Accounting - Adjusting Entries

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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?

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.

accounting

how do i prepare year-end adjusting entries?

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...

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...

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 ...

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?

accounting

how do i record adjusting and closing entries for a service business? how do i do a post-closing trial balance?

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 ...

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 ...

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 ...

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 ...

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

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,...

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 ...

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 ...

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 ...

Accounting

1/2/15 Purchased patent (6-year life) $521,580 4/1/15 Goodwill purchased (indefinite life) 395,170 7/1/15 14-year franchise; expiration date 7/1/2025 519,400 9/1/15 Research and development costs 169,890 Prepare the necessary entries to record these intangibles. All costs ...

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...

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 ...

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

Accounting question

How are posting procedures for closing entries and for other general journal entries different?

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 ...

Accounting

Use the following information to complete the partial worksheet for Bill’s Company. Record the appropriate adjusting entries using the data below and extend the balances over to the adjusted trial balance columns. Merchandise inventory—ending $10 Store supplies on hand 3 ...

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...

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)...

Math (Finance)

Why are adjusting entries necessary?

Accounting

The income tax rate is 30% on current and is payable in the first quarter of 2014. The pretax income before the preceding adjusting entries is $6,800. The accounts are; Income tax expense Income tax payable. I do not understand this question and what it is asking for. Can you ...

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...

Accounting

Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its first year of operations ending December 31, 2016. Zell Company provides customers a refund for any returned or damaged merchandise. At the end of the year, Zell Company estimates ...

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 ...

College Accounting

How do the entries affect account balances and why both debit and credit entries can increase or decrease an account balance?

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...

Accounting

On Jan.1, Pedigo Corporation purchased a small company and recorded goodwill of $150,000. its useful life is indefinite. may 1- purchased for 475,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.Prepare adjusting entries at December 31 to ...

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...

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...

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 ...

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...

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. ...

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,...

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 ...

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 ...

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 ...

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. ...

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. ...

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 ...

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 ...

Accounting

Flip Company's December 31, 2014 trial balance is as follows: Flip Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 54,500 Allowance for Doubtful Accounts 500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 ...

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 ...

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 ...

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 ...

accounting

PR 9-6bAmortization and depletion entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. On December 31, the company determined that $3,400,000 of goodwill was impaired. b. Governmental and ...

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...

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...

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 ...

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 ...

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 ...

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 ...

accounting principles

Success Systems had the following transactions and events in December 2015: Dec. 2 Paid $1,200 cash to Hilldale Mall for Success Systems’ share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company’s computer. 4 Received $7,000 cash from Alex’s ...

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 ...

accounting

Can uot help me with journal entries

Accounting

Omission of a prepaid expense adjusting entry will have what effect?

accounting

How can we determine if the adjusted entries are correct?

Math (Finance)

The analysis process for preparing adjusting entries involves two basic steps. Identify the two steps and explain why both are necessary.

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...

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 ...

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 ...

accounting

Why can't reversing entries be used on cash accounts?

accounting

what will be the adjusting entry if partners take distributions from their business instead of taking salary?

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. ...

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?

accounting

which of the following entries will properly close the Revenue account?

accounting

At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries.

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. ...

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. ...

accounting

received 125000 on account from a major customer. wht is the entries for this?

accounting

How do I make general journal entries from a adjusted trial balance?

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 ...

cci

It is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year’s principle

accounting 1

Ethic Case The Controller for Anderson Electric, Ron Foss, is reviewing the year-end adjusting entries prepared by the accounting staff for approval before they are posted to the general ledger. Angela Bennett, the company president, has suggested the December accrual for wage...

Accounting

For each of the journal entries, prepare an explanation of the business event that is being represented

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 ...

accounting

What entries would the bookkeeper have made ie the cheque is not presented for payment by the payee?

advanced accounting

prepare the investment-related entries on pert company's books for 2009

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 ...

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 ...

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 ...

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?

accounting

owner got personal loan from his bank and sign note payable.what is the journal entries?

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 ...

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.

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,...

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...

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 ...

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...

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 ...

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 ...

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 ...

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 ...

accounting

the question is, Billed client 1800 for cleaning services what two entries to i have to post. im having a blank moment.

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