Prepare general journal entries to record the following balance day adjustments at 30 June 2022 and indicate

Question:

Prepare general journal entries to record the following balance day adjustments at 30 June 2022 and indicate the effect on profit from each journal.

a Prepaid advertising is $852.

b Unpaid salaries earned by employees of $3500.

c Insurance paid before June relates to after June $1750.

d Service fee revenue banked in June relates to July $3500.

e A tenant owes rent of $900 for June.

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

Step by Step Answer:

Related Book For book-img-for-question

Accounting An Introduction To Principles And Practice

ISBN: 9780170403832

9th Edition

Authors: Edward A. Clarke, Michael Wilson

See More Books

Question Posted: Feb 23, 2024 03:01 PM

See More Questions

At the beginning of June 2014, Brett Wilson created a moving company called Frog Box Company. The company had the following transactions during July, its second month of operations: July 1 Purchased...
Prepare General Journal entries to record the following perpetual system merchandising transactions of Good fish Lake Company. Use a separate account for each receivable and payable; for example,...
The Operations Manager of Toshiba's laptop manufacturing plant is about to prepare her annual report to the Board of Directors. Using the table below, she outlined the performance of the plant based...
A table of properties for methyl chloride lists the saturation pressure as 116.7 psia at 100oF. At 100oF, this table also lists hfg = 154.85 Btu/lbm, and vfg = 0.86332 ft3/lbm. Estimate the...
Describe various approaches businesses use to enter the international arena.
(1 point) (Exercise 4.4) An annuity-immediate that pays $558.43 quarterly for the next 9 years costs $12000. Calculate the nominal interest rate convertible monthly earned by this investment. ANSWER...
Calculating the Cash Advance Fee and the Dollar Amount of Interest. Sidney took a $200 cash advance by using checks linked to her credit card account. The bank charges a 2 percent cash advance fee on...
Discuss the sequence in which the major components of the master budget are prepared. Why is it necessary to prepare the components in such a sequence?
Variable manufacturing costs are $71 per unit, and fixed manufacturing costs are $84,000. Sales are estimated to be 3,500 units. If an amount is zero, enter "0". Round intermediate calculations to...
Balances on accounts as at 30 June 2022, before balance day adjustments, were: equipment $55 000, accumulated depreciation equipment $21 000, insurance $5100 and wages $35 800. Balance day...
a Prepare in general journal format the payment of an annual expense, receipt of annual revenue and purchase of a non-current asset. The business uses standing journals for processing annual expenses...
Perform the indicated operations, and express each answer in simplest form. Assume that all variables represent positive real numbers. V50 V98+ V72
1. State the difference between lists and tuples in Python programming. 2. Explain why Python is an Interpreted Language
1. How does Python handle memory? 2. Python's ternary operators: how do they work? 3. How is Python's multithreading implemented
In a relational database, explain the difference between Inner join & Outer join. Provide an example query for each and describe the result set produced by each query.
In your opinion, are there any differences facing SMEs and larger firms when dealing with an entry mode decision?
Trade credit from suppliers is a very costly source of funds when discounts are lost. Explain why many firms rely on this source of funds to finance their temporary working capital.
The statement of profit or loss for JB Hi-Fi Ltd for the financial year ended 30 June 2015 was provided in figure 6.2. It reports that JB Hi-Fi Ltd has increased its gross profit from $756.0 million...
Explain the three methods of depreciation.
Discuss the difference between profit or loss and comprehensive income.
If you purchase a $1000 par value bond for $1065 that has a 6 3/8% coupon rate and 15 years until maturity, what will be your annual return? 5.5% 5.9% 5.7% 6.1%
Famas Llamas has a weighted average cost of capital of 8.8 percent. The companys cost of equity is 12 percent, and its pretax cost of debt is 6.8 percent. The tax rate is 22 percent. What is the...
The common stock of a company paid 1.32 in dividens last year. Dividens are expected to gros at an 8 percent annual rate for an indefinite number of years. A) If the company's current market price is...

Prepare general journal entries to record the following balance day adjustments at 30 June 2022 and indicate

Question:

Step by Step Answer:

General Journal Entries for Balance Day Adjustments June 30 2022 a Prepaid Advertising Date Account ...View the full answer

Accounting An Introduction To Principles And Practice

Students also viewed these Business questions