What is the correcting entry to be made in 2012, Accounting Basics

+44 141 628 6080
[email protected]

What is the correcting entry to be made in 2012

On Oct 1, 2011 you received rent in advance of $12,000 for 3 years. You credited rent revenue. You forgot to make an adjusting entry on December 31, 2011. What is the correcting entry to be made in 2012assuming the books for 2011 are closed?

Assume the same information given above except you credited rent expense for $12000. What is the correcting entry in 2012 assuming the books in 2011 are closed?

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the correcting entry to be made in 2012

Reference No:- TGS0678972

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Determine whether new york liberty company

New York Liberty Corporation makes miniature statues of the Empire State Building from cast iron. Sales total 50,000 units a year. The statues are finished either rough or polished.

Q : What is lower bound for price of a four-month call option

What is a lower bound for the price of a 4-month call option on a nondividend-paying stock when the stock price is $28, the strike price is $25, and the risk-free interest rate is 8% per annum?

Q : How should juaquin account for the bad debt

In 2011, final settlement was made and Juaquin received $12,000. Assuming the loan is a nonbusiness bad debt, how should Juaquin account for the bad debt?

Q : Find residual income

Use the information in Brief Exercise 25.2 to compute the ROI for the Pennsylvania factory using total assets and assets net of depreciation. Now find residual income if the company expects an 18 percent return on total assets.

Q : What is the correcting entry to be made in 2012

On Oct 1, 2011 you received rent in advance of $12,000 for 3 years. You credited rent revenue. You forgot to make an adjusting entry on December 31, 2011.

Q : Determine the annual depreciation expense for each

Montana Corporation acquired equipment for $475,000 at the beginning of the fiscal year, with an estimated useful life of four years or 21,500 operating hours, and a residual value of $45,000.

Q : Find lower bound for price of one-month european put option

What is a lower bound for the price of a 1-month European put option on a non-dividend-paying stock when the stock price is $12.

Q : Explain how the issue price would have been affected

1On January 1, 20, Whitefeather Industries issued 300, $1,000 face value bond. The bonds have a five-year life and pay interest at the rate of 10%. Interest is paid semiannually on July 1 and January 1. The market rate on January 1 was 10%.

Q : Why it is not possible to set up position in the stock

Explain why it is not possible to set up a position in the stock and the option that remains riskless for the whole of the life of the option.

1933622

Questions
Asked

3,689

Active Tutors

1417021

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the correcting entry to be made in 2012

Reference No:- TGS0678972

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Determine whether new york liberty company

Q : What is lower bound for price of a four-month call option

Q : How should juaquin account for the bad debt

Q : Find residual income

Q : What is the correcting entry to be made in 2012

Q : Determine the annual depreciation expense for each

Q : Find lower bound for price of one-month european put option

Q : Explain how the issue price would have been affected

Q : Why it is not possible to set up position in the stock

What is meant by an incomplete abortion

Which sign indicates a child is a victim of bullying

Pregnant client about having a chorionic villus sampling

Discuss nursing diagnosis of deficient fluid volume

Defining characteristics of this diagnostic label

What is meant by an incomplete abortion

Discussion about fear of having contracted herpes

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is the correcting entry to be made in 2012

Reference No:- TGS0678972

Recent Questions Asked Accounting Basics

Q : Determine whether new york liberty company

Q : What is lower bound for price of a four-month call option

Q : How should juaquin account for the bad debt

Q : Find residual income

Q : What is the correcting entry to be made in 2012

Q : Determine the annual depreciation expense for each

Q : Find lower bound for price of one-month european put option

Q : Explain how the issue price would have been affected

Q : Why it is not possible to set up position in the stock

Asked Questions