent owned subsidiary, $1,100,000 in cost of goods sold.

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