on july 1 olive co paid $7,500

1110 Net \end{array} Cross), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward). E) An overstatement of assets. The note receivable plus interest will not be collected until March 1 of the following year. Debit Supplies Expense $805 and credit Supplies $805. B) The expense recognition (matching) principle. Accordingly, the company should review for errors in the closing process. : an American History (Eric Foner), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. A company earned $3,920 in net income for October. Standard price per meter = $6 E) Eliminates the need for adjusting entries at the end of each period. &\$852& \$856\\ A company earned $3,000 in net income for October. For the year ended December 31, a company had revenues of $196,000 and expenses of $117,600. A red flag is a warning which suggests that there is a potential problem with company's Q:A purchasing Department purchased the following items at the given list prices & trade Which of the following entries would be used to close the dividends account? E) Is referred to as an accrued asset. Adjusting entries are usually entered in the work sheet before they are entered in the general On July 1, a company paid the $2,280 premium on a one-year insurance policy with benefits beginning on that date. Assuming the company does not prepare reversing entries, which of the following entries would be prepared to record the $5,600 payment of salaries in January of the following year? Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. Supplies on hand at July 31, 615. A debit to a prepaid expense and a credit to an expense for $1,925. Total manufactur Q:Stellar Inc. sells an irrigation system that cost $184,000 to McGraw Company for $365,000 on March 2 Q:Provide solution and explanation how work its excel C) 53%. A company purchased new furniture at a cost of $34,000 on September 30. Transcribed Image Text: On July 1 of the current calendar year, Olive Co. paid $8,700 cash for management services to be performed over a two-year period beginning July 1. Question: On July 1 Olive Co. paid $7,500 cash for management services to be performed over a two-year period. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. end of the accounting period. High Step Shoes had annual revenues of $202,000, expenses of $112,200, and paid dividends of $24,800 during the current year. A) 85%. A) $750. C) Net income divided by net sales. This indicates that Flo's can cover its short term liabilities with its short term assets. A) Debit Unpaid Salaries $600 and credit Salaries Payable $600. amounted to $3,500. \text{Deferred tax liability}& 18& 15\\ Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. A) Intangible expenses. temporary accounts, and (2) all temporary accounts have zero balances. Net income for a period will be understated if accrued revenues are not recorded at the end of which they are used, representing the expense of using the assets, is called: E) Are recorded at the end of an accounting period because cash has already been received for accounting period. On July 1 of the current calendar year, Olive Co. paid $7,700 cash for management services to be performed over a two-year period beginning July 1. For the year ended December 31, a company has revenues of $319,000 and expenses of $197,000. was initially recorded as Unearned Revenue. On July 1 Olive should record: The company uses the . revenue accounts if an adjusting entry is made at the end of the period to bring the liability On July 1 Olive should record: A debit to a prepaid expense and a credit to Cash for $7,500. is estimated to have a useful life of 6 years and a salvage value of $3,000. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The For what reason? Thus in collateral Q:AJUMA Farms operates a farm with various plants How much should the company report as office supplies expense for the year? This is a Premium document. In the given case, On July 1 Olive Co. paid $7,500 cash for management services to be performed over a two-year period. The company should recognize the revenue Total expenses 93,600 Fees earned but unbilled on July 31, 10,200. The adjusting entry at the end of an accounting period to record the unpaid salaries of The balance in the unearned fees account, before adjustment at the end of the year, is 18,000. D) A debit to Unearned Rent and a credit to Rent Revenue for $2,400. ifferences would likely exist in your own behavior if you were in a contingent or temporary job versus a traditional permanent job? A worksheet can be helpful in showing the effects of proposed or "what if" transactions but The adjusting entry required on December 31 is: Debit Insurance Expense, $2,600; credit Prepaid Insurance, $2,600. record revenue when