Explain why the following accounts are used and why each of them must be adjusted: a. Salary

Question:

Explain why the following accounts are used and why each of them must be adjusted:
a. Salary Payable
b. Unearned Service Revenue
c. Supplies
d. Prepaid Rent
e. Accumulated Amortization-furniture

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

See More Books

Question Posted: Sep 16, 2017 07:50 AM

See More Questions

The following accounts are listed in a companys general ledger. The accountant wants to place the items in order of liquidity on the balance sheet. Accounts Receivable Certificates of Deposit (six...
The following accounts are listed in a companys general ledger: Required 1. Which items are cash equivalents? 2. Explain where items that are not cash equivalents should be classified on the balance...
The following accounts are denominated in pesos as of December 31, 2011. For reporting purposes, these amounts need to be stated in U.S. dollars. For each balance, indicate the exchange rate that...
The fieldwork for the 30 June 20X0 audit of Tracy Brewing Company Ltd was finished on 19 August 20X0 and the completed financial statements, accompanied by the signed audit reports, were mailed on 6...
Recognition of Profit and Balance Sheet Amounts for Long-Term Contracts Yanmei Construction Company began operations January 1, 2010. During the year, Yanmei Construction entered into a contract with...
If the interest rate on an account is 8 percent annually, what is the present value of $40,000 to be received 5 years from today?
How should a company handle LIFO liquidation in an interim period when the liquidated inventory is expected to be replaced by year-e LO3nd?
From the paper Effects of Chronic Nitrate Exposure on Gonad Growth in Green Sea Urchin Strongylocentrotus droebachiensis (Aquaculture, Vol. 242, No. 14, pp. 357363) by S. Siikavuopio et al., we found...
i need help getting my balance sheet to balance Book7 Page Layout Formulas View Data Review = = EEEE ") 12 A A Dra. Ar General $ -% 9 6 00 Copyright K L M XYZ Company Balance Sheet As of Dec. 31,...
A steam turbine operates adiabatically at a power level of 3,500 kW, Steam enters the turbine at 2,400 kPa and 500oC and exhausts from the turbine as saturated vapor at 20 kPa. What is the steam rate...
This case, based on Rainmaker Entertainment Inc.'s balance sheet on My Accounting Lab, will familiarize you with some of the assets and liabilities of this actual company. Answer these questions,...
Belleville Services has these account balances at December 31, 2015: Compute Belleville Services' current ratio and debt ratio. Accounts Payable.. Accounts Receivable. Cash. Accum. Amortization-...
You observe a portfolio for five years and determine that its average return is 12.4% and the standard deviation of its returns is 19.6%. Can you be 95% confident that this portfolio will not lose...
What is the average age (measured by the variable "age") of the sample in the GSS93 subset.sav data set? Is there a significant difference in the age of those who favor the death penalty for murder...
Solve the system of linear equations, using the Gauss-Jordan elimination method. (If there is no solution, enter NO SOLUTION. If there are infinitely many solutions, express your answer in terms of...
The pay disparity is due to several reasons, one of the main ones being the old stereotypes based on the archetype of the man as the breadwinner of the family. Women are usually hired at a lower...
Prepare Balance Sheet: To do this activity you are required to assume the amount and line items that are to be shown on the balance sheet of your business selling homemade articles. Using the...
You have a "Consent to Use E-mail Communication" on file for this patient. Draft a short e-mail to her about her lab and chest X-ray results, requesting she contact the office by phone or e-mail to...
What issues need to be considered when making the switch from a manual accounting system to a computerised accounting system?
The following cost information was provided to you for analysis: September 12,000 Units Produced Costs: TIC TAC TOE TING August 10,000 P80,000 70.000 60.000 50,000 How much is the fixed cost per...
Air France-KLM Group and Air Canada are both global airline companies. Both companies report under IFRS. Access the financial statements of Air France-KLM for its year ended December 31, 2017, and...
Use the information for Odyssey Ltd. in BE11.5. (a) Calculate the 2020 depreciation expense using the double-declining-balance method. (b) Calculate the 2021 depreciation expense using the...
The following data relate to the Plant Assets account of Keller Inc. at December 31, 2019: Note: In the year an asset is purchased, Keller does not record any depreciation expense on the asset. In...
Assignment Title: The Role of Bookkeeping in Business Management and Financial Reporting Objective: Understand the importance of proper bookkeeping procedures in the management of...
17) The adjustment that is made to allocate the cost of a building over its expected life is called:A) depreciation expense.B) residual value.C) accumulated depreciation.D) None of the above answers...
9) Prepaid Rent is considered to be a(n):A) liability.B) asset.C) contra-asset.D) expense.10) As Prepaid Rent is used, it becomes a(n):A) liability.B) expense. C) contra-asset.D) contra-revenue.11)...

Explain why the following accounts are used and why each of them must be adjusted: a. Salary

Question:

Step by Step Answer:

a The business owes some salary to its employees It is adjusted because the full cost ...View the full answer

Accounting

Students also viewed these Cost Accounting questions