Accounting adjustments to account for unpaid wages, Financial Accounting

Assignment Help:

James Bell plans to stay at the Michaels Motel for one month, and he prepays his room charges. Bell arrives and begins his stay on January 21. To account for Bell's prepayment, at the end of January (the end of the accounting period) the motel accountant should:

Answer

	a.	debit Unearned Room Revenue and credit Room Revenue.
	b.	credit Room Revenue and debit Cash.
	c.	credit Accounts Receivable and debit Cash.
	d.	debit Unearned Room Revenue and credit Cash.

Question

Accounting adjustments to account for unpaid wages would:

Answer

	a.	debit Wage Expense and credit Accrued Wages Payable.
	b.	credit both Wage Expense and Cash.
	c.	credit Wage Expense and debit Accrued Wages Payable.
	d.	debit both Wage Expense and Accrued Wages Payable.

Related Discussions:- Accounting adjustments to account for unpaid wages

Explain depreciate non-current assets, Question: Lucy Kim is in the car...

Question: Lucy Kim is in the car hire business. The following information came from her Fixed Asset Register on 31 December 2009: On 31 March 2009, she sold the car wh

Changes in accounting estimates-financial statement, Changes in accounting ...

Changes in accounting estimates In preparing financial statements, it may be difficult to arrive at exact values for certain items to be presented in the financial statements and

Show the foreign tax credit, Q. Show the Foreign Tax Credit? Foreign Ta...

Q. Show the Foreign Tax Credit? Foreign Tax Credit - A U.S. taxpayer who pays or accrues income tax to a foreign country may elect to credit or deduct these taxes in a determin

Fair market value, Stepped Up Basis -Usually, the foundation of property ac...

Stepped Up Basis -Usually, the foundation of property acquired by INHERITENCE, BEQUEST or device from a DECENDANT is the FAIR MARKET VALUE of the property on the date of decendant'

Define the term relevance - accounting information, Define the term Relevan...

Define the term Relevance - accounting information Accounting information should have the ability to influence decisions. Except this characteristic is present, there is ac

Acc 400, d. Prepare the summary journal entry required to transfer finished...

d. Prepare the summary journal entry required to transfer finished component kits from the Cutting Department to the Finishing Department in January. e. Compute the total cost assi

Primary business activities - capital resources, Create a description of yo...

Create a description of your company and its primary business activities. Include: a) A brief historical summary b) The lines of business the firm is engaged in (Is the compa

Uniform capitalization rules, Uniform Capitalization Rules- These are a se...

Uniform Capitalization Rules- These are a set of rules intended to be a single comprehensive set of rules to govern capitalization, or inclusion in INVENTORY of indirect and direc

Stockholder''s equity, 1. Lett Corp declared and issued a 15% stock dividen...

1. Lett Corp declared and issued a 15% stock dividend when they had 100,000 shares of common stock issued and outstanding. The market price of the stock was $20 per share on the de

The book value of shareholders equity, Manik Enterprises spent $10,000 to p...

Manik Enterprises spent $10,000 to purchase farming equipment 5 years ago. This equipment is presently valued at $2,000 on today's balance sheet but could actually be sold for $4,5

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages