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August 27, 2014

Search: Accounting - Adjusting Entries

Number of results: 3,447

Accounting
This is in regards to adjusting entries. If I own a hotel and In order to reserve a room you must pay $220.00 in advance, what type of adjusting entries do I make, How do I determine the amounts of the adjustments, and which accounts are affected?
April 13, 2007 by Lynn

college princ. of accounting II
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (Round all answers to 0 decimal places.) The equipment depreciates at $250 per month.
January 19, 2009 by Britni

accounting
how do i prepare year-end adjusting entries?
October 12, 2008 by idk

accounting
List the following steps of the accounting cycle in their proper order a. Preparing the post closing trial balance b. postint the journal entries c. journalizing and posting adjusting entries d. preparing the adjusted trial balance e. journalizing and posting closing entries f...
October 16, 2007 by shelly

accounting
List the following steps of the accounting cycle in their proper order a. Preparing the post closing trial balance b. postint the journal entries c. journalizing and posting adjusting entries d. preparing the adjusted trial balance e. journalizing and posting closing entries f...
October 14, 2007 by shelly

Accounting
On June 1, Coble Company Ltd. borrows $64,000 from First Bank on a 6-month, $64,000, 9% note. The note matures on December 1. (List multiple debit/credit entries from largest to smallest.) a) Prepare the entry on June 1. b) Prepare the adjusting entry on June 30. c) Prepare ...
November 1, 2011 by Kate

accounting
This is the question: "Use page 3 of the journal. Jornalize and post the adjusting entries." Can you tell me how to do that?
December 10, 2010 by Molly

accounting
how do i record adjusting and closing entries for a service business? how do i do a post-closing trial balance?
December 3, 2008 by D

accounting
hi,..!! i hope u can answer it,.. the following data are gathered prior to the preparation of the year end adjusting journal entries of IEMELIF enterprises: nature: last payment date: TAXES december 15, 20-7 ELECTRICITY december 22, 20-7 WATER december 10, 20-7 WAGES december ...
August 3, 2010 by jhona

Accounting
On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been ...
November 18, 2010 by Sharon Lawson

accounting
On January 1, 2008 Touring company agreed to buy some equipment from Jones Company. Touring company signed a note,agreeing to pay Jones company $500,000 for the equipment on December 31, 2010. The market rate of interest for this note was 10%. a. Prepare the journal entry ...
May 2, 2012 by Jamie

college Accounting
The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation—Equipment $ 8,400 Notes ...
September 1, 2009 by Michelle

accounting
preent in journal form adjusting entries that would be made on july 31,2011 the end of the fiscal year 1. apr 30, a ten month 9% note for $20,000 was received from a customer
October 16, 2009 by joe

accounting
E4-19 On December 31, the adjusted trial balance of Oslo Employment Agency shows the following selected data. Accounts Receivable $24,000 Commission Revenue $92,000 Interest Expense 7,800 Interest Payable 1,500 Analysis shows that adjusting entries were made to (1) accrue $4,...
January 26, 2012 by bill

acct. correction
can someone correct these for me thanks. for the accounting cycle. i have to place these in order. a) Posting the journal entries b) Journalizing and posting adjusting entries c) Preparing the adjusted trial balances d) Journalizing and posting closing entries e) Analyzing ...
November 12, 2007 by student acc

accounting
You issue a $120,000 bond at par on March 31 due in 10 years that pays 11%. You pay interest on September 30. You pay off the bond ten years later. Assume that the company makes no adjusting entries. What journal entries should be recorded to issue the bond, pay interest and ...
December 8, 2012 by Kimmie

Accounting
On Hune 1, Coble Company Ltd. borrows $40,000 from first Bank on a 6-month, $40,000, 9% note. The note matures on December 1. a) Prepare the entry on June 1. b)Prepare the adjusting entry on June 30. c) Prepare the entry at maturity(december 1), assuming monthly adjusting ...
January 31, 2011 by Sang

Accounting
This is for an accounting course doing adjusting entries.. The rental revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received. On the trial balance the amount for rental revenue is 17,600 Would I divide that by 11...
May 20, 2009 by Mike

accounting
o How are entries made under each type of accounting? o How does each type of accounting handle depreciation, if at all? o How is inventory accounted for? o Are there any differences between the organizations that adopt a particular accounting method? o What are the strengths ...
February 2, 2009 by katie

Accounting
how do i do adjusting entries on a general journal Thank you for using the Jiskha Homework Help Forum. The following site has general Accounting Advice: http://www.lemoineandjames.com/gaap/73aje.html
January 24, 2007 by Sherri

Accounting question
How are posting procedures for closing entries and for other general journal entries different?
November 29, 2006 by Anonymous

accounting
Prepare adjusting journal entries for the year ended (or date of) December 31, 2005, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as ...
April 6, 2010 by kim

Accounting - please check my answers
Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare the adjusting entries and show the related transaction entries at the date that each would be made...
October 30, 2013 by Jess

Math (Finance)
Why are adjusting entries necessary?
September 11, 2007 by Brian

account. question
Is this correct are the steps correct for the accounting cycle. They gave a list the list says the following: a)Preparing the post-closing trial balance b) posting the journal entries c)journalizing and posting adjusting entries d)preparing the adjusted trial balances e)...
November 13, 2007 by student acc

accounting
The charter of the corporation authorized 500,000 shares of $5 par common stock, and 50,000 shares of $40 par, 3%, preferred stock. As of January 1, 2014, there were 20,000 shares of common stock issued and outstanding and 4,000 shares of preferred stock issued and outstanding...
August 12, 2014 by Anonymous

Accounting Concepts
To close the accounting cycle for Joe Smith's business, complete the following: Journalize and post the adjusting entries for Joe's business. Make the following adjusting entries: (Note: you may need to create additional ledger accounts) Adjustment for expired insurance ...
August 8, 2009 by Brenda

College Accounting
How do the entries affect account balances and why both debit and credit entries can increase or decrease an account balance?
April 24, 2012 by shanty

financial Accounting
Johnson's boat yard Inc., is completing the accounting process fr he year just ended, Novembe. 30, 2010. The transactions during 2010 have been journalized and posted. The following data with respect to adjusting entries are available: On October 1,2010, Johnson paid $1,200 to...
March 10, 2010 by Karinna

accounting
I have to prepare an adjusting entry for Dec 31, 2008 for prepaid insurance from this: An analysis of the company's insurance policies provided these facts: Policy A Purchased on April 1, 2007 for 24 month at $11400. Policy B Purchased on April 1, 2008 for 36 months at $10200...
October 14, 2007 by paula

ACCOUNTING
I have to prepare an adjusting entry for Dec 31, 2008 for prepaid insurance from this: An analysis of the company's insurance policies provided these facts: Policy A Purchased on April 1, 2007 for 24 month at $11400. Policy B Purchased on April 1, 2008 for 36 months at $10200...
October 16, 2007 by paula

accounting
. For each of the following cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2011. (Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work are initially ...
September 16, 2012 by loly

ACCOUNTING plz help thnx
I have to prepare an adjusting entry for Dec 31, 2008 for prepaid insurance from this: An analysis of the company's insurance policies provided these facts: Policy A Purchased on April 1, 2007 for 24 month at $11400. Policy B Purchased on April 1, 2008 for 36 months at $10200...
October 14, 2007 by paula

Accounting
It is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year’s principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities. You are the bookkeeper for Biker’s Business. Biker’...
September 20, 2010 by Brian

accounting
P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows. PORTER COMPANY Worksheet For the Year Ended December 31, 2008 Adjusted Account Trial Balance No. Account Titles Dr. Cr. 101 Cash 18,800 112 Accounts Receivable 16,200 126 Supplies 2,...
February 9, 2012 by Beth

Accounting - Adjusting Entries
$750 of insurance expense needs to be accrued. It was originally recorded as prepaid insurance. Do I just debit prepaid insurance and credit insurnace expense for $750?? My other problem is adjustment was made to record interest expense on bonds payable for $500. The payment ...
October 5, 2008 by Liz

Accounting
#9 Unrecorded Liability: Adjusting Entry Refer to PE 4-8. (1) Make the adjusting entry necessary on the company’s books with respect to this loan on December 31. (2) Make the journal entry necessary on the company’s books on the following April 30 to record payment of interest...
April 25, 2011 by Sondra

accouting class
Is this order correct for the accouting cycle: 1. Analyzing transactions and events 2. Journalizing transactions and events 3. Posting the journal entries 4. Preparing an unadjusted trial balance 5. Journalizing and posting adjusting entries 6. Preparing the adjusted trial ...
November 15, 2007 by student acc

accounting
The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. To reserve a room, guests must pay one night’s stay in advance. On each floor of the hotel, Vendalite Company operates vending machines with energy bars, juices, and other snacks for guests. ...
July 7, 2010 by Anonymous

accounting
The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. To reserve a room, guests must pay one night’s stay in advance. On each floor of the hotel, Vendalite Company operates vending machines with energy bars, juices, and other snacks for guests. ...
July 7, 2010 by jazzyshoes2004

accounting
Write the journal entries to record the following transactions. A) Sold merchandise on account, $11,000, terms 2/10, net 30. The cost of merchandise sold was $8,000 (2 entries required). B) Issued a credit memorandum for $500 to the customer for merchandise sold in A. (2 ...
March 6, 2012 by kmo

Principle of Accounting
t is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year�s principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities. You are the bookkeeper for Biker�s ...
March 29, 2010 by Tammy

Intermediate Accounting I
On January 1, 2007, the Accumulated Depreciation-Machinery account of a particular company showed a balance of $370,000. At the end of 2007, after the adjusting entries were posted, it showed a balance of $395,000. During 2007, one of the machines which cost $125,000 was sold ...
April 25, 2009 by Drake

Accounting
On Dec 31, 2007, before adjusting entries, the blances of selected accounts for the company were as follows: Accounts receivable 840,000 Allowance for uncollectable accounts (debit balance) 2,000 dr. The company has determined that historically about 2.0 percent of accounts ...
July 24, 2008 by stuckinmath

accounting
Can someone tell me how to figure this out? I am so lost when it comes to accounting. The net income of Simon and Hobbs, a department store, decreased sharply during 2000. Carol Simon, owner of the store, anticipates the need for a bank loan in 2001. Late in 2000, Simon ...
May 7, 2009 by Sam

Accounting
What should be the general entries for a revenue which was earned in 2007 but not received till January 2008. Please tell me entries for both year 2007 and 2008. I mean, what entry should I make at the end of 2007 for the income I earned but not received, and what would be the...
January 14, 2008 by Eric

Accounting
What should be the general entries for a revenue which was earned in 2007 but not received till January 2008. Please tell me entries for both year 2007 and 2008. I mean, what entry should I make at the end of 2007 for the income I earned but not received, and what would be the...
January 14, 2008 by Eric

accounting
Classify the following adjusting entries as involving prepaid expenses(PE), unearned revenues)UR), accrued expenses(AE), or accrued revenues(AR). a. ____ to record revenue earned that was previouslu received as cash advance. b.___ to record annual depreciation expense. c. to ...
October 11, 2007 by shelly

accounting
Classify the following adjusting entries as involving prepaid expenses(PE), unearned revenues)UR), accrued expenses(AE), or accrued revenues(AR). a. ____ to record revenue earned that was previouslu received as cash advance. b.___ to record annual depreciation expense. c. to ...
October 12, 2007 by shelly

Principles of Accounting I
It is standard procedures, or GAAP, to make an adjusting entry to remove the current year's principle from the long-term liabilities. You are the bookkeeper for biker's business. Biker's business has a bank loan that requires a current ratio of 1.5 times. The owner has asked ...
September 21, 2010 by Lizzie Nelson

accounting
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following: •On January 1, 20X3, the Supplies account had a ...
August 12, 2013 by erica

Accounting
How would I record this on the "Journal Entry" and at what amount? Information for Year-End Adjusting Journal Entries December 31,2006 1. $71,400 of office equipment was purchased on Jan. 1, 2004. The office equipment is expected to have a useful life of 7 years with no ...
October 10, 2007 by Maly

accounting
Can uot help me with journal entries
January 26, 2013 by karen

Accounting
Omission of a prepaid expense adjusting entry will have what effect?
October 9, 2008 by Stephan

Math (Finance)
The analysis process for preparing adjusting entries involves two basic steps. Identify the two steps and explain why both are necessary.
September 11, 2007 by Brian

