User Account

All Pages

Show the adjusting entries that were made for supplies

Assignment Help Accounting Basics
Reference no: EM132234899

Question - Record adjusting entries

Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information:

 

November 30

December 31

Debit

Credit

Debit

Credit

Supplies

2,000

 

4,000

 

Prepaid insurance

5,000

 

4,000

 

Salaries payable

 

13,000

 

17,500

Unearned rent revenue

 

2,000

 

1,000

The following information also is known:

a. Purchases of supplies in December total $4,600.

b. No insurance payments are made in December.

c. $13,000 is paid to employees during December for November salaries.

d. On November 1, a tenant pays Golden Eagle $3,000 in advance rent for the period November through January. Unearned Revenue is credited.

Required - Show the adjusting Entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31.

Reference no: EM132234899

Questions Cloud

Implied fixed inventory ordering costs : Use the following information to determine the implied fixed inventory ordering costs:
What is the bond market price : The par value is $1,000, and the coupon rate equals 7%. If the market's required return on the bond is 8% then what is the bond's market price?
What is the impact of a stock purchase on a company : Does this suggest another use for excess cash? (And: What are the alternative uses for excess cash? And what does each use imply about the firm?)
What is the proper cash flow to use : What is the proper cash flow to use to evaluate the present value of the introduction of the new chip?
Show the adjusting entries that were made for supplies : Show the adjusting Entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31
Planning integral to effective organizational HR Management : How are leadership and planning integral to effective organizational HR Management?
What should sabina do about reorganizing work environment : What should Sabina do about reorganizing the work environment? How would you address the issue of equipment setup? How would you proceed?
How many of each sandwich it should stock to maximize profit : Write the linear programming formulation to determine how many of each sandwich it should stock to maximize profit.
Standard deviation of demand during leadtime : What is the economic order quantity for the bar of soap? What is the standard deviation of demand during leadtime?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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