What is adjusting entry?
Let’s learn what is adjusting entry. The most accurate or helpful solution is served by Yahoo! Answers.
There are ten answers to this question.
Best solution
principle of accounting
Answer:
Entries made to apply accrual accounting to transactions that span more than one accounting period.
Asfaw B at Yahoo! Answers Mark as irrelevant Undo
Other solutions
ABC Company's year end is Dec. 31. Mr. ABC purchased a one-year insurance policy on Oct. 1 for $2604 and recorded it in Prepaid Insurance. What adjusting entry is required at Dec. 31 assuming the unadjusted balance in Prepaid Insurance is $2604?
Answer:
Oct, Nov, Dec = 3 months expired 2604 / 12 = 217 per month * 3 months = $651 Insurance Expense 651 ...
Nic at Yahoo! Answers Mark as irrelevant Undo
The supplies account shows a beginning balance of $3000. Assume the supplies account shows a debt for $5500 representing supplies purchased during the period and the supplies inventory at year-end is $1700. The adjusting entry involves a: A. debit to...
Answer:
A. debit to supplies expense for $6800 This will be offset by a credit to Supplies, so that the Supplies...
Eddie H at Yahoo! Answers Mark as irrelevant Undo
what account type is debited in the adjusting entry when unearned income was initially recorded as revenue?
Answer:
Debit Revenue (revenue account) Credit Unearned Revenue (liability) Reverses the credit to Revenue that...
katie u at Yahoo! Answers Mark as irrelevant Undo
When the accounts of Constantine Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1. The prepaid insurance account shows a debit of $6,000, representing the cost of a 2-year fire insurance...
Answer:
1. It is a 24 month policy so you have to divide the total by 24. This will give you the monthly value...
Hilda at Yahoo! Answers Mark as irrelevant Undo
I understand most adjusting journal entries but i cant get this one: ex: july 1st - XX paid 6000 to YY for 6 months rent beginning july 1st. Rent expense was debited for the full amount. What is the adjusting entry to be made July 31st? the answer for...
Answer:
Your thinking is correct that the original entry should have gone to prepaid, with the entry at July...
Anthony D at Yahoo! Answers Mark as irrelevant Undo
I am taking an accounting 1 class online and i am haven an issue with two questions... if you know how the answer or how to help me please do. here are the two questions.. thanks in advance for your help! 1.) If a company records prepayment of expenses...
Answer:
Answer: 1. A. Result in a debit to an expense and a credit to an asset account 2. C. Debit Office Supplies...
B at Yahoo! Answers Mark as irrelevant Undo
An adjusting entry question: Company A did some research and development for new products. They correctly expensed the research but have capitalized $154,000 of development expenses as an intangible asset. The account balances are: 1. Research and Development...
designer at Yahoo! Answers Mark as irrelevant Undo
Okay...so there is no prepaid rent account on the trial balance. There is only a rent expense account who's current balance is 9,750 (dr). I need an adjusting entry for the following: The Rent on the building is $750 per month. The rent for 2010 has...
Answer:
I think you made a typo too. Instead of 2013, I think you mean 2011. 9,750 / 750 = 13 Months of rent...
SoreLose... at Yahoo! Answers Mark as irrelevant Undo
Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last payday was Friday, October 20. Required 1. Compute the dollar amount...
Answer:
1. Compute the dollar amount of the weekly payroll. 50 x 7 x 5 x 10 = 17,500 per week 2. Prepare the...
livaskag... at Yahoo! Answers Mark as irrelevant Undo
Related Q & A:
- What are some entry level finance jobs?Best solution by Yahoo! Answers
- What exactly does entry level mean on jobs?Best solution by Yahoo! Answers
- What kind of entry level IT jobs are there?Best solution by thebestschools.org
- What are good entry level jobs for a criminal justice major?Best solution by Yahoo! Answers
- What are Data Entry Jobs on the internet?Best solution by Yahoo! Answers
Just Added Q & A:
- How many active mobile subscribers are there in China?Best solution by Quora
- How to find the right vacation?Best solution by bookit.com
- How To Make Your Own Primer?Best solution by thekrazycouponlady.com
- How do you get the domain & range?Best solution by ChaCha
- How do you open pop up blockers?Best solution by Yahoo! Answers
For every problem there is a solution! Proved by Solucija.
-
Got an issue and looking for advice?
-
Ask Solucija to search every corner of the Web for help.
-
Get workable solutions and helpful tips in a moment.
Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.