Accounting
E3-5 Drew Carey Company has the following balances in selected accounts on December 31,2008. Accounts Receivable $ -0- Accumulated Depreciation—Equipment -0- Equipment 7,000 Interest Payable -0- Notes Payable 10,000 Prepaid Insurance 2,100 Salaries Payable -0- Supplies 2,450 ...
March 21, 2011 by Mickey

accounting
How can we determine if the adjusted entries are correct?
August 28, 2010 by Cindy

accounting
Iron's paper Company, whose fiscal year ends December 31, completed the following transactions involving notes payable: Nov. 25 Purchased a new loading cart by issuing a 60day, 10% not for $43,200 Dec. 16 Borrowed $50,000 from the bank to finance inventory by signing a 90 day ...
November 12, 2009 by devi

Accounting
Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR). a. To record revenue earned that was previously received as cash in advance. b. To record annual depreciation expense. c. To ...
July 26, 2009 by Ashley

accounting
Why can't reversing entries be used on cash accounts?
November 10, 2011 by babs

accounting
what will be the adjusting entry if partners take distributions from their business instead of taking salary?
October 20, 2010 by priya

college
It is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year’s principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities. You are the bookkeeper for Biker’s Business. Biker’...
September 25, 2010 by carrie

math
There was a competition that attracted 630 entries for a $250 prize. Molly gets paid $7.50 per hour for checking the entries, which takes her 2 minutes each. How much do they pay Molly to check the entries?
March 12, 2014 by Anonymous

accounting
which of the following entries will properly close the Revenue account?
February 13, 2008 by Dallas

accounting
At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries.
April 29, 2010 by Anonymous

cci
It is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year’s principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities. You are the bookkeeper for Biker’s Business. Biker’...
December 26, 2009 by rafael

Accountant
It is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year’s principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities. You are the bookkeeper for Biker’s Business. Biker’...
January 1, 2010 by Timothy

accounting
The trial balance of Bair Company includes the following balance sheet accounts. Identify the accounts that require adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, and ...
October 30, 2012 by cherry

cci
It is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year’s principle
December 28, 2009 by rafael

accounting
received 125000 on account from a major customer. wht is the entries for this?
February 24, 2010 by Shaalu

accounting
How do I make general journal entries from a adjusted trial balance?
September 6, 2010 by Cindy

Accounting
For each of the journal entries, prepare an explanation of the business event that is being represented
November 29, 2010 by Carol Masters

account (urgent!!pls help)
accounting question [prepare journal entries for the year end adjustment] A fire broke out in the office during the year. the insurance company agreed to pay compensation of $3000 to the company in December 2009.No entries for this compensation were made at the year end.This ...
July 8, 2012 by michelle

Accounting
Adjusting enteries: 1. On august 1st, mr. borg borrowed $30,000 from a local bank on a 15 year mortage. The annual interest rate is 8%. A telephone bill in the amount of $117 covering august charges is unpaid at august 31. Although this is not my area of expertise, we do not ...
September 4, 2005 by Henna

accounting
What entries would the bookkeeper have made ie the cheque is not presented for payment by the payee?
January 26, 2010 by Lucky

advanced accounting
prepare the investment-related entries on pert company's books for 2009
March 5, 2011 by Anonymous

Financial Accounting
Prepare adjusting journal entries for the year ended December 31, 2011 for each of the independent situation in (a) to (f). Assume that prepaid expenses are initially recorded in asset accounts. Assume that fees collected in advance of work are initially recorded as ...
July 25, 2010 by Prateek

accounting
On January 1, 2004, $100,000,000 in 7.5%, 10-year callable bonds were issued at 96.64% to yield an effective rate of 8.0%. Callable at 103; interest paid annually on January1. If the bonds are called on April 1, 2006, what are the needed payments and entries to extinguish the ...
August 31, 2010 by maret

accounting
In accounting for an immaterial amount of overapplied overhead, which of the following is part of the adjusting entry? a. A debit to the Work in Process Inventory account b. A debit to the Overhead account A debit to the Cost of Goods Sold account c. A credit to the Overhead ...
August 12, 2008 by Lee

accounting
Andy, an inexperienced accountant, had to account for his company's purchase of a motorcar on credit. Unsure of the correct accounting entries, Andy debited the supplier's account and credited the motor expenses account. Was Andy correct?
March 20, 2013 by Anonymous

accounting
owner got personal loan from his bank and sign note payable.what is the journal entries?
August 6, 2013 by naomie

fundamentals of accounting
discuss the importance and major elements of a work sheet clearly explaining the examples of the main items used in the adjusting process.
October 28, 2010 by charity

accounting
P4-2A Gil Vogel started his own consulting firm, Vogel Consulting, on June 1, 2012. The trial balance at June 30 is as follows. VOGEL CONSULTING Trial Balance June 30, 2012 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Prepaid Insurance 2,880 Supplies 2,000 Equipment 15,...
January 23, 2012 by kathy

