User Account

All Pages

Prepare the necessary adjusting entries

Assignment Help Accounting Basics
Reference no: EM132172884

Question - On October 1, 2016, Microchip lent $89,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2017.

On November 1, 2016, the company paid its landlord $9,000 representing rent for the months of November through January. Prepaid rent was debited.

On August 1, 2016, collected $15,000 in advance rent from another company that is renting a portion of Microchip's factory. The $15,000 represents one year's rent and the entire amount was credited to rent revenue.

Depreciation on office equipment is $5,500 for the year.5.Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,000. The company records vacation pay as salaries expense.

Microchip began the year with $3,000 in its asset account, supplies. During the year, $7,500 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,750 remain on hand.

Prepare the necessary adjusting entries for each of the above situations.

Reference no: EM132172884

Questions Cloud

Job description for customer service representative position : Job description for a Customer Service Representative Position. For each question identify what element of the job description does this question relate to.
How the agreement will address climate change : Summarize the Paris Agreement with a discussion of how the agreement will address climate change as well as any weaknesses in the agreement.
Identify all the steps before the development of strategy : Please define and describe the overall strategic management process. Identify all the steps before the development of a strategy.
Describe a standardized procedure in an organization : Describe a standardized procedure in an organization that you recognize has a benefit, but also has a threat or unintended adverse
Prepare the necessary adjusting entries : On October 1, 2016, Microchip lent $89,000 to another company. Prepare the necessary adjusting entries for each of the above situations
Develop project life cycle analysis of the proposed project : Develop a project life cycle analysis of the proposed project. Include and discuss at least two (2) tasks for each of the four (4) stages.
Evaluate different compensation packages for employees : Congratulations! You have recently been promoted and are the company's new Human Resources Manager! You have offices in several countries.
Be fit or be out of favor at etisalat : Recently, employees at Etisalat have an incentive to get healthy. If they join in the companywide weight-loss contest and succeed in reaching their goals
Create a column chart to represent the population data : Chapter: Exploring Advanced Charts and Graphics - Create a column chart to represent the population data for Dallas and then add a second series to represent

Reviews

Write a Review

Accounting Basics Questions & Answers

  What amount will georgia report for accounts receivable and

georgia company reported accounts receivable of 16.5 million at the end of its2007 fiscal year. this amount was net of

  Calculate the cost of the equipment

Required: Calculate the cost of the equipment and provide the entries necessary for all the costs that have been incurred

  Company x has net sales revenue of 1250000 cost of goods

company x has net sales revenue of 1250000 cost of goods sold of 760000 and all other expenses of 290000. the beginning

  Simplistic terms or using a published analysis

You could also attempt an analysis of the company in simplistic terms or using a published analysis (e.g. from the Financial Times or elsewhere) comment on it. These sorts of exercises lend themselves to group work by students and group presentatio..

  Determine the maximum income from operations possible

French Broad Inc, operating at full capacity, sold 25,125 units at a price of $75 per unit during 2008. Determine the maximum income from operations possible

  Determine the total bond interest expense

The bonds are issued at a price of $4,895,980. Determine the total bond interest expense to be recognized over the bonds' life

  Xyz company deposited 15000 in a bank account in return

xyz company deposited 15000 in a bank account in return for issuing shares in the corporation. this transaction would

  Objective and subjective strength and weakness

What is the difference between an objective and subjective strength and weakness? Give examples of each type of strength and weakness in a health care organization.

  How much will the companys net income increase

Harvey's variable costs are 30% of sales. The company is contemplating an advertising campaign. How much will the company's net income increase?

  If parts are held by a company on consignment and are

if parts are held by a company on consignment and are included in the physical count of goods in the warehouse and in

  Calculate the direct materials price and quantity variances

Calculate the direct materials price and quantity variances for November

  What is the amount of overhead applied

Jayson Decorating uses a job order costing system to collect the costs of its luxury cruse liner business. What is the amount of overhead applied

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