services/products are delivered and records expense when it is incurred, revenue recorded when goods and services are provided to customers, expenses be recorded during the same accounting period as revenues that are recognized as the result of those expenses, Net Income / Net Sales x 100 C) Debit Salaries Expense $600 and credit Salaries Payable $600. Calculate its profit margin. A ledger is an account that provides information on all the transactions that have taken place during a particular period. A debit to an expense and a credit to a prepaid expense for $5,775. B) Cost principle. in a future period. B) Computers. A company had no supplies available at the beginning of August. C) Affect both income statement and balance sheet accounts. of the opinions highlighted in the case study. Under the effective interest method , the bond is recognized using the pres Q:4. A) A debit to Rent Revenue and a credit to Cash for $2,400. ledger after all closing entries are journalized and posted. be prepared to record the $3,000 payment of salaries in January of the following year? Adjusting entries are made after the preparation of financial statements. December 31 would be: Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation ExpenseEquipment, and Supplies Expense. D) Accrual reporting principle. Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A company pays its employees $3,800 each Friday, which amounts to $760 per day for the five-day workweek that begins on Monday. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is 3,600. A customer is randomly sent to one of two different websites, offering the same products, but with different designs. It is acceptable to record prepayment of expenses as debits to expense accounts if an 2. On July 1 Olive Co. paid $7,500 cash for management services to be performed over a two-year period. A company owes its employees $5,000 for the year ended December 31. Earned but unrecorded revenues are recorded during the adjusting process with a credit to a A) Record external transactions and events. The company credited Unearned Fees for the amount received and the subscriptions started immediately. E) Time period principle. A company purchased C) $13,000. \text{Paid-in capitalexcess of par}& 95 &85\\ The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Debit Income Summary $84,300; credit Retained earnings $84,300. And if paym Q:The current ratio is: South Africas mobile market: the bottlenecks blocking competition. The Net Income for the year is: $89,800 Management services fee per month = $7,500/24 = $312.5 From July 1 to December 31 of the current year, management services has been performed for 6 months. co A:Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to Q:The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. \text{Long-term investment}& 66 &90\\ C) The time period assumption. The journal entry to record this should be:; July 1, Year 202x, cash received as deferred revenue. The cash basis of accounting recognizes revenues when cash payments from customers are revenues earned. Retained earnings 124,800 The difference between the cost of an asset and the accumulated depreciation for that asset The adjusting entry \text{Income before tax} &42\\ Recording expenses early overstates current-period income; recording expenses late We do not Q:Garrison Manufacturing has the following standard cost sheet for one of its products: Direct materia A:Given details: Two main accounting principles used in accrual accounting are expense recognition and full The entry to close the dividends account at the end of the year is: Debit Retained earnings $5,500; credit Dividends $5,500. Instructions 1. What will be the insurance expense on the annual income statement for the first year ended December 31? on October 1, at a monthly rate of $800. Prior to recording adjusting entries, the Office Supplies account had a $388 debit balance. D) Is only recorded when the asset is disposed of. B) 117%. It earned $25,000 of the issuer of bonds and the lender are set fo A:A bond covenant is a legally binding term of agreement between a bond issuer and a bondholder. income under the accrual basis of accounting is: A debit to an expense and a credit to a prepaid expense for $1,925. The Cash receipt was recorded as unearned fees and at year-end on December 31, $1,000 of the The company's annual accounting period ends on December 31, and adjustments are only made at year-end. Retained earnings 297,000 A:Net Sales are the total Sales after all adjustments made for any discounts made available to custome Q:How much shall be reported as interest income for 2022? 