ACCOUNTING
THE NET INCOME OF SIMON AND HOBBS, A DEPT.STORE,DECREASED SHARPLY DURING 2000.CAROL SIMON, OWNER OF THE STORE, ANTICIPATES THE NEED FOR A BANK LOAN IN 2001. lATE IN 2000, SIMON INSTRUCTS THE STORE'S ACCOUNTANT TO RECORD A 410,000 SALE OF FURNITURE TO THE SIMON FAMILY, EVEN ...
November 17, 2007 by ROSE

Accounting
I need help with a problem involving adjusting entries. It is involving rent expense and prepaid rent. Here is the information I am given on the Unadjusted Trial Balance, Dec. 31, 2005: Prepaid studio rent: 2,500 Studio rent expense: 11,250 The data says, "The studio pays rent...
February 27, 2007 by Samantha

accounting
Your review of the general ledger of Home Interior Improvements and Designs Company reveals a beginning capital balance of $25,000. You also review the general journal for the accounting period and find the closing entries shown on the next page.Prepare a general journal entry...
February 23, 2012 by Colleen

Accounting
Why is Simon taking this action? Is her action ethical? Give a reason, identifying the parties helped and the parties harmed by Simon's action. The net income of Simon and Hobbs, a department store, decreased sharply during 2000. Carol Simon, owner of the store, anticipates ...
November 19, 2007 by Help T

Accounting
Why is Simon taking this action? Is her action ethical? Give a reason, identifying the parties helped and the parties harmed by Simon's action. The net income of Simon and Hobbs, a department store, decreased sharply during 2000. Carol Simon, owner of the store, anticipates ...
November 19, 2007 by Vision7

Accounting
1. On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market rate of interest was 7%. Harris uses the effective interest rate method to amortize bond premium ...
December 27, 2013 by Jana

Accounting
Hi, I am having trouble figuring out the below question. Can someone please provide some guidance. Thanks! _____________________________________ It’s December 31, 2007 and you are about to close the firm’s books for the year. Just as you think everything is done. 1.)The firm’s...
February 23, 2009 by Leslie

Accounting
On January 1, 2006, Mythical purchased some office equipment, paying $24,000. It is anticipated that the equipment will last 4 years and have a zero salvage value at the end of the four years. 1) Make the adjusting entry for depreciation at the end of year two using the ...
July 28, 2006 by Laura

accounting
the question is, Billed client 1800 for cleaning services what two entries to i have to post. im having a blank moment.
December 2, 2007 by greg

advance accounting
consolidation,prepare the journal entries on books of phillips to recod the acquistion of solina company's net assets
February 16, 2011 by Anonymous

college math
13. (4 pts) At an annual flower show, 6 different entries are to be arranged in a row. a) How many different arrangements of the entries are possible? b) If the owners of the 1st, 2nd, and 3rd place entries will be awarded prizes of $100, $50, and $25 respectively, how many ...
December 12, 2007 by Rose

accounting
your firm, which is on accrual basis has a 100,000 mon-fri weekly payroll, and friday is payday. if the year ends on a Tuesday, what adjusting journal entry will you record??
April 5, 2011 by Anjelica

Accounting 1
Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note. 8/20: Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The...
March 20, 2013 by Megan

Accounting question
my question is..... how or what are the steps to preparing general journal entries.
November 4, 2007 by student acc

accounting
Preparing closing entries and a post-closing trial balance for Exercise E4-3 I need help with this
June 10, 2011 by shawna

Please help!!!!Accounting
. Leng Xiong is unable to reconcile the bank balance at January 31. Leng’s reconciliation is shown here. Cash balance per bank $3,660.20 Add: NSF check 370.00 Less: Bank service charge 25.00 Adjusted balance per bank $4,005.20 Cash balance per books $3,975.20 Less: Deposits in...
September 29, 2007 by Pedro

accounting
Based on this information, what type of adjusting entries does the Ritz Manor have? The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. In order to reserve a room, guests must pay one night’s stay in advance. On each floor of the hotel, ...
July 18, 2007 by Anonymous

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