Solution-Prepare the necessary adjusting journal entries

Prepare the necessary adjusting journal entries indicated

Reference no: EM132606414

Question - The following data relate to the accounts of Pharoah Company.

a. Unpaid salaries and wages at year end amount to $750.

b. Pharoah Company owns bonds of another corporation that pay annual interest of $1,640. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021.

c. A two-year insurance policy was purchased on June 1, 2020. The $2,880 insurance premium was paid on that date and was debited to Prepaid Insurance.

d. Service Revenue was credited for $1,440 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Edminston Company through May 31, 2021.

e. The Supplies account shows a balance of $2,600 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $930 available.

Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2020.

Reference no: EM132606414

Questions Cloud

Explain your selection of teaching materials : Explain your selection of teaching materials. How do they cater to or possibly impede the audience's receptivity to the shared health education information.

English speaking caribbean islands : Why would it be difficult for Jamaica to join most of the other English speaking Caribbean islands and use a fixed exchange rate and a single currency in the re

What type of character does the military want to develop : What type of character does the military want to develop? What type of character ought a company develop in employees and via the acquiring of what habits?

Why is no reason to believe that market will reward investor : Briefly discuss why there is no reason to believe that the market will reward investors with additional returns for assuming unsystematic risk.

Prepare the necessary adjusting journal entries indicated : Unpaid salaries and wages at year end amount to $750. Prepare necessary adjusting journal entries indicated by each item for the year ended December 31, 2020

How does the demand multiplier in the open economy : How does the demand multiplier in the open economy compare with the one in the closed economy (smaller, bigger or the same)? Explain briefly.

Describe real-life situation that can be modeled : Describe a real-life situation that can be modeled by a function (a relation in which every input value corresponds to only one output value).

How savings decisions abroad could influence trade defict : Using the sectoral balances framework, explain how savings decisions abroad could influence the trade deficit, and therefore the government

Should pediatric patient be candidate for bariatric surgery : Statistics of pediatric patients doing bariatric surgery (2 slides) and Ethical principle(1 slide) Consideration of which, if any, ethical principles.

User Account

All Pages

Prepare the necessary adjusting journal entries indicated

Reference no: EM132606414

Reference no: EM132606414

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Prepare a properly classified balance sheet

Estimate total fixed cost and variable cost

Prepare adjusting journal entry to reflect this information

Compute earnings per share

Prepare windsor journal entries to record transactions

Price at which a stock can be sold

What amount of the social security benefits must george and

Starling co is considering disposing of a machine with a

Describe the benefits to the consumer of b2c sales

Discuss actual results for the year ended december

Identify domus corporate strengths and weakness

Calculate the preliminary sample size

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT