• Fa Trial
    . on November 1, 2014, for $10,000. Verilux accepted a promissory note from Flight Corp. for $10,000. The note has a term of 5 months and a stated interest rate of 7%. Verilux’s accounting period ends on December 31, 2014. What amount should Verilux recognize as interest revenue on December 31, 2014...
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  • Mos 3360 Ch 3 review
    Adjustment required on December 31: Dr Salaries Expense 10,000 Cr Salaries Payable 10,000 Adjusting Entries for Estimated Items Bad Debts Expenses relating to impaired accounts receivable estimated in the period and relating to revenue that has been earned Investments – Fair Value...
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  • Advanced Accounting
    statements of Pea Corporation and Subsidiary for each of the following items: 1. Goodwill at December 31, 2015 2. Noncontrolling interest share for 2015 3. Consolidated retained earnings at December 31, 2014 4. Consolidated retained earnings at December 31, 2015 5. Consolidated net income for 2015 6...
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  • Non Financila and Curren Liabilities
    purchase of $80,000 of inventory. The maturity value of the note was $81,200, based on the bank’s discount rate of 6%. The adjusting entry prepared on December 31, 2014 in connection with this note will include a a. debit to Note Payable for $800. b. credit to Note Payable for $800. c. debit to...
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  • Intermediate Accounting
    items, and earnings per share. e. This is a change in estimate resulting from a change in accounting principle and is accounted for prospectively. No entry is needed to record the change 2011 adjusting entry: Depreciation expense (calculated below) 57,600 Accumulated...
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  • Smithville Instructions
    the City of Smithville as of December 31, 2010, is shown on the following page. Select the [Journal] tab and create a journal entry to enter the balance sheet accounts and amounts shown in the trial balance (review software operating procedures in Chapter 1 of these instructions if necessary). Be...
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  • Transactions(Account)
    the T-accounts. Use the transaction letters to identify each debit and credit entry. Spin Master Toys showed the following selected transactions for the month ended May 31, 2005: Problem 3-2A Preparing General Journal entries May 1 2 3 4 6 10 15 20 25 31 31 31 Purchased new equipment...
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  • Review the Annual Reports for Pepsico, Inc. and the Coca-Cola Company in Appendixes a & B of Financial Accounting. Select Either Pepsico, Inc. or the Coca-Cola Company. in Your Estimation, the Company You Chose May Be Financially Healthier or Weaker.
    by the bank for $155. The June 30 bank reconciliation contained only two reconciling items: deposits in transit $7,000 and outstanding checks of $6,200. (a) Adjusted balance per books $25,354 Instructions (a) Prepare a bank reconciliation at July 31. (b) Journalize the adjusting entries to be...
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  • Accounting
    Sons. Required: Journalize the above transactions, post them to the general ledger and extract a trial balance as at 31 May 2011. 3. Journalize the transactions of BMX below, post to the general ledger and construct a trial balance as at 31 December 2011. a. On December 1 2011, BMX invested...
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  • Accounting Final
    payable $2,500. 38.) On July 1, 2010, Crowe Co. pays $15,000 to Zubin insurance for a 3 year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the adjusting entry on December 31: Debit insurance expense $2,500/credit prepaid insurance $2,500. 39...
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  • Fundamental Financial Accounting Concepts
    , the concepts that are needed to understand that information were introduced in Chapter 1.” DEBBIE BENSON, KENNESAW STATE UNIVERSITY Typically, we show the statements model immediately after each journal entry. For example, the settlement of a liability for interest would be shown as follows...
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  • Accounting
    Purchases 14,600 17,700 2012 Dec 31 Inventories (closing) 4,500 Dec 31 Balance c/f 13,200 17,700 Jan 1 Balance b/f 13,200 In a typical question where you would be tested on adjusting and closing entries, the question would give you T-accounts (as above) or a trial balance, and then give you...
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  • Act Chapter 3 the Asjusting Process
    unearned at Dec. 31, $1,500. Instructions 1. Journalize the adjusting entries. Add additional accounts as needed. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. ----------------------- New Data Amount of insurance coverage expired New Data Amount of supplies that have been used New Data Amount of Revenue that have been earned...
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  • Kieso 8e
    beginning of the new accounting period. Reversing entries are an optional step in the accounting cycle. The steps that involve journalizing are: (1) journalize the transactions, (2) journalize the adjusting entries, and (3) journalize the closing entries. The three trial balances are the: (1) trial...
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  • solution manue
    Calculation of Interest Expense For the Year Ended December 31, 2013 Capital lease obligation Jan. 1 – Dec. 31: ($73,667* x 10%) $ 7,367 * The balance at Dec. 31, 2013, would be $73,677. The entries at the end of 2012 and beginning of 2013 were: 2012 adjusting entry: Interest expense (10...
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  • Woow
    . 260 Prepare the necessary journal entries for the following transactions: (a) On September 1, Cole Company borrowed $150,000 from National Bank on a 6-month, 8% note. (b) On December 31, Cole Company accrued interest (assume adjusting entries are only made at the end of the year). Ans: N/A...
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  • The French Revolution
    fair value of Aguirre bonds is $372,726 on December 31, 2013, prepare the necessary adjusting entry. (Assume the fair value adjustment balance on January 1, 2013, is a debit of $3,375.) (e) Prepare the journal entry to record the sale of the bonds on January 1, 2014. 2 3 P17-3 (Available-for...
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  • DUI laws
    Objective #2: Journalize and post adjusting entries Problem 3-42 B on p. 187 JOURNAL       Post     Date Accounts and Explanations Ref. Debit Credit Dec. 31            a                                          Dec.  31            b...
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  • Chapter 7 Project
    journal paper is provided for use in journalizing the following entry. Prepare the adjusting entry as of December 31 to record the salaries and wages that have accrued but remain unpaid as of the end of the year. When calculating the amount of the accrual for each hourly worker, assume each employee...
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  • Accounting
    entries can be classified as either prepayments or accruals. Each of these classes has two subcategories. Study Objective 4 -Prepare Adjusting Entries for Prepayments Prepayments fall into two categories--prepaid expenses and unearned revenues. 1. Prepaid expenses - expenses paid in cash and...
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