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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.
What should the adjusting entries be for the year end on January 31, 2020? If a company has a year end of January 31 and they issued a bond.
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1,400units @ $2.20 Purchase, March 16 280 units @ $2.25 Inventory, March 31 520 units 2. The value assigned to ending inventory i..
A company delivered $10,000 of goods to a customer that agreed to pay cash within 30 days. The goods had cost $8,000 to manufacture. Which of the following items would be increased by this sales transaction? (check all that apply)
Douglas Boats is a supplier of boating equipment for the states of Oregon and Washington. It sells 5,000 White Marine WM-4 diesel engines every year. How much would it be worth for the company to make the expansion? Assume demand is constant througho..
Amy and Greg filed for divorce, which became final in August 2019. In the divorce decree, Greg was awarded the house. What is Greg's basis in the house?
The current spot rate is EA$ 2 per £1 Sterling. Calculate the £ Sterling net present value of the project by discounting nominal annual cash flows in £ Sterling
Prepare Babbel's statement of cash flows for the year ended June 30, 2019, using the indirect method Make a reconciliation with the change in cash
Determine whether the resulting position delta is positive, negative or indeterminable and explain why?Explain which are more important to an option trader
Prepare Wilson Copy? Center's income statement for the current year ended December 31 under the? average, FIFO, and LIFO inventory costing methods
you have been hired as a managerial accountant by mr. smith of wilson-west manufacturing a start-up company that
What do these results tell you about the interest-rate risk of lower-coupon bonds? What if rates suddenly fall by 2 percent instead?
When finished goods inventory decreases during a period, a manufacturing company's absorption costing net operating income for that period will usually be greater than its variable costing net operating income.
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