Reference no: EM132479063
Canvas Homework: What happens when you don't record Adjusting Journal Entries?
Idle Bay, Inc forgot to record the following adjusting entries for the year ended December 31, 2018.
1) They didn't recognize $10,000 in earned revenue that had been paid in advance from customers. It was correctly recorded as Unearned Revenue when the cash was received.
2) They didn't adjust for $2,000 in office supplies used during the year.
3) They didn't accrue $7,000 in unpaid salary expense that had been incurred as of year-end.
4) They didn't record for $6,000 in services performed for a customer that will be paying in January 2019.
For each omitted transaction, answer the following questions:
Question a) What Adjusting Journal Entry (AJE) should have been recorded at 12/31/2018?
Question b) How will omitting this AJE affect Idle Bay's (i) Revenues, (ii) Expenses, (iii) Net Income, (iv) Assets, (v) Liabilities, and (vi) Retained Earnings on the 2018 financial statements? (overstated, understated, or not affected)
Question c) Will the Balance Sheet be unbalanced as a result of this omission?
|
Question - What is a Capital Asset
: Question - What is a Capital Asset? During 2018, Tom sold Sears stock for $11,800. The stock was purchased 4 years ago for $16,520
|
|
Determine and dicuss under amour case study
: What would Richard suggest if his analysis determined that one of the Under Armour's competitors was a good stock to purchase?
|
|
Faster long-run economic growth
: Discuss ANY THREE factors why Bangladesh has a faster long-run economic growth than other Asian economies, based on the economic theories about the determinants
|
|
Prepare the journal entries necessary for Suffolk Industries
: In 2017, Suffolk Industries incurred actual warranty costs relative to the tractor of $1,300, Prepare the journal entries necessary for Suffolk Industries
|
|
What adjusting journal entry should have been recorded
: What Adjusting Journal Entry (AJE) should have been recorded at 12/31/2018? Will the Balance Sheet be unbalanced as a result of this omission?
|
|
And they ask us to find the uemployment rate
: If they give us the employment number abd the labor force number. And the working age population number.
|
|
Determine income before income taxes for the year
: Assuming that operating expenses other than those indicated in the above transactions amounted to $156,000, determine income before income taxes for the year
|
|
Determine per-unit factory overhead allocated to diesel
: What the per-unit factory overhead allocated to the gasoline and diesel engines under the multiple production department factory overhead rate method
|
|
Prepare the journal entry to record the extinguishment
: On January 2, 2018, Bengro called all of the bonds and redeemed them. Prepare the journal entry to record the extinguishment of the bonds payable
|