User Account

All Pages

What adjusting entry should be recorded for monthly rent

Assignment Help Financial Accounting
Reference no: EM132513202

The events listed below all took place during the month of Dec 2019. You are required to determine if journal entries are needed to record these events in the books of Beauty Hairdressers. Provide the complete journal entries or state if no journal entries are necessary.

  1. On 1 Dec 2019, Beauty Hairdressers obtained a start-up loan from a bank for $120,000 payable in 5 years
  2. On 3 Dec 2019, Beauty Hairdressers purchased hair drying equipment for 35,000. A deposit of 15,000 was made and the balance payable in 60 days.
  3. To help manage scheduling of appointments, a receptionist is interviewed and hired on 5 Dec 2019, for an annual salary of $46,000. She will start work on 1st of Jan.
  4. On 1 Dec 2019, Beauty Hairdressers paid $24,000 rent for the next 6 months.
  5. A contract for cleaning services was signed between Beauty Hairdressers and Daily Clean on 15 Dec 2019. The agreed price is $2,000 per month to commence in 01 February 2020.

Question 1: At 31 Dec 2019, what adjusting entry (if any) should be recorded for monthly rent?

Reference no: EM132513202

Questions Cloud

Explain how psychoanalytic therapy would be used to treat : Explain how psychoanalytic therapy would be used to treat the client, how the client would respond to therapy, and the effectiveness of this treatment approach
What is the net investment cash out?ow for the project : What is the project-disposal cash flow (not including the annual operating cash ?ow)? What is the operating cash flow for the 1St year of the projects life?
Calculate the amount that Cool Sound Ltd should report : Calculate the amount that Cool Sound Ltd. should report as warranty expense on its 2020 income statement and as a warranty liability on its December 31, 2020
Demerits of protecting invention : What are merits and demerits of protecting an invention through a patent instead of trade secret law? Which one do you think is better at protecting invention
What adjusting entry should be recorded for monthly rent : At 31 Dec 2019, what adjusting entry (if any) should be recorded for monthly rent? Determine if journal entries are needed to record
Ethical issues kevin : Moral flexibility of leadership approaches will imply that different reasons are used for different theories at different times during a law enforcement career
Determine the amounts that should be allocated : Determine the amounts that should be allocated to Salem Company's assets on the consolidated financial statements workpaper on January 1, 2020
Calculate torque and brake specific fuel consumption : Investigative Studies : Thermodynamics Laboratory and Running of High Speed diesel engines on Test Cycle E2 and determine the exhaust emissions at various loads
Compute the present value of future dividends : Compute the present value of future dividends. (Do not round intermediate calculations and round your answers to 2 decimal places.)

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!

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