1) On July 1, Delta Company prepaid rent for an equipment storage building. Delta paid $20,000 to rent the building from July 1 through the end of the year. Prepare the journal entry needed on July 1 when the payment is made. (Ignore explanation). (4 POINTS)
2) Get Away, a travel magazine, collected $500,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. Prepare the journal entry for collection of cash in May. (Ignore explanation). (4 POINTS)
3) A business hired a repair service to overhaul its plumbing system. The repair service began work on September 15 and completed it on October 15. The business agreed to pay the service $4,000 when the work was completed. As of September 30, the work was 50% complete, and the business made an adjusting entry to accrue repair expense as of the end of September. On October 15, the work was completed, and the repair service was paid in full. Provide the journal entry for the cash payment on October 15. (6 POINTS)
4) West Electrical Company performed services of $8,000 on January 24 and invoiced the customer. West received the $8,000 on January 31. Provide the journal entry on January 31 when the cash was received.
(4 POINTS)
5) The accounting records of Mason Service Company include the following selected, unadjusted balances at June 30: Accounts Receivable, $2,700; Office Supplies, $1,800; Prepaid Rent, $3,600; Equipment, $15,000; Accumulated Depreciation - Equipment, $1,800; Salaries Payable, $0; Unearned Revenue, $2,400; Office Supplies Expense, $2,800; Rent Expense, $0; Salaries Expense, $15,000; Service Revenue, $40,500.
The following data developed for adjusting entries are as follows:
a. Service revenue accrued, $1,400
b. Unearned Revenue that has been earned, $800
c. Office Supplies on hand, $700
d. Salaries owed to employees, $1,800
e. One month of prepaid rent has expired, $1,200
f. Depreciation on equipment, $1,500
Journalize the adjusting entries. (12 POINTS)
6) Sail Away, a cruise industry magazine, collected $480,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual basis of accounting. Prepare the adjusting entry needed on June 30. (4 POINTS)
In: Accounting
“Purity” of Archaeological Sites? Re-creations + Re-constructions:
Sir Arthur Evans (1851-1941), the curator of the Ashmolean Museum at Oxford, was a controversial figure in archaeology. Following in the footsteps of Heinrich Schliemann (1822-1890), he studied Greek myths as literature based on fact. By doing so, he discovered the Minoan palace of King Minos, which had previously been thought to be only a fable. Excavations took place over many years in the early 1900s. Not only did he use texts thought to be fictional accounts as scientific sources, but he also re-created the site as he believed it to look. This involved incorporating foreign materials (reinforced cement, modern paint, etc) into the archaeological site, and destroyed some of the original site in order to do so. This means no one else could re-excavate here, and everyone would see and be influenced by his interpretation of the site, not allowing for the flexibility of multiple interpretations due to advances or developments in knowledge, techniques, equipment, etc over time. For many scientists, Knossos is now a travesty of archaeology. For the average person, it is a way of understanding how an ancient archaeological site may have looked. What do you think? Is re-creating a site based on one person’s understanding or interpretation worth the destruction of some of that site? If one is to re-create a site, should one be limited to materials that would have been used originally? Can you think of any additional issues, whether positive or negative, about this type of activity?
In: Psychology
Prior to 1800 in England, the typical moth of the species Biston betularia(peppered moth) had a light pattern. Dark colored moths were rare. By the late 19th century, the light-colored moths were rare, and the moths with dark patterns were abundant.
The cause of this change was hypothesized to be selective predation by birds (JW Tutt, 1896). During the industrial revolution, soot and other wastes from industrial processes killed tree lichens and darkened tree trunks. Thus, prior to the pollution of the industrial revolution, dark moths stood out on light-colored trees and were vulnerable to predators. With the rise of pollution, however, the coloring of moths vulnerable to predators changed to light.
In the late 1900s, England cleaned up its air, and pollution decreased. The bark of trees went from dark to light.
Which of the following outcomes to the populations of peppered moth would you expect given this environmental change?
In: Biology
In: Finance
In United State of America they say a billion is thousands million what is a billion in south africa
In: Finance
What is the concept of the "Melting Pot ' in America? Does it actually exist in America? Why do some call it "The American Salad"?
In: Economics
What is the concept of the "Melting Pot ' in America? Does it actually exist in America? Why do some call it "The American Salad"?
In: Economics
Write a paper that identifies at least four differences and four similarities in mobile marketing in each region of the world listed below:
East Asia
Southeast Asia
India
Middle East
Africa
Central and South America
North America
Europe
In: Operations Management
Discuss the Human Resource functions in any two countries in Europe, or Africa, or Asia, or South America.
In: Operations Management
You are the Director of Global Compliance for a U.S. company that just created a revolutionary new portable personal computer (PPC) that is half the size of a laptop, performs the same functions as existing laptop computers but costs only half as much to manufacture. Several patents were filed and approved protect the unique design of this computer. Your CEO asked you to formulate a recommendation for how to expand into South America. Evaluate the pros and cons if you were to set up a wholly owned subsidiary in South America.
In: Operations Management