Record adjusting journal entries

Assignment Help Financial Accounting
Reference no: EM132977607

Question - Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year.

a. Unearned Rent Revenue. The Krug Company collected $9,000 rent in advance on November 1,debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1.

b. Unearned Services Revenue. The company charges $100 per insect treatment. A customer paid $400on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer.

c. Unearned Rent Revenue. On September 1, a client paid the company $30,000 cash for six months of rent in advance (the client leased a building and took occupancy immediately). The company recorded the cash as Unearned Rent Revenue.

Reference no: EM132977607

Questions Cloud

Sql database design and implementation : SQL Database Design and Implementation and Conceptual data modelling through the creation of an Entity Relationship(ER) model
What is the amount of the semiannual interest payment : What is the amount of the semiannual interest payment you can expect to receive from investing in this bond
Create practices regarding implementation of a security plan : Create a main post that highlights 2 best practices regarding the implementation of a security plan. This can be anything from the organizational chang
Does blockchain technology have the potential to cause : Does Blockchain technology have the potential to cause the paradigm shift in general business practices that many experts are predicting?
Record adjusting journal entries : Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year
What are the benefits associated with public blockchain : What are the benefits and challenges associated with public and private blockchain and which has the most potential for application in human resource
Compute morgan tax liability : Morgan earns a salary of $95,000, contributes $5,000 to a traditional IRA, and receives sales proceeds of $15,000 for an RV. Compute Morgan tax liability
Write a final project paper on digital forensics techniques : Write a final project paper on Digital forensics techniques and explain in detail? Create a PowerPoint presentation on Digital forensics techniques.
What is the classification of the gain on the sale : Ms. Cool purchased a new freezer for her grocery store at a cost of $80,000 on July 1 of last year. What is the classification of the gain on the sale

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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