What will the adjusting entry required at the end of year

Assignment Help Financial Accounting
Reference no: EM13143388

The balance of the Office supplies account at the beginning of the year is $3,500. During the year, purchases of Office Supplies totaled $4,200 on account. The inventory of Office Supplies at the end of the year is $1,000.

What will the adjusting entry required at the end of the year?

Reference no: EM13143388

Questions Cloud

Calculate how many pounds of strawberries are needed : Strawberries contain about 15 wt% solids and 85 wt% water.To make strawberry jam, crushed strawberries and sugar are mixed in a 45:55 mass ratio, and the mixture is heated to evaporate water until the residue contains one-third water by mass.
Describe the distribution of sample means : Describe the distribution of sample means (shape, expected value, and standard error) for samples of n=36 selected from a population with a mean of µ=100 and a standard deviation of σ=12.
How would these transactions be reported on larsen statement : Larsen sold the securities in December at a gain of $5,600. How would these transactions be reported on Larsen's statement of cash flows for 2010?
What happens to fluid volume : Finals are over and you go out with friends to celebrate. One of your friends has an outdoor hot tub, so everyone gathers there for a warm soak and some beer.
What will the adjusting entry required at the end of year : During the year, purchases of Office Supplies totaled $4,200 on account. The inventory of Office Supplies at the end of the year is $1,000. What will the adjusting entry required at the end of the year?
What volume of gas will be produced : 1.00 g of NH4Cl (s) is completely decomposed by heating to 325 °C at 1.00 atm. What volume of gas will be produced? NH4Cl (s)= HCl(g) + NH3(g)
What would happen to the blood level of the hormones : The pituitary gland secretes thyroid-stimulating hormone (TSH), which stimulates the thyroid gland to secrete the thyroid hormone (TH). TH has a negative feedback influence on TSH.
Problem related to lease contract : The direct method statement of cash flows for the lessor should reflect which of the following in the first year of the lease contract (ignore noncash disclosures)?
What is internal rate of return : The project would generate before tax annual cash inflows of $28,500. The tax rate is 35% and the company’s discount rate is 14%. What is internal rate of return?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Discuss necessary preparation and planning for the lily firm

Discuss the necessary preparation and planning for the Lily Company annual audit before beginning field work at the client's office.

  Evaluate the directional impact accounting

Evaluate the directional impact accounting difference described above would have on the subsequent ratios calculated under IFS and US GAAP.

  Explain what is meant by restricted stock units (rsu)

Explain what is meant by "Restricted Stock Units (RSU)” and provide extracts of the disclosure notes for 2 public companies that have these, noting any distinguishing features between the 2 companies’ RSU plans.

  How much cash must be borrowed to maintain balance

Venetian Company management wants to maintain a minimum monthly cash balance of $20,500. How much cash, if any, must be borrowed to maintain the desired minimum monthly balance?

  How is it used to achieve the company goals

Since each company’s strategy and operating environment is different, each company’s balanced scorecard will be unique. However, they will have some common characteristics. What are some of them? How is it used to achieve the company's goals?

  Maintain an adequate system of internal control

The extent of internal control features adopted by a company must be evaluated in terms of  cost-benefit and Companies that fail to maintain an adequate system of internal control

  Conduct periodic bank statement reconciliations

Conduct periodic bank statement reconciliations

  Analyzing the strength and weakness from ratios

Analyzing The Strength and weakness from Ratios and  What would you learn from examining the incomestatement for the year ended 2008

  Overhead allocation plant wide rate

Overhead allocation plant wide rate direct labor hours Machine hour basis - Top management complains that if the accountants had been more accurate in estimating overhead then they wouldn't have over applied overhead. Is this true? Explain.

  Evaluate the accumulated depreciation for each machine

Evaluate the accumulated depreciation for each machine at December 31, 2008 - The Capital Company purchased 3 machines in the past year. Information regarding these items

  What is your response to president

Depreciation does not come close to accumulating the cash needed to replace the asset at the end of its useful life.” What is your response to the president?

  Compare and contrast accounting practices

Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments.

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!

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