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Prepare the necessary adjusting entry for each of the following:
1> Services provided but unrecorded totaled $700.
2> Accrued salaries at year-end are $1,000.
3> Depreciation on equipment for the year is $600.
Answer:
If a company has sales of $110 in 2013 and $154 in 2014, the percentage increase in
sales from 2013 to 2014 is 140%.
Answer:
The controller of Alt Company is applying the lower-of-cost-or-market basis of valuing
its ending inventory. The following information is available:
Instructions
Compute the value of the ending inventory by applying the lower-of-cost-or-market
basis.
Answer:
Determine the impact on the balance sheet accounts if the following information is not
used to adjust the accounts of Mood Food Company for the month of January, 2015.
Round answers to the nearest dollar.
1> The company rents extra office space to Beulah, CPAs. Beulah pays the $6,000 rent
annually on January 1.
2> The company has an outstanding loan to its President in the amount of $150,000.
The loan accrues interest at the annual rate of 6%. Principal and interest are due January
1, 2017.
3> The company completed work on a project during January that was not yet billed to
the client. The client will be charged $3,100.
Answer:
Accounting time periods that are one year in length are referred to as interim periods.
Answer:
Accountants rely on a fundamental business concept'”ethical behavior'”in reporting
financial information.
Answer:
The following selected transactions pertain to Sinclair Corporation:
Instructions
Journalize the transactions.
Answer:
