Question
In: Accounting
X Company's accountant made adjusting entries at the end of the period for the following reasons:...
X Company's accountant made adjusting entries at the end of the period for the following reasons:
$2,862 of unpaid interest on a bank loan
$507 of wages that were earned by employees but not paid
$1,380 of insurance that expired
What was the effect of these entries on total equities?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
X Company's accountant made adjusting entries at the end of the period for the following reasons:...
X Company's accountant made adjusting entries at the end of the
period for the following reasons:
$1,059 of unpaid interest on a bank loan
$553 of wages that were earned by employees but not paid
$1,380 of insurance that expired
What was the effect of these entries on total assets?
X Company's accountant made adjusting entries at the end of the period for the following reasons:...
X Company's accountant made adjusting entries at the end of the
period for the following reasons:
$2,443 of unpaid interest on a bank loan
$564 of wages that were earned by employees but not paid
$1,490 of insurance that expired
What was the effect of these entries on total equities?
Course Contents » X Company's accountant made adjusting entries at the end of the period for...
Course Contents »
X Company's accountant made adjusting entries at the end of the
period for the following reasons:
$1,059 of unpaid interest on a bank loan
$553 of wages that were earned by employees but not paid
$1,380 of insurance that expired
What was the effect of these entries on total assets?
Explain the purpose of adjusting entries at the end of a period.
Explain the purpose of adjusting entries at the end of a
period.
Errors and Adjusting Entries Use the following information to record necessary end of period journal entries:
Errors and Adjusting Entries Use the following information to record necessary end of period journal entries:
A man came into Cutting Edge on 31 March 2020 to pay for repairs to his mower which he will bring in later. He paid $2,500 cash. The mower was arranged to be delivered to Cutting Edge on 10 April, 2020.
Repair services of $6,250 were provided on 31 March 2020 but have not yet been recorded in the transactions. Payment has...
In a certain company, one accountant records most of the adjusting journal entries at the end...
In a certain company, one
accountant records most of the adjusting journal entries at the end
of the month. What type of analysis could be used to identify that
this happens and the cumulative size of the transactions that the
one accountant records? Is this a problem or if not, when would it
be?
Adjusting Entries – III. Provide the adjusting journal entries at year-end 2019 for the following independent...
Adjusting Entries – III. Provide the adjusting journal entries
at year-end 2019 for the
following independent situations (assume calendar year)
1. On March 1, 2019. Finland Tutorials received P60,000
representing an advance
payment for services to be rendered in November 2019. This was
booked using a real
account. At year end, only 70% of the expected service was
rendered.
2. The trial balance of Mangolia Café shows Kitchen Supplies and
Kitchen Supplies
Expense accounts at balances of P8,400 and P0,...
An inexperienced accountant for Duran Corporation made the following entries. ...
An inexperienced accountant for Duran Corporation made the
following entries.
July 1 Cash 170,000
Common Stock
170,000
(Issued 25,000 shares of
common stock,
par value $6 per
share)
Sept. 1 Common Stock
24,000
Retained Earnings
16,000
Cash 40,000
(Purchased 4,000 shares...
Closing entries are made at the end of an accounting period which requires that balance are...
Closing entries are made at the end of an accounting period which
requires that balance are transferred from temporary to permanent
accounts.
Shelly is the office manager of a local medical practice. She
has come to the end of the closing process and needs to prepare for
the next accounting period. Shelly uses the 4-step closing process
to close the temporary accounts.
1, What are the steps that Shelly must follow? Explain each
step in the process.
2, Explain the...
Explain why adjusting journal entries are required at the end of the accounting period? (3 marks)...
Explain why adjusting journal entries are required at the end
of the accounting period?
Explain how a firm’s net cash position in the Cashflow
Statement can decrease during a year when the profit has increased.
Give an example.
(2marks)
In accounting for inventories and cost of goods sold, why are
cost flow assumptions such as FIFO and LIFO needed? Why not just
use the specific identification method?
Explain the impact on the Income Statement of using the LIFO
inventory valuation...
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