At the end of the current year, $22,650 of fees have been earned but have not been
Question:
a. Journalize the adjusting entry to record the accrued fees.
b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
a Accounts Receivable 22650 Fees Earned 22650 Accrued fee...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
At the end of the current year, $9,134 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
-
At the end of the current year, $12,400 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
-
At the end of the current year, $21,750 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
-
1. a. b. C. d. e. MULTIPLE CHOICE The ratio percentage of earnings retained is the same as that termed: dividend yield dividend payout 2. a. b. C. d. e. UIBS C. d. e. 4. a. b. C. d. e. Class Work 1...
-
Using data in Exercise 8-4, assume that the allowance for doubtful accounts for Vandalay Industries has a credit balance of $8,195 before adjustment on November 30. Journalize the adjusting entry for...
-
As it pulls itself up to a branch, a chimpanzee accelerates upward at 2.2 m/s2 at the instant it exerts a 260-N force downward on the branch. The situation is shown in FIGURE 5-43. (a) In what...
-
A cloth manufacturer finds that 1 in every 400 shirts produced is faded. Find the probability that (a) the first faded shirt is the eighth item produced, (b) the first faded shirt is the first,...
-
A man wants to determine whether or not to invest $1000 in a friend's speculative venture. He will do so if he thinks he can get his money back in one year. He believes the probabilities of the...
-
Here In the video about Ellito https://www.youtube.com/watch?v=l9DPTdVMnFc Guidelines for transcribing and coding speech samples Your transcribed speech sample will begin with" Brief Description of...
-
Pequity Company purchased 85% of the common stock of Sequity Company on April 1, Year 1 for total consideration of $545,000 cash plus $50,000 of contingent consideration as measured according to GAAP...
-
For the year ending April 30, 2016, Urology Medical Services Co. mistakenly omitted adjusting entries for (1) $1,400 of supplies that were used, (2) Unearned revenue of $6,600 that was earned, (3)...
-
Ocular Realty Co. pays weekly salaries of $16,600 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the...
-
In 2016, a sample of 200 in-store shoppers showed that 42 paid by debit card. In 2017, a sample of the same size showed that 62 paid by debit card. (a) Formulate appropriate hypotheses to test...
-
Vehicles begin to arrive at a toll booth at 850 am with an arrival rate of x(t) = 4.1 + .01t (with t in min and x(t) in veh /min.) The toll booth opens at 9am and processes vehicles at a rate of 12...
-
Find the equation of a line perpendicular to - y = 4 x that contains the point ( - 1 , 2 ) . Write the equation in slope - intercept form.
-
Find the quotient and remainder using long division. x-2x-6 x-3 The quotient is The remainder is
-
The Weisu Corporation has A and B shares. The A shares have voting rights of 10 votes per share but will never pay a dividend. The B shares carry voting rights of one vote per share, and they pay...
-
Given the following system of linear equations: x-2y = 5, 3x - ay = 15 Find the value(s) of a such that the system is consistent (that is, the system has solution(s)).
-
Amber Wilson, owner of Canyon Canoe Company, decides to start a new company that will be operated as a corporation, Outdoor Equipment Incorporated (OEI). This company will sell outdoor clothing and...
-
The Zwatch Company manufactures trendy, high-quality moderately priced watches. As Zwatch's senior financial analyst, you are asked to recommend a method of inventory costing. The CFO will use your...
-
The 2009 financial statements of Tootsie Roll Industries, Inc. are provided in Appendix A. Instructions Refer to Tootsie Rolls financial statements to answer the following questions. (a) What were...
-
Tootsie Rolls financial statements are presented in Appendix A, and the financial statements of The Hershey Company are presented in Appendix B. Instructions (a) Based on the information in these...
-
The September 3, 2009, issue of BusinessWeek includes an article by Lindsey Gerdes entitled The Best Places to Launch a Career. It provides interesting information regarding the job opportunities for...
-
How can cross-functional teams, comprising members from diverse departments and disciplines, navigate the challenges of differing perspectives, knowledge bases, and work processes to achieve project...
-
What are the unique challenges and opportunities associated with virtual teams and remote collaboration, and how can technology, communication tools, and best practices be leveraged to overcome...
-
Critically reflect - How have the IoT and Big Data changed the way you do business? How has it changed the way your organization does business? consider it Saudia Airlines company supported with...
Study smarter with the SolutionInn App