User Account

All Pages

Prepare the adjusting entries required on december

Assignment Help Financial Accounting
Reference no: EM132662856

The following information is available for the year-ended December 31, 2022 for Sport Court Resurfacing (SCR) Corporation:

1.On April 1, 2022 signed a bank loan for $9,100 with interest and principal repayable in one-year. The interest rate on the loan is 4%.

2. SCR pays its employees $30,200 every other Friday which reflects a 2-week pay period or 10 working days (Monday to Friday each week). December 31, 2022 falls on a Monday so employees will not get paid for the work they completed on this day until January 11, 2023. The total amount of salaries paid on January 11, 2023 was $30,200.

3. Estimated income tax payable for the year end is $7,120 which is payable January 31, 2023.

4. Utility expenses of $400 for the month of December were unrecorded and unpaid. They are due January 21, 2023.

5. SCR provided tennis court resurfacing to a local tennis club. At the end of the year the club owed SCR $15,300. SCR billed the club on January 2, 2023 and collected the full amount on January 10, 2023.

Problem (a) Prepare the adjusting entries required on December 31, assuming SCR records adjusting entries annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Reference no: EM132662856

Questions Cloud

Discuss tax shield advantage that debt capital provides : How to discuss the tax shield advantage that debt capital provides, and briefly explain the cost of capital and WACC. Provide a Table(s) to present answers
How to solve for the current cost of capital of cbpg : Solve for the new cost of capital, assuming the $10 million bond issued at par with a 4% coupon. Solve for the current cost of capital of CBPG
Define analysis of prison-based and community interventions : You will write a 3-4-page research-based paper in current APA format that focuses on your personal analysis of prison-based and community interventions.
Make the adjusting entries required on december : Make the adjusting entries required on December 31, assuming SCR records adjusting entries annually. (Credit account titles are automatically indented)
Prepare the adjusting entries required on december : Prepare the adjusting entries required on December 31, assuming SCR records adjusting entries annually. (Credit account titles are automatically indented)
Why is there a plateau at the top of the action potential : Why is there a plateau at the top of the action potential? Which channels are open at the same time?
Describes each element or part that needs to be determined : Outlines a probability example and provides the elements involved in your example. Describes each element or part that needs to be determined or analyzed.
What category of program : A system estimated to have Research, Development, Test and Evaluation (RDT&E) cost of $250 million (FY2014) is what category of program?
Define steps police chief or prison warden can consider : As the second in command at the organization, Formulate a case statement with a recommendation to the police chief or prison warden which highlights a community

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