Record journal entry or entries on the specified dates

Assignment Help Financial Accounting
Reference no: EM132499961

Question 1: Brown Limited is about to prepare its financial statements for the year ended December 31, 20X1. The accountant prepares adjusting journal entries only at year end. For each of the following situations, record the journal entry or entries on the specified dates:

a) At the end of 20X1, it was determined that a legal firm that Brown Limited uses had performed some litigation services for Brown but had not yet invoiced Brown for the work. Brown's accountant estimated that the legal fees owed to the law firm at the end of 20X1 amounted to $14,000 and had not yet been recorded.

b) On January 28, 20X2, the services provided by the law firm mentioned above had been completed and the total amount of the legal fees provided by the law firm over the past several months was $22,000.

c) Assume that the entry recorded in part (a) above had been reversed on January 1, 20X2. In that case, redo the entry that would have been recorded in part (b).

Reference no: EM132499961

Questions Cloud

Elastic demand to increase its total tax revenue : Should the government raise taxes on products with in elastic demand to increase its total tax revenue?
Microeconomics-oligopoly strategic behavior : How is strategic behavior illustrated by the competition among three sellers of native arts and crafts near a national park?
Why is there more than one etiology of addiction : With all the scientific knowledge we now have about addiction, why is there more than one etiology of addiction? Why is it important to have a multidisciplinary
Calculate the december ending balances for equipment : Calculate the December 31, 2019 ending balances for equipment, accumulated amortization - equipment, machinery, and accumulated amortization
Record journal entry or entries on the specified dates : The accountant prepares adjusting journal entries only at year end. For each of the following situations, Record journal entry or entries on the specified dates
What is the cumulative effect of the change in accounting : Using the above information what is the cumulative effect of the change in accounting principle from FIFO to weighted average inventory pricing
Derive the local market supply curve of cotton : If the local cotton market is perfectly competitive, what is each cotton producer's short-run supply curve? Derive the local market supply curve of cotton.
What is the theoretical purpose of writing the topic chosen : Your APA Research Paper must fully address each of the following questions: What is the theoretical purpose of writing the topic chosen? What are some.
What is the equity multiplier and price to earnings ratio : Retained earnings 60% 6,384 Shares of stock outstanding 12,000 Market price per share 26 What is the equity multiplier and price to earnings (PE) ratio?

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