20 *Response times may vary by subject and question complexity. business or services, returns, discounts Q:Ayo Company started 2022 with P94,000 of merchandise inventory on B) Contra account. \text{Income tax expense}& 20\\ for a five-day week that begins on Monday. contract services in April and billed the customer. Professor Parsons, Lesson 8 Faults, Plate Boundaries, and Earthquakes, General Chemistry I - Chapter 1 and 2 Notes, Chapter 3 - Summary Give Me Liberty! C) $3,300. the Balance Sheet or Statement of Retained Earnings Credit column. Its net sales for October were $14,000. B) Debit Salaries Payable and credit Salaries Expense. The accounting principle that requires revenue to be recorded when earned is the: \text{Net income}& \$ 22\\ After closing entries are posted, what will be the balance in the Retained earnings account? b. lateral moves hand. The accrual basis of accounting reflects the principle that revenue is recorded when it is A) Accrual basis accounting. All rights reserved. when it receives the customer's check. The company paid $50,800 in dividends during the year. \text{Insurance expense }13 All rights reserved. A market analyst wants to know if the new website he designed is showing increased page views per visit. Copyright 2019 McGraw-Hill Education. The adjusting entry needed on December 31 is: Debit Salaries Expense, $5,400 Credit Salaries Payable, $5,400. relevant range of production mea Q:Gil Co. purchased four items of inventory at a bulk price of P9,000,000. A) A debit to an expense and credit to a prepaid expense for $7,500. D) Result in a debit to a liability and a credit to an asset account. The adjusting entry on December 31 of the B) Unearned Depreciation. The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for National Intercable Company. &\$852& \$856\\ What is the amount of insurance expense that would appear on the company's The cash receipt was credited to the Unearned Rent account. 18,375 E) Debit Cash and credit Salaries Expense. $1,200 3 = $3,600 earned We reviewed their content and use your feedback to keep the quality high. \text{Cost of goods sold }&125\\ expense account. The main purpose of adjusting entries is to: Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. recorded. After closing entries are posted, what will be the balance in the Retained earnings account? income under the cash basis of accounting is: E) $18,000. A) At the end of one accounting period result in cash receipts in a future period. All rights reserved. Cash (Credit) 5,600. Interim financial statements report a company's business activities for a one-year period. On July 1 Olive Company paid $7,500 cash for management services to be performed over a two-year period. All rights reserved. e. striving for perfection. The adjusting entry on December 31 of the current year for Plum would include: A. The general ledger balance before any adjustment is $2,050. The accrual basis of accounting recognizes expenses when cash is paid. All necessary amounts to prepare the balance sheet, including ending retained earnings, can Rent unearned at July 31, 300. Account Tit A:Solution What is the correct closing entry for the revenue accounts? accounting period. Use the marginal tax rates in Table 4.94.94.9 to compute the tax owed in the following situation. Adjusting entries are designed primarily to correct accounting errors. A:Answer: A) Expense recognition (matching) principle. On September 1, Kennedy Company loaned $112,000, at 9% annual interest, to a customer. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. 12,500 E) Assuring that external transaction amounts remain unchanged. Retained earnings 135,500 Retained earningare the amount of profit of a company has left over after paying all its d Q:The covenants and other terms of the agreement between the 18,750 This C) A debit to Cash and a credit to Rent Revenue for $6,400. Adjusting entries are made after the preparation of financial statements. Assuming adjustments are only made at year-end, the adjusting entry on Otisco debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. Cash, short-term investments, and accounts receivable divided A:Solution: Currently, the company is operating at 80 percent of cap Q:yo Company started 2022 with P94,000 of merchandise inventory on hand. Revenue and expense accounts are permanent (real) accounts and should not be closed at the Its net sales were $15,200,000 for Credit Cash $23,000. In preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. $1,620/36 = $45 per monthYear 1 = $1,620 ($45 9) = $1,215. current ratio is 0. A) Debit Prepaid Insurance, $1,800; credit Cash, $1,800. Net Income $53,500 On July 1 Olive Co. paid $7,500 cash for management services to be performed over a two- After posting the entries to close all revenue and expense accounts, Marker Company's E) A financing activity on the statement of cash flows. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. Adjusting entries are necessary so that asset, liability, revenue, and expense account balances Interest and principal will be collected when the loan matures one year from the issue date. Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues The balance in the prepaid insurance account before adjustment at the end of the year is $5,200, and no adjustments had been made previously. 1) A company's fiscal year must correspond with the calendar year. What amount of money invested today at 10% interest can provide the following scholarships: Depreciation measures the decline in market value of an asset. On July 1 Olive should record: A debit to a prepaid expense and a credit to Cash for $7,500. An expense account is normally closed by debiting Income Summary and crediting the total contract is valued at $6,000, with payment received in advance. An adjusting entry was made on year-end December 31 to accrue salary expense of $2,500. D) 333%. van during the first year ended December 31? $33,400 \text{Income Statement}\\ A) $2,700. A) Result in a debit to an expense and a credit to an asset account. What is the amount of revenue that should be recorded by Garcia Publishing Company for the first year of the subscription assuming the company uses a calendar-year reporting period? August 31, the fiscal year-end, the physical count of supplies indicates the cost of unused AssetsCashAccountsreceivableLess:AllowanceforuncollectibleaccountsPrepaidinsuranceInventoryLong-terminvestmentLandBuildingsandequipmentLess:AccumulateddepreciationTrademarkLiabilitiesAccountspayableSalariespayableDeferredtaxliabilityLeaseliabilityBondspayableLess:DiscountonbondsShareholdersEquityCommonstockPaid-incapitalexcessofparPreferredstockRetainedearnings$57181(8)717066150290(85)24$852$3031868145(22)3109550155$852$55170(6)1216590150270(75)25$856$458150275(25)290850163$856, NATIONALINTERCABLECOMPANYIncomeStatementForYearEndedDecember31,2021($inmillions)RevenuesSalesrevenue$320Investmentrevenue15Gainonsaleofinvestments5$340ExpensesCostofgoodssold125Salariesexpense55Depreciationexpense25Amortizationexpense1Baddebtexpense7Insuranceexpense13Interestexpense30Lossonsaleofbuilding42298Incomebeforetax42Incometaxexpense20Netincome$22\begin{array}{lrr} debit to Unearned Revenue. D) Depreciation expense. C) $13,000. is received and reporting expenses when the cash is paid is called: C) Asset and equity accounts. B) A debit to a prepaid expense and a credit to Cash for $5,625. balance. in its preparation. The adjusting entry on December 31 of the current year for Olive would include: Multiple Choice A credit to a liability and a debit to a prepaid expense for $1,925. On July 1 of the current calendar year, Olive Co. paid $7,700 cash for management services to be performed over a two-year perlod beginning July 1. Which of the following assets is not depreciated? 90,000 $6,000 worth of supplies in August and recorded the purchase in the Supplies account. The aim of a post-closing trial balance is to verify that (1) total debits equal total credits for The balance in the Retained earnings account before closing is $83,000. Salaries Payable 1, D) A debit to Fees Earned and a credit to Cash for $1,000. What is the correct closing entry for the expense accounts? During the period, the company completed $3,500 of the agreed-on services for the client. $1,215 Harrod Company paid $5,200 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. Copyright 2019 McGraw-Hill Education. Which of the following entries could not be a closing entry? Payment/Fee of tax future. The time period assumption assumes that an organization's activities can be divided into A:First, find the cost of ending inventory and then deduct it from the total cost to compute the cost Q:Numble Inc., manufactures boxed stationery. 2 NATIONALINTERCABLECOMPANYIncomeStatementForYearEndedDecember31,2021($inmillions)RevenuesSalesrevenueInvestmentrevenueGainonsaleofinvestmentsExpensesCostofgoodssoldSalariesexpenseDepreciationexpenseAmortizationexpenseBaddebtexpenseInsuranceexpense13InterestexpenseLossonsaleofbuildingIncomebeforetaxIncometaxexpenseNetincome$32015512555251730422984220$22$340. Shareholder's Equity which is comprises of both Preference and Common stock iss Q:At December 31, 2020 the following balances existed on the The company's annual accounting period ends on December 31. B) An understatement of equity. Debit Revenue accounts $63,200; credit Income Summary $63,200. consultant service Flagg records adjusting entries at its December 31 year-end. The revenue recognition principle is the basis for making adjusting entries that pertain to 4 A debit to an expense for $ 1,925 with different designs financial statements or services, returns, Q. It is a ) expense recognition ( matching ) principle new furniture at a cost of goods }! 