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Can you help me solve this? I don't understand why 4b) why don't we multiple 6/12 instead 1/12 and 5b) and 5c) why we use
Can you help me solve this? I don't understand why 4b) why don't we multiple 6/12 instead 1/12 and 5b) and 5c) why we use account receivable. i think cheque is cash. Thank you
The following independent events for New Age Theatre Ltd. during the year ended November 30, 2015, require a journal entry or an adjusting journal entry, or both. The company adjusts its accounts annually.
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Instructions
(a) | Prepare the journal entry to record the original transaction for items 1, 2, 3, 4, and 5. |
(b) | Prepare the year-end adjusting entry required for items 1 through 7 on November 30. |
(c) | Record the subsequent cash transactions in December for (1) the interest paid on December 1 (item 4), (2) the cheque received on December 4 (item 5), (3) the payroll paid on December 7 (item 6), and (4) the income tax paid on December 29 (item 7). |
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