Reference no: EM131105143
1. Tom Investments invested $2,500,000 in a term deposit on January 1, 2011. Interest is paid after one year and interest rates are 8%. Record the adjusting entry for Tom Investments on 31 July 2011.
2. Carin recorded the $2,500 paid on 1/05/11 for her new very Smart Mobile phone as an expense. The contract allows unlimited use for 24 months with no more to pay. Record Carin's adjusting entry if her financial year ended on 31/10/11.
3. Gabriel purchased a textbook for $220 (asset) at the commencement of the semester and expects to sell the textbook at the end of the semester for $110. The semester lasts a total of 13 weeks and Gabriel uses the straight-line depreciation method. Gabriel, being an accountant, wishes to prepare his financial statements at the end of week ten of semester. Record his depreciation entry.
4. Robert owns an island and leased it for 20 years receiving $15 Million (the entire lease amount) at the commencement of the lease. Robert recorded the receipt of the money as Unearned Rent Revenue. Record the adjusting entry after seven months.
5. Gas expenses average $2,400 per year. The Gas meter was last read two months ago. The financial year ends today. Record the adjusting entry.
6. The balance in Unearned Transporting Fees account includes $1050 received last month for removal work that was carried out last week. If the financial period ends today record the adjusting entry.
7. NBK Advertising provided $450,000 in promotional services to Organisation ZPM. NBK Advertising recorded this amount as Accounts Receivable. Organisation ZPM suffered a crushing defeat in a recent election. It appears that Organisation ZPM may only pay for 60% of the promotional services provided. Record the adjusting entry for Organisation NBK.
8. When supplies are purchased they are recorded as an asset. An end of period stock-take (count) revealed a closing balance of $12,000. There was no opening balance and during the period $22,000 of supplies were purchased. Record the adjusting entry.
9. The business has a ‘prepaid' mobile phone. They paid $400 for the phone and received $220 of prepaid calls. The purchase of the phone was recorded as an asset. Record the adjusting entry if $50 worth of calls has been made by the end of the financial year.
10. TK Limited paid rent on the first day of November, a total of $90,000 in advance for six months commencing on that day and records it as an expense. Record the adjusting entry for the financial year ending June 30 for TK Limited.
11. Tyler Constructions constructed a new campus block to house Business School. The building cost a tool of $180,000,000 to construct and was completed 30 March 2011, with an expected useful life of 60 years and residual value of $10,000,000. The building is depreciated on a straight line basis. Record the adjusting entry for the financial year ending 30 June 2010.
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: Tom Investments invested $2,500,000 in a term deposit on January 1, 2011. Interest is paid after one year and interest rates are 8%. Record the adjusting entry for Tom Investments on 31 July 2011.
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