Electricity expenses average $3,600 per year. The Electricity meter was last read exactly three months ago. The

Fantastic news! We've Found the answer you've been seeking!

Question:

Electricity expenses average $3,600 per year. The Electricity meter was last read exactly three months ago. The bill was received 2 months ago and paid last month. The financial year ends today.

Record the adjusting entry.

Related Book For answer-question

Practical Business Statistics

ISBN: 9780123852083

6th edition

Authors: Andrew Siegel

See More Books

Posted Date: Jun 29, 2018 11:30 AM

See More Questions

Last year you received an average of 129.2 complaints (i.e., individual items to be fixed under warranty) per new car sold, with a standard deviation of 42.1 complaints based on 3,834 new cars sold....
Three Month Rolling Average 2 Month Weighted Moving Average Exponential Smoothing $2,365.23 $2,366.84 $2,339.28 $8,115.92 $8,074.93 $7,951.89 $35,844.38 $40,131.65 $36,301.60 $11,566.05 $11,647.90...
Bill Baker opened a small bagel shop last year and has retained you as his accountant. Bill is undecided as to whether or not he should incorporate or remain a sole proprietor. Bill is single and...
Last year, Intrepid Corporations tax return revealed the following items: dividends from 20 percent owned domestic corporations - $60,000; Gross income from services rendered - $300,000;...
Differential costs do not correspond to any possible accounting category. Explain.
Questions 1. Is the process in control? 2. Determine what weight the filler head is likely set to. 3. If the Weights and Measures Act dictates that the tolerance for weight of a product of...
Assume that Midway Cycles bought and sold a line of mountain bikes during May as follows: Midway Cycles uses the perpetual inventory system. Requirements 1. Compute the cost of ending inventory under...
Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are...
Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Premium Imports Inc. on November 30, the end of the...
Compute the Howells' tax liability for the year (ignoring the alternative minimum tax and any phase-out provisions) assuming they file a joint return, they have no dependents, they don't make any...
Burrell Company purchased a machine for $12,000 on January 2, 2019. The machine has an estimated service life of 5 years and a zero estimated residual value. The asset earns income before...
Why do auditors make preliminary estimates of materiality for the individual accounts in the financial statements?
A population has mean = 47.5 and standard deviation = 12.6. A sample of size 112 is drawn. a. Find the probability that x is between 45 and 48. b. Would it be unusual for x to be greater than 48?...
What is a dynamometer?
Why do auditors make preliminary estimates of materiality for the total financial statements?
An auditor's overall objective in a financial statement audit is to a. Determine that all individual accounts and footnotes are fairly presented. b. Employ the audit risk model. c. Express an opinion...
You further decