User Account

All Pages

Record the necessary adjusting entries for Shocker

Assignment Help Accounting Basics
Reference no: EM132497117

Question - Consider the following situations for Shocker:

1. On November 28, 2021, Shocker receives a $2,850 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited.

2. On December 1, 2021, the company pays a local radio station $2,370 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited.

3. Employee salaries for the month of December totaling $6,900 will be paid on January 7, 2022.

4. On August 31, 2021, Shocker borrows $59,000 from a local bank. A note is signed with principal and 6% interest to be paid on August 31, 2022.

Required - Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year.

Reference no: EM132497117

Questions Cloud

What is the companys largest current asset : What are the asset classifications contained in the company's balance sheet in the most current year? What is the company's largest current asset
Impact on the long-term dynamics of succession : Which group of species, if they develop such resistance, should have the greatest impact on the long-term dynamics of succession?
Record the necessary adjusting entry for Huskies Insurance : Record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year
Purpose of including those two plates in our experiment : Why do we plate tube 1 cells on LB agar and LB/Amp agar plates? Explain the purpose of including those two plates in our experiment.
Record the necessary adjusting entries for Shocker : Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year
Prepare the necessary closing entries : Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Prepare the necessary closing entries
Difference between oncogene and tumor-suppressor gene : Describe the difference between an oncogene and a tumor-suppressor gene. What kind of mutations are needed in either case
CHNG2801 Fluid Mechanics Assignment : CHNG2801 Fluid Mechanics Assignment help and solution, The University of Sydney - assessment writing service - Pump and Control Valve
What is a pluripotent stem cell : What is a pluripotent stem cell? How does it differ from an adult cell, say a skin cell in your body?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Membership rose 3 during year 9 approximately the same

membership rose 3 during year 9 approximately the same annual rate of increase the club has experienced sinced it open

  Calculate total indirect manufacturing costs for december

Material used in Production $ 55,000. Calculate the total indirect manufacturing costs for December from the information given above

  What are your total costs

Suppose that you expect to sell about 22,000 cookbooks per month online, and assume your overhead, technology, and equipment costs are fixed. What are your total costs - Is the business worth pursuing so far

  Compute the earnings per share of common stock

Quayle Corporation reports net income of $380,000 and a weighted average of 200,000 shares of common stock outstanding for the year. Compute the earnings per share of common stock.

  Complete the payroll register for the payroll period

The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee's weekly sala..

  Prepare purchases and cash budgets for july and august

On July 1, Five Corners Wholesalers had a cash balance of $145,000 and accounts payable of $77,000. Prepare purchases and cash budgets for July and August

  Examine the accounting concepts related to income taxes

Compare and contrast the tax rules and treatment applicable to those three forms of organization and the major way in which the tax treatment affects.

  How much did carlita pay to the tax authorities during year

Carlita began 2014 with a taxes payable account balance of $3,000. On December 31, 2014, its taxes payable account balance is $7,000.

  The financial accounting standards board

One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

  Revamping credit management department

Milford Bank and Trust Company is revamping its credit management department to more effectively manage credit analysis. As the credit manager for the bank, draft a 750-word report for the board of directors explaining the three C's of credit. Mak..

  The change in liabilities for the year

Q1. A company began the year with Assets of $100,000, Liabilities of $20,000 and Stockhoder's equity of $80,000. During the year Assets increaseds $55,000 and stockhoder's equity increased $20,000 What was the change in Liabilities for the year?

  Tuna company set the following standard unit costs for its

tuna company set the following standard unit costs for its single product. direct materials 25 ibs. 4 per ib. 100.00

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd