At the end of the current year, $59,500 of fees have been earned but have not been
Question:
a. Journalize the adjusting entry to record the accrued fees.
b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
a Accounts Receivable 59500 Fees Earned 59500 Accrued fee...View the full answer
Answered By
Muhammad Salman Alvi
Well, I am a student of Electrical Engineeing from Information Technology University of Punjab. Just getting into my final year. I have always been good at doing Mathematics, Physics, hardware and technical subjects. Teaching profession requires a alot of responsibilities and challenges.
My teaching experience started as an home tutor a year ago. When I started teaching mathematics and physic subjects to an O Level student. He was about 14 years old. His name was Ibrahim and I used to teach him for about 2 hours daily. Teaching him required a lot of patience but I had to be polite with him. I used to give him a 5 min break after 1 hour session. He was quite weak in basic maths and calculation. He used to do quite a lot of mistakes in his homework which I gave him weekly. So I decided to teach him basics from scratch. He used to say that he got the concept even if he didn't. So I had to ask him again and again. I worked on his basics for a month and after that I started taking a weekly test sesions. After few months he started to improve gradually. Now after teaching him for about a year I can proudly say that he has improved alot. The most important thing was he managed to communicate all the difficullties he was facing. He was quite capable and patient. I had a sincere desire to help him reach to its full potential. So I managed to do that. We had a very good honest relationship of a student and a teacher. I loved teaching him as a tutor. Now having an experience of one year teaching I can read students quite well. I look forward to work as an online tutor who could help students in solving their all sort of difficulties, problems and queries.
4.90+
29+ Reviews
43+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Cost Accounting questions
-
At the end of the current year, the accounts receivable account has a debit balance of $1,275,000 and net sales for the year total $16,000,000. Determine the amount of the adjusting entry to provide...
-
At the end of the current year, the accounts receivable account has a debit balance of $650,000, and net sales for the year total $5,500,000. Determine the amount of the adjusting entry to provide...
-
The adjusted trial balance for Matthews Corporation at the end of the current year contained the following accounts. Interest Payable .......... $ 9,000 Lease Liability .......... 59,500 Bonds...
-
Who was the petitioner? Who was the respondent? b. In what year was the case heard? c. What tax years did the case address? d. Who was the judge in the case? e. What was the basic issue in the case?...
-
An alpha particle (charge = + 2.0e) is sent at high speed toward a gold nucleus (charge = + 79e). What is the electrical force acting on the alpha particle when it is 2.0 1014 m from the gold...
-
The diagonal of a long triangular bar is well insulated, while sides of equivalent length are maintained at uniform temperatures Ta and Tb. (a) Establish a nodal network consisting of five nodes...
-
What is the value of a levered company when there is a strong likelihood that it will file for bankruptcy?
-
Trout Company uses a perpetual inventory system and made purchases and sales of a particular product in 2014 as follows:. Required: 1. Calculate the total goods available for sale (in units and...
-
A survey conducted by the CDC found that 45.9% of U.S. households used landline phones in 2016. This raises concerns about the accuracy of certain surveys, as they depend on random-digit dialing to...
-
Assume Z has a standard normal distribution. Use Appendix Table II to determine the value for z that solves each of the following: (a) P(Z < z) = 0.9 (b) P(Z < z) = 0.5 (c) P( Z > z) = 0.1 (d) P(Z >...
-
The following data are taken from recent financial statement of Nike, Inc. (in millions): a. Determine the amount of change (in millions) and percent of change in net income from Year 1 to Year 2....
-
The following income statement data for AT&T Inc. and Verizon Communications Inc. were taken from their recent annual reports (in millions): a. Prepare a vertical analysis of the income statement for...
-
Estimate the time required to fill with water a cone-shaped container (see Fig. P5.27) \(5 \mathrm{ft}\) high and \(5 \mathrm{ft}\) across at the top if the filling rate is \(20 \mathrm{gal} /...
-
Data Flow Modeling: (20 points) a. Explain barrier synchronization and its applications in parallel programming b. Compute the following terms using data flow model of computation i. x=3 a + b*b-c...
-
Describe how you have prepared for your intended major, including your readiness to succeed in your upper-division courses once you enroll at the University: When I was first prompted to choose a...
-
I. Discuss the following definitions of Software Engineering and then write your own definition. In your discussion, state whether you agree or disagree with the definitions and explain why. (a)...
-
The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: B ices Sales Variable...
-
Recent research suggests that rising national income in China has not been accompanied by rising personal happiness among residents, and this pattern has been observed elsewhere. What name have...
-
Golden Gate Novelties (GGN) sells souvenir key chains at the local airport. GGN charges $12 per chain. The variable cost for a chain, including the wholesale cost of the chain, packaging, the...
-
What are conversion costs? What are prime costs?
-
At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney: Net income for April .........$120,000 Total...
-
On May 31, 2014, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty: a. Fees accrued but unbilled at May 31 are $19,750. b. The...
-
Selected account balances before adjustment for Intuit Realty at November 30, 2014, the end of the current year, are shown below. Data needed for year-end adjustments are as follows: a. Supplies on...
-
Keller Corporation (the lessee) entered into a general equipment lease with Dallo Company (the lessor) on January 1 of Year 1. The following information pertains to this lease agreement: 1. The...
-
DUX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts $ 39 $ 23 47 53 (5) (4) Dividends...
-
Frank Incorporated is trying to decide whether to lease or purchase a plece of equipment needed for the next 10 years. The equipment would cost $53,000 to purchase, and maintenance costs would be...
Study smarter with the SolutionInn App