Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help Yasser Company has a December 31 fiscal year-end and the following data for the year Write journal entries for the following scenarios. Be sure

help image text in transcribed
Yasser Company has a December 31 fiscal year-end and the following data for the year Write journal entries for the following scenarios. Be sure the credit accounts and numbers are indented 1. On Dec 21st, the company provided consultancy services to a customer for $50,000. This service has not been recorded as of year-end. The payment for this vice will be received on January 10th of the next year. Journalize the adjusting entry at year-end 2. On Dec 315! Yasser company received an electricity bill for $250,000. This bill will be paid by Yasser on January 6th of the next year. Journalize the year-end adjusting entry. 3. On Dec 10th, Yasser company was hired by Queen Industries to develop a special communication device. Queen Industries pre-paid $300,000 for the device and Yasser recorded this payment as unearned revenues. By December 31, Yasser considers that 80% 0% the revenues have been earned. Journalize the adjusting entry. 4. On November 1st, Yasser had prepaid three month's office rent of $15,000 in total for months November, December, and January ($5,000 each). Journalize the year-end adju entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

State the uses of job description.

Answered: 1 week ago

Question

Explain in detail the different methods of performance appraisal .

Answered: 1 week ago