Yilmaz A.. encounters the following situations: 1. Yilmaz collects 1,300 from a customer in 2020 for services
Question:
Yilmaz A.Ş. encounters the following situations:
1. Yilmaz collects 1,300 from a customer in 2020 for services to be performed in 2021.
2. Yilmaz incurs utility expense which is not yet paid in cash or recorded.
3. Yilmaz’s employees worked 3 days in 2020 but will not be paid until 2021.
4. Yilmaz performs services for customers but has not yet received cash or recorded the transaction.
5. Yilmaz paid 2,800 rent on December 1 for the 4 months starting December 1.
6. Yilmaz received cash for future services and recorded a liability until the service was performed.
7. Yilmaz performed consulting services for a client in December 2020. On December 31, it had not billed the client for services provided of 1,200.
8. Yilmaz paid cash for an expense and recorded an asset until the item was used up.
9. Yilmaz purchased 900 of supplies in 2020; at year-end, 400 of supplies remain unused.
10. Yilmaz purchased equipment on January 1, 2020; the equipment will be used for 5 years.
11. Yilmaz borrowed 12,000 on October 1, 2020, signing an 8% one-year note payable.
Instructions
Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, or accrued revenue) is needed in each situation at December 31, 2020.
Fantastic news! We've Found the answer you've been seeking!
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.