Homework Answers
Solution"
As given in question, On receving the payment of $8000 as deposit, credited to consulting fees earned. However, if company receives advance/deposit, it means that service will be provided in future and it should be credit to "Unearned consulting fee".
So, the correction entry will be:
and as 30% work of the deposit has been completed, so revenue will be recognized for the same:
Recognized Revenue = 8000 * 30% = $2,400
Add Answer to:
3 XYZ Company has a December 31 year end. Prepare any required year end adjusting journal...
XYZ Company has a December 31 year end. Prepare any required year end adjusting journal entry....
XYZ Company has a December 31 year end. Prepare any required year end adjusting journal entry. Date is required but explanations are NOT required The rent expense account has a debit balance of $27,500. This represents rent from January through November as the rent of December remains unpaid and unrecorded in the accounts of XYZ.
Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2015, the end...
Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2015, the end of the accounting year, for each of the following independent situations. If no AJE is required, indicate “none.” Assume the firm only makes AJEs at the end of the accounting year. . In addition, identify the impact, if any, on the financial statements if you failed to make the appropriate AJE. Indicate NE for no impact, U for understatement, and O for overstatement. Use...
Record adjusting journal entries for each of the following for year ended December 31. Assume no...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $27,000 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $710 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting...
The employees of XYZ, Inc., are paid each Friday. The company's fiscal year-end is December 31,...
The employees of XYZ, Inc., are paid each Friday. The company's fiscal year-end is December 31, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $20,000 will be paid on Friday, January 2, 2022. (omit explanations) Copy the entire question along with the tables below to answer in the same format. a. Prepare the adjusting entry for December 31, 2021 I b. Assuming that the company does not make reversing...
Record adjusting journal entries for each of the following for year ended December 31.
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $20,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $450 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company collects fees when...
For each of the following separate cases, prepare the required December 31 year-end adjusting entries
For each of the following separate cases, prepare the required December 31 year-end adjusting entries. Entries can draw from this partial chart of accounts: Interest Receivable; Prepaid Insurance; Accumulated Depreciation Equipment; Wages Payable; Unearned Revenue; Consulting Revenue; Interest Revenue; Wages Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment. a. Depreciation on the company's wind turbine equipment for the year is $5,000. b. The Prepaid Insurance account for the solar panels had a $2,000 debit balance at December 31 before adjusting for the...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Supplies for office use were purchased during the year for $520, of which $110 remained on hand (unused) at year-end. Interest of $260 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. At year-end, salaries and wages payable of $3,700 had not...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Based on Adjusting journal entries. Cash Entry not used.. JOURNAL ENTRY EXPLANATIONS ARE NOT REQUIRED.. To...
Based on Adjusting journal entries. Cash Entry not
used.. JOURNAL ENTRY EXPLANATIONS ARE NOT REQUIRED..
To be answered as shown in pic 3.
Ben Brown, the owner of Ben's Consulting Services, has been in business for two years. The unadjusted trial balance for December 31, regarding the year just ended, follows. Ben's Consulting Services Unadjusted Trial Balance December 31, 2022 Credit Debit $5,800 4,955 420 4,200 12,600 46,000 $0 3,900 Account Cash Accounts Receivable Office Supplies Prepaid Advertising Prepaid Rent...
XYZ Company has a December 31 year end. Prepare any required year end adjusting journal entry. Date is required but explanations are NOT required The rent expense account has a debit balance of $27,500. This represents rent from January through November as the rent of December remains unpaid and unrecorded in the accounts of XYZ.
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $27,000 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $710 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting...
The employees of XYZ, Inc., are paid each Friday. The company's fiscal year-end is December 31, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $20,000 will be paid on Friday, January 2, 2022. (omit explanations) Copy the entire question along with the tables below to answer in the same format. a. Prepare the adjusting entry for December 31, 2021 I b. Assuming that the company does not make reversing...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $20,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $450 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company collects fees when...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Based on Adjusting journal entries. Cash Entry not
used.. JOURNAL ENTRY EXPLANATIONS ARE NOT REQUIRED..
To be answered as shown in pic 3.
Ben Brown, the owner of Ben's Consulting Services, has been in business for two years. The unadjusted trial balance for December 31, regarding the year just ended, follows. Ben's Consulting Services Unadjusted Trial Balance December 31, 2022 Credit Debit $5,800 4,955 420 4,200 12,600 46,000 $0 3,900 Account Cash Accounts Receivable Office Supplies Prepaid Advertising Prepaid Rent...
Most questions answered within 3 hours.
-
After watching the lectures I am still having a hard time
understanding these equations.
1. The...
asked 50 minutes ago -
Testing:
H0:μ=56.9
H1:μ<56.9
Your sample consists of 23 subjects, with a mean of 56.3 and
standard...
asked 53 minutes ago -
straight wire, labeled as Wire A, lies horizontally on a
tabletop and is oriented to run...
asked 54 minutes ago -
For a Chi-Squared Goodness of Fit Test about a uniform
distribution, complete the table.
Round to...
asked 1 hour ago -
Milk of magnesia is only slightly soluble in water. Kc for the
reaction Mg(OHs)(s)>Mg2+(a) + 2OH-1(aq)...
asked 1 hour ago -
Excel's HYPGEOM.DIST function can be used to compute _____.
a. both hypergeometric probabilities and cumulative
hypergeometric...
asked 1 hour ago -
The rocket used for the human lunar missions was the Saturn V
rocket. At liftoff the...
asked 1 hour ago -
1. The East Street Bagel Shop has a weekly demand for 3,500
bagels, which they make...
asked 1 hour ago -
paraphrasing each paragraph
“Where two or more persons knowingly act together unlawfully,
the act of each...
asked 1 hour ago -
The lateral line system in fish is contained which of the
following?
chemoreceptors
photoreceptors
mechanoreceptors
odor...
asked 1 hour ago -
Find the y-intercept of y =-5 x. The y-intercept of y equals
negative 5 x is______...
asked 1 hour ago -
Customers arrive randomly at a gas station at the average rate
of 30 per hour, while...
asked 1 hour ago