About adjusting accounting?
The adjusting entry is dr. Depreciation expense cr . . . .Accumulated depreciation. If it is for a full year the amount is 300 x 12 months. If it is for a quarter the amount is 300 x 3 months. If these advanced mathematics concepts are too much for you, consider another future career, such as what barber school provides.
Accounting : Adjusting Entries?
Dec 31: Earned $18,000 of the $30,000 advance for tutoring. Dec 31: Salaries of $1,000 earned in the last week in December will be paid January 7, 2011. Dec 31: Accrue interest on the Community Bank note. (Borrowed $25,000 cash from Community Bank, signing a 5 year, 7% interest bearing note. Interest is payable annually on June 30. The note matures June 30, 2016. ) Dec 31: Recording the expiration of a portion of prepaid rent. Dec 31: 5% of the ending balance in accounts receivable is estimated to become uncollectible. --How would I make journal entries for these? Thanks:)
Accounting help with adjusting entries?
And now back to your study material and the class room the next day of school classes and pay attention during the class and ask questions so that the teacher instructor can help you to get a good understanding of how to get your correct answer yourself without any outside help being available to you at that time in your life. Hope that you find the above enclosed information useful. 09/11/2012
Accounting question about adjusting entry?
On May 1, a company paid 3 months' rent in advance, at a total cost of $2,100. At the time of the payment, prepaid rent was increased by $2,100. What adjusting entry is necessary as of May 31? A) Prepaid rent 700 Rent expense 700 B) Rent expense 700 Prepaid rent 700 C) Prepaid rent 1,400 Rent expense 1,400 D) Rent expense 1,400 Prepaid rent 1,400 E) No adjusting entry is necessary. I know the answer is either B or D.
I need accounting help (adjusting entries)?
I am taking financial accounting in college and the class is online so the professors are useless. Here is the question that I need to solve. In each of the following transactions (a) through (c) for Romney's Marketing Company, use the threestep process given below to record the adjusting entry at year-end December 31, 2012. The process includes (1) determining if revenue was earned or an expense incurred, (2) determining whether cash was received or paid in the past or will be received or paid in the future, and (3) computing the amount of the adjustment. (Omit the "$" sign in your response.) a. Collected $3,600 rent for the period December 1, 2012, to April 1, 2013, which was credited to Unearned Rent Revenue on December 1, 2012. b. Purchased a machine for $35,000 cash on January 1, 2008. The company estimates annual depreciation at $3,200. c. Paid $4,100 for a two-year insurance premium on July 1, 2012; debited Prepaid Insurance for that amount. Then in the general journal I have to list the expense/revenue/depreciation etc and give the dollar value in credit/debit. There are only 2 lines for each letter and Im not exacttly sure what to do thanks, your help is greatly appreciated
Adjusting journal entries- Accounting?
If your are talking about accrual accounting, then.... You will need to accrue the days earned but not yet paid. Assuming employees are paid the Friday for the week they've earned it, you will need to accrue 3 days (Mon through Wed.) 3 * $850 = $2,550. You will debit wage expense and credit accrued payroll. If you were on the cash basis, you'd do nothing different than any other Friday.
Adjustments are done in order to make situations comfortable. While it is the case for humans, so is the case for accounting ethics also. In accounting all the accounts are adjusted e.g.: ledger, balance etc. so that the books can be closed at the end of the periodic cycle. Entries that are done in general journals at the final moments of accounting period in order to update the accounting balances is called as adjustments in financial accounting. Adjustments in financial accounting homework help guide the students towards the fundamentals of the topic and cover all the basic parts including the calculative methodologies in order to adjust the trial balances.
Adjusting Entries -- Accounting Question?
In this adjusting entries question, the company adjusts its accounts annually for the year ended Nov. 30, 2015. I'm asked in part a) to prepare a journal entry to record the original transactions. In part b) to prepare the year-end adjusting entry required on Nov. 30, 2015. The first event is that vehicles were purchased on June 1, 2014 for a certain amount of cash. The month and year is confusing me. What do I do for part a)? Should I even record this event as an original transaction since it occurred in the middle of last year and not for the year ended November 2015? Please help!
Adjusting journal entries: Adjusts accounts directly by increasing or decreasing accountsDirectly impacts the books and records without changing individual transactionsI have made a video to learn Adjusting entries:The key to being good with adjusting entries is mastering first debits and credits:Debit and CreditsDebits and credits is the system used for recording accounting transactions. A debit or credit transaction can increase or decrease balances, depending on the account type (asset, liability, equity, revenue, and expense). This forms the basis for double entry bookkeeping, which requires equal debits and credits. The underlying transactions are recorded in detail on the general ledger and are later combined to form financial statements.The mechanics of the system must be memorized. Once understood, you will be able to properly classify and enter transactions. These entries makeup the data used to prepare financial statements such as the balance sheet and income statement.Every accounting transaction involves at least one debit and one credit. The sum of debits and the sum of credits for each transaction and the total of all transactions are always equal. A list of all transactions appears in the general ledger. Debits are always presented before credits.Further to the above you can read up through this link Debits and credits systemHere is my audio lesson and free (for now) ebook dedicated to the subject: APP: 025 Learn Debits & Credits - Accounting PlayAnd a free course that I designed to explain the concept... Accounting Debits and Credits - Accounting Play