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Lena Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment
Kilbourne County engaged in the following transactions in summary form during its fiscal year. All amounts are in millions.
Prepare a bank reconciliation going from balance per bank and balance per book to correct cash balance.
Prepare journal entries to record the first subsequent cash transactions in 2010 for parts c and e.
Prepare the annual adjusting entries necessary on December 31.
Prepare the adjusting entries at June 30, assuming that no adjusting entries have been made this year. Additional accounts are:
Prepare the adjusting entry for Aaliyah Co. to recognize bad debts under each of the following independent assumptions
What is the company's profit margin percentage for the current period?
What amount will be posted to Tricia DeBarre, Capital in the process of closing the Income Summary account?
Clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is:
A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is:
Present, in journal form, the adjustments that would be made on July 31, 2011, the end of the fiscal year, for each of the following.
What are some other benefits of calculating adjusting entries by hand? by computer?
However, how accurate should accountants be in recording adjusting entries?
Describe the 4 types of adjusting entries, and provide a manufacturing industry example of each.
Prepare adjusting journal entries for the following and post to the T-accounts. (Omit explanations.) Open additional T-accounts as necessary.
Q1. How are you going to correct last year's balance? Debit? Credit?
A). Prepare the journal entry to record the issuance of the bonds. B). Prepare the adjusting entry to record the accrual of interest on December 31, 2010.
Prepare the adjusting entry at December 31, 2010, to report the securities at fair value.
1. Prepare adjusting entries for each item listed above 2. Explain how the conditions for revenue recognition are applied to transactions C & H.
1. What is the appropriate reporting category for this investment? Why? 2. Prepare the adjusting entry for December 31, 2011.
Problem: The adjustments columns of the worksheet for Pear Corporation are shown below.
Enter the trial balance amounts in the trial balance columns of a work sheet and complete the work sheet using the information that follows:
Compute the following liquidity measures for 2011: 1. Current ratio. 2. Working capital. 3. Acid-test ratio. 4. Receivables turnover.
Prepare the journal entry or entries to record the withdrawal of Beth, given each of the following situations.