Prepare the appropriate adjusting entries for July

Assignment Help Accounting Basics
Reference no: EM132613962

Question - The owner of ABC Company, a landscape company, prepares annual financial statements. Prepare the appropriate adjusting entries for July 31, 2017 based on the following information available at the end of July.

a. An annual insurance policy amounting to $1,200 was purchased on May 1, 2017. The prepaid insurance account was debited and cash credited on the same date.

b. The landscape company's lawn tractor was purchased for $3,200 in 2015. The salvage value of the lawn tractor at the end of its four year useful life is estimated to be $800. Calculate the annual depreciation for the year ended July 31,2017 and record the corresponding adjusting journal entry.

c. On April 1, 2017, a customer paid for a six month lawn service plan to begin June 1, 2017. The journal entry credited the Unearned Service Revenue account when the $3000 payment was received. The monthly fee is $500.

Reference no: EM132613962

Questions Cloud

Calculate the cross exchange rate of try in vnd : Calculate the cross exchange rate of TRY in VND for both years and state which currency has depreciated and which currency has appreciated.
Foreign firm wants to list stocks in the united states : Also explain why not every foreign firm wants to list stocks in the United States.
Fundraising organization by statewide cancer registry : What recommendations might be made to the fundraising organization by the statewide cancer registry?
Explain the desirable elements of an insurable risk : Identify and explain the desirable elements of an insurable risk
Prepare the appropriate adjusting entries for July : Prepare the appropriate adjusting entries for July 31, 2017 based on the following information available at the end of July
Assessing the alignment of quantitative study : Assessing the Alignment of a Quantitative Study. Review the Sample Quantitative Research Proposal form this unit's readings.
Calculate the total interest paid in the 4th year : Albert borrowed $56,000 from a bank at 11 percent semiannually compounded interest to be repaid in 5 years.
Several standardized training events in large organizations : There are several standardized training events in large organizations that are required annually or biannually.
Discussing the possibilities of using the extra cash : Kowloon Iron and Steel Company Limited (KIS) is a listed steel manufacturer with 50 years of operating history.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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