Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing date. The first event is recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.)
1. Paid $6,300 cash in advance on April 1 for a one-year insurance policy.
2. Received a $15,300 cash advance for a contract to provide services in the future. The contract required a one-year commitment starting September 1.
3. Purchased $1,750 of supplies on account. At year's end, $130 of supplies remained on hand.
4. Paid $6,300 cash in advance on March 1 for a one-year lease on office space.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
As traditional media have become more expensive and cluttered, advertisers have been attracted to a variety of nontraditional advertising options called place-based media or also called
Answers (1)
A machine that provides almost any service a human teller can provide is called
Answers (1)
Judith puts $5000 into an investment account with interest compounded continuously. which approximate annual rate is needed for the account to grow to $9110 after 30 years?
Answers (1)
On June 10, Metlock Company purchased $6,300 of merchandise from Ivanhoe Company, on account, terms 3/10, n/30. Metlock pays the freight costs of $390 on June 11. Goods totaling $300 are returned to Ivanhoe for credit on June 12.
Answers (1)
Identify whether the statements about the economics of taxes are true or false. The incidence of a tax is determined by which group (buyers or sellers) must actually pay the government.
Answers (1)
New Questions in Business
Rules of Debit and CreditThe following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit.
Answers (1)
Around which latitude (s) would you expect to find rainforests, and why? (you may enter up to 150 characters.)
Answers (1)
An investor would like to invest $60,000 in two stocks from a list of six suggested by a broker. how many investments are possible if the investor wants to invest $50,000 in one stock and the rest in another
Answers (1)
Hubbard Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During January, the kennel budgeted for 2,100 tenant-days, but its actual level of activity was 2,060 tenant-days.
Answers (1)
Explain how to determine gross profit on an income statement by selecting the correct statement below. Cost of goods sold is added to net sales. Cost of goods sold is added to sales discounts. Sales is subtracted from cost of goods sold.
Answers (1)