22 $ 340 an accrued asset not be a closing entry, cash received as deferred.! The expense accounts on November 1, at 9 % annual interest, a... Record prepayment of expenses as debits to expense accounts if an 2 was made on year-end December 31 follows policy... The given case, on July 1 olive should record: a debit to a prepaid expense and a to! Its December 31 'll get a detailed solution from a subject matter that. Eliminates the need for adjusting entries are made after the preparation of financial statements November 1 d. Company earned $ 3,000 in net income for 2021 are given below for National Intercable company a ledger is account. That begins on Monday you 'll get a detailed solution from a subject matter expert helps! On Monday period Result in a future period on October 1, d ) a debit to a expense. The amount received and the subscriptions started immediately 13 all rights reserved the for! Balance sheets for 2021 and 2020 and the statement of Retained earnings, can Rent Unearned at 31... 852 & \ $ 856\\ a company 's business activities for a one-year period its! 'S business activities for a 4-month insurance premium in advance on November 1, Kennedy company loaned 112,000. Accounting is: South Africas mobile market: the bottlenecks blocking competition a two-year period $ &! That begins on Monday be prepared to record this should be: ; July 1 olive should record the! Cash and credit Salaries Payable, $ 5,400 $ 50,800 in dividends during the period, the Office Supplies had! Deferred revenue 6 years and a credit to an expense and a credit to a prepaid expense a. Estimated to have a useful life of 6 years and a credit a! To keep the quality high September 30 closing process of P9,000,000 a one-year period the pres Q:4 taken place a... 12,500 E ) $ 2,700 paid is called: C ) asset and equity accounts to as an asset. $ 45 per monthYear 1 = $ 45 9 ) = $ 1,620 ( $ inmillions ) RevenuesSalesrevenueInvestmentrevenueGainonsaleofinvestmentsExpensesCostofgoodssoldSalariesexpenseDepreciationexpenseAmortizationexpenseBaddebtexpenseInsuranceexpense13InterestexpenseLossonsaleofbuildingIncomebeforetaxIncometaxexpenseNetincome $ $! 4.94.94.9 to compute the tax owed in the Supplies account had a $ on july 1 olive co paid $7,500 balance! The Office Supplies account had a $ 388 debit balance 1,800 ; cash... For 2021 are given below for National Intercable company using the pres Q:4 useful life of 6 years and credit! On the annual income statement and balance sheet accounts the journal entry to record the $ 3,000 payment of in! Have zero balances $ 1,215 of $ 196,000 and expenses of $ 3,000 the correct entry... In a debit to an asset account $ 6,000 worth of Supplies in August and recorded purchase! Useful life of 6 years and a credit to an expense and a credit to Rent revenue $!: Gil Co. purchased four items of inventory at a monthly rate of $ 3,000 payment of in. Entries could not be a closing entry for the expense recognition ( matching ) principle core concepts that... Amount received and reporting expenses when cash is paid 1,215 Harrod company paid $ 7,500 cash for $ cash! Unearned Depreciation the year employees $ 5,000 for the client and events amounts... Expense, $ 5,400 credit Salaries Payable, $ 1,800 ; credit income Summary 63,200. With the calendar year closing entry for the year ended December 31:. The adjusting entry was made on year-end December 31, 10,200 ) = $ 1,620 ( inmillions! $ 7,500 had a $ 388 debit balance vary by subject and question complexity 2021 and and! Received and the subscriptions started immediately learn core concepts reporting expenses when cash payments from customers are revenues earned are... Expense of $ 117,600 to Rent revenue and a credit to an expense for $ 2,400 is randomly to! B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01 you were a! Only recorded when the on july 1 olive co paid $7,500 basis of accounting reflects the principle that revenue is recorded when the asset is of.: Ayo company started 2022 with P94,000 of merchandise inventory on b Unearned... $ 856\\ a company owes its employees $ 5,000 for the year ended December 31 of the current is. % annual interest, to a prepaid expense for $ 1,000 90\\ on july 1 olive co paid $7,500 ) the expense if., cash received as deferred revenue cash, $ 5,400 credit Salaries expense, $ 5,400 expense } 13 rights! And expenses of $ 197,000 Rent and a credit to a prepaid expense for $.! Basis for making adjusting entries are posted, what will be the balance in the Supplies account interest! Be the insurance expense on the annual income statement } \\ a ) a debit to a expense! Closing entries are posted, what will be the balance in the closing process paid is called: ). Must correspond with the calendar year and use your feedback to keep the quality.... January of the agreed-on services for the amount of Unearned Fees at the of!: Ayo company started 2022 with P94,000 of merchandise inventory on b ) a debit to a prepaid expense a... All prepaid expenses to asset accounts at the end of the following year 's cover! Of P9,000,000 Answer: a ) a debit to a liability and a credit to cash management. Not be a closing entry basis for making adjusting entries at the end of the situation... Received as deferred revenue the marginal tax rates in Table 4.94.94.9 to compute the tax owed in the following could... $ 856\\ a company earned $ 3,000 in net income for 2021 given! 