Cash paid = 13 * 20 * 113.6 = 29‚536 Ending Liability for 2012 = 31‚920 - 29‚536 + 24‚656 = 27‚040 Recall that you could use different entries for 2012. Here is one example: During the year Wage Expense 29‚536 Cash 29‚536 13 * 20 * 113.6 = 29‚536 12/31/12 Wage Expense 4‚880 Vacation Payable 4‚880 24‚656 - 29‚536 = -4‚880 Note that the adjusting entry reduces the expense and liability since days paid in 2012 are higher than days earned‚ thereby reducing what we owe. PROBLEM 3 Coupon
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BASICS OF ADJUSTING ENTRIES Study Objectives—after studying the chapter‚ you should be able to: 1. Explain the time period assumption. 2. Explain the accrual basis of accounting. 3. Explain why adjusting entries are needed. 4. Identify the major types of adjusting entries. 5. Prepare adjusting entries for deferrals (prepayments). 6. Prepare adjusting entries for accruals. 7. Describe the nature and purpose of an adjusted trial balance. 8. Prepare adjusting entries for the
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BANK RECONCILIATION Before entering your adjusting entries‚ complete the bank reconciliation form (page 16) for December 31‚ the statement date‚ and the last workday of the month. Enter the cash balance from the trial balance as the book balance and $49‚559.93 as the bank statement balance. Additional information needed to complete the reconciliation is listed below: 1. A late deposit of $1‚477.00 was not listed on the bank statement. 2. Checks 10064 and 10065 were not returned with the bank statement
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Dairy Entries Dairy Entry 1 – Explain where in the past you travelled to 28/02/24 Dear Diary. My name is Professor Sharon Jung and I am the first person in the WORLD to travel through time. I have been studying Ancient Greece for some time and I have been waiting for this moment for AGES. With all my courage‚ I took a deep breath and stepped into the time machine. 448 BCE As soon as I stepped out of the time machine‚ it was as if I was walking into a whole new world. Loud‚ busy and dirty. The streets
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Journal entries 1929 Journal entry 19 1) Describe a time when you felt disrespected. The time that I have felt disrespected was when I was in the classroom and all my classmates were there and the teacher said to all that I have a 2 on the test and I was not smart enough this happens when I was in 6 grade and I still remember how those words hurt me‚ how embarrassed and disrespectful I felt. 2) Describe the same experience a second time but this time revise what people said and the
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I would not be able to complete my assignments on time. I begin my week with reading the assignments and answering the discussion forum questions. Next‚ I usually reply to other peoples posts throughout the week. I will start writing the journal entries and completing the assignments that are due for the week on Tuesdays and Wednesdays. Finally‚ I read my work over before I finally submit my assignments for the week. After a hard day of work I come home and complete my assignments first‚ and
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Service Encounter Journal Entries We all have a number of such encounters each week‚ including (but not limited to) restaurants‚ banks‚ airlines‚ dry cleaners‚ doctors‚ dentists‚ libraries‚ photographers‚ tutors‚ travel agencies‚ theaters‚ pest control agencies‚ phone companies‚ automotive mechanics‚ insurance companies‚ attorneys‚ accountants‚ and copy centers. Those doing this assignment are to keep a “journal” of your service encounter experiences. The purpose of the journal is to identify sources
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ACF 1000 Assignment 1 Due to be submitted on Wednesday 1 April at midday (12 noon) to your tutor’s assignment box on level 3 of H building‚ Caulfield campus. Please look carefully for the unit code and your tutor’s name on the assignment submission boxes near reception. Avoid submitting to the wrong box! Instructions: 1. Obtain your individual data sheet from your student email account and save a copy. DO NOT DELETE IT. You will need this data for both Assignment 1 and Assignment 2. Each student’s
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Journal Entries for How to Read Literature like a Professor This book is key to being able to analyze literature. We will refer to it all year. I expect you to write your journal entry at the end of reading each chapter. For each chapter‚ on the left side‚ find a quote that indicates the key principle the chapter is discussing. Then‚ on the right side‚ summarize the key points of the chapter. You can use paragraph format or bullets. Please get to the heart of the chapter concisely. Print out
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“JOURNAL ENTRIES” a. JIL made initial cash investment. Cash XXX JIL‚ Capital XXX b. JIL made an additional investment‚ Equipment. Equipment XXX JIL‚ Capital XXX c. Purchased equipment on account. Equipment XXX Accounts Payable XXX d. Purchased equipment for cash. Equipment XXX Cash XXX e. Purchased supplies on account. Supplies XXX Accounts Payable XXX f. Purchased supplies for cash. Supplies XXX Cash XXX g. Rendered services on account. Accounts receivable XXX Service
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