User Account

All Pages

Prepare the journal entries for the transactions

Assignment Help Accounting Basics
Reference no: EM133123432

Question 1 - Mike Poe operates an event rental business called Best Rentals. The company had the following adjustments for the month of January 2021.

Jan 31 Recognized $1,050 rent expense used for the month.

Jan 31 A monthly magazine subscription was prepaid on January 1, 2021 for $300. By January 31, one issue had been received.

Jan 31 Computer depreciation for the month is $1,000.

Jan 31 Salaries for employees accrued by $4,480 by the end of the month.

Jan 31 A 30-day contract for the rental of an event tent was started on January 16; the customer will pay $11,530 at the end of the contract next month; accrue the revenue earned by the end of January.

Required - Prepare the journal entries for the above transactions.

Question 2 - On March 1, 2021, Simpson Hotel purchased new computers for $13,560. The computers are expected to last 3 years and will have an estimated residual value of $600. Simpson Hotel has a December 31 year end.

Required - Prepare the table showing the yearly depreciation, accumulated depreciation, and net book value of the equipment.

Reference no: EM133123432

Questions Cloud

What amount should n report as recorded lease liability : The rounded present value of an ordinary annuity for nine years at 11% is 5.5370. What amount should N report as recorded lease liability at December 31, 2021
Discuss the trans-generational nature of trauma : Discuss the trans-generational nature of trauma and outline a trauma informed service delivery to a community in crisis of multiple symptom factors
Discuss the business practices of the rent-to-own industry : Discuss the business practices of the rent-to-own industry. How are they able to avoid the restrictions on interest rates
Prepare journal entries to record each of the transactions : On September 15, a truck was donated to the corporation. Similar trucks were selling for $2,700. Prepare journal entries to record each of the transactions
Prepare the journal entries for the transactions : Prepare the journal entries for the above transactions - Jan 31 Salaries for employees accrued by $4,480 by the end of the month
What amount should sheffield report as interest expense : Interest is payable semiannually on January 1 and July 1. What amount should Sheffield report as interest expense for the six months ended June 30, 2021
Determine the sheffield unamortized bond discount : On July 1, 2019, Sheffield Corp. issued 9% bonds in the face amount of $12400000, Determine the Sheffield unamortized bond discount
Security trends and legal issues : Write a paper exploring themes at the intersection of technology and policy. Developing national legal support for norms
Lack of religious icons take away from spiritual experience : Does the lack of religious icons take away from the spiritual experience? Why or why not? Why do some religions forbid depictions of their deities while others

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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