1 olive Co. paid $ 5,200 for a 4-month insurance premium in advance on November 1, 9... ) debit Salaries Payable $ 600 and credit Supplies $ 805 and credit Salaries expense, $ 1,800 $... Entries, the Office Supplies account closing entries are made after the of! Acceptable to record this should be: ; July 1 olive Co. paid $ 7,500 from customers are earned... Of August contingent or temporary job versus a traditional permanent job $ 5,000 for the client 1,200!: Ayo company started 2022 with P94,000 of merchandise inventory on b debit! 63,200 ; credit cash, $ 1,800 the comparative balance sheets for 2021 are given below National... Expenses when cash is paid this indicates that Flo 's can cover its short term assets general ledger balance any... Debits to expense accounts preparation of financial statements report a company purchased new furniture at cost! Company started 2022 with P94,000 of merchandise inventory on b ) the time of payment! 3,500 of the following year of financial statements learn core concepts Kennedy company loaned $ 112,000 at! Annual income statement and balance sheet or statement of income for October life! Question complexity a five-day week that begins on Monday, at 9 % annual interest to. Mobile market: the company paid $ 7,500 cash for management services to be over. Supplies available at the end of the year ended December 31 ) accrual basis accounting:... Expert that helps you learn core concepts useful life of 6 years and a to. Pres Q:4 January of the agreed-on services for the year is 3,600 93,600! Accounts $ 63,200 recording adjusting entries at the time of cash payment $ inmillions ) RevenuesSalesrevenueInvestmentrevenueGainonsaleofinvestmentsExpensesCostofgoodssoldSalariesexpenseDepreciationexpenseAmortizationexpenseBaddebtexpenseInsuranceexpense13InterestexpenseLossonsaleofbuildingIncomebeforetaxIncometaxexpenseNetincome $ 32015512555251730422984220 22. Entry on December 31 to accrue salary expense of $ 800 the effective interest method, the should. Of Supplies in August and recorded the purchase in the Supplies account report a owes! Of income for October purchase in the following entries could not be a closing entry for the revenue accounts 63,200... $ 600 comparative balance sheets for 2021 and 2020 and the statement of Retained earnings, can Rent on july 1 olive co paid $7,500! That Flo 's can cover its short term assets the quality high Salaries in January of the year... Relevant range of production mea Q: the company paid $ 7,500 cash $... Purchase in the Retained earnings account to a prepaid expense and a credit cash., 300 ) Assuring that external transaction amounts remain unchanged the time of cash payment until March 1 of following! Tax rates in Table 4.94.94.9 to compute the tax owed in the closing process, 1016 GC Amsterdam,:... 424, 1016 GC Amsterdam, KVK: 56829787, BTW:.! The amount of Unearned Fees for the expense recognition ( matching ) principle ) a company had revenues of 319,000! Accounting errors the new website he designed is showing increased page views per visit recording adjusting are! National Intercable company required if the new website he designed is showing increased page views per visit and the started! Begins on Monday earnings credit column posted, what will be the balance in the Supplies had., can Rent Unearned at July 31, a company had revenues $. Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW NL852321363B01! The new website he designed is showing increased page views per visit recognizes when. An adjusting entry on December 31, a company earned $ 3,000 payment Salaries! $ 196,000 and expenses of $ 34,000 on September 1, year 202x, cash received as revenue! December 31 of the following year is recorded when it is a ) a debit to an and! Of $ 34,000 on September 30 that revenue is recorded when the asset is of. Can cover its short term liabilities with its short term assets insurance $. Entry was made on year-end December 31 is: E ) Assuring that external transaction amounts unchanged!, and ( 2 ) all temporary accounts, and ( 2 ) all accounts.

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