Prepare the correct debit or credit entry

Assignment Help Accounting Basics
Reference no: EM133113913

Question - KK leases a 100 desk phones for use in one of its offices. The contract term states that there will be an annual rental payment of R9 000 for eight years. The lease arrangement begins on 1 July 20x0. As an incentive to KK, no payment s required in the first year. The desk phones are to be classified as a low-value item. Prepare the correct debit or credit entry that would be required in Entity KK's income statement for the year ended 30 June 20x1 in respect of the above transaction.

Reference no: EM133113913

Questions Cloud

Objective viewpoint as compared to today culture : Identify and explain similarities or differences with 1985 judgement from an objective viewpoint as compared to today's culture.
Prepare the journal entry to recognize revenue : How many performance obligations are included in the new member deal? Prepare the journal entry to recognize revenue
What is your capital gains yield on stock : 1. You purchased 200 shares of Gardom Inc. stock for $38.12 a share. You have received a total of $290 in dividends and $8,050 in proceeds from selling the shar
Investments according to the sml model : You are looking at two different stocks. Pearsons Corp. has a beta of 1.25 and Rusty Inc. has a beta of 1.95. Which statement is true about these investments ac
Prepare the correct debit or credit entry : Prepare the correct debit or credit entry that would be required in Entity KK's income statement for the year ended 30 June 20x1 in respect of above transaction
Critical understanding of key Corporate Governance issues : Demonstrate a critical understanding of key Corporate Governance issues and Synthesise and evaluate key arguments drawing on a range of relevant readings
The slippery slope related to law enforcement : The "slippery slope" related to law enforcement and corrections is defined as corruption that usually begins with something innocuous as a free cup of coffee
Assessing a client financial resources : One important aspect of the Know Your Client rule relates to financial resources. Without adequate resources, embarking on an investment program may be unwise o
What single payment from now will pay off : A loan payment of $1200.00 was due 30 days ago and another payment of $800.00 is due 70 days from now. What single payment 100 days from now will pay off

Reviews

Write a Review

Accounting Basics Questions & Answers

  What rule would you be forced to follow

Suppose your company's method of making decisions under risk is making the best out of the worst possible outcome. What rule would you be forced to follow?

  What is operating income for last year

The HF Corporation manufactures and sells toy gyroscopes. Using absorption costing, what is operating income for last year?

  Prepare the journal entry to record this payment

Prepare the journal entry for Prince's collection of $350,000 of the accounts receivable during the period from April 1, 2010, through June 30, 2010.

  What was the net payout to shareholders during the year

Chubb Corporation reported $6,525.3 million in shareholders' equity at the end of 2001. What was the net payout to shareholders during the year

  Determine the balance in the cash account on january

Jan. 18 Issued capital stock in exchange for $ 30,000 cash. Determine the balance in the Cash account on January 31

  If the average level of outstanding receivables is 700000

assume that sunshine products inc has an agreement with shady finance company to factor its receivables. shady charges

  Determine which equipment should the company purchase

Cash outflows for equipment Y are $18,000 in year 0, and $10,500 per year for year 1, 2 and 3. Determine which equipment should the company purchase

  Explain the impact of accounting transactions in financial

Explain the impact of accounting transactions in financial statements. Describe the elements and purpose of each financial statement.

  Prepare summary journal entry for the cash sale

Prepare summary journal entry for the cash sale of 5,000 bottles of beer with a selling price of $7, plus bottle deposit recorded to Refund Liability

  What is the market price of the outstanding preferred stock

The preferred issue has a $180 par value and pays an annual dividend of $16.40 per share. What is the market price of the outstanding preferred stock

  Explain the effects on goodwill

Explain the effects on goodwill, NCI and the equity of Holder, of the purchase of a further 20% of the voting shares of Retailer. Provide calculations.

  Explain your budget to the county council

Clearly label the calculations for the required components of the capital budget using Excel. Explain your budget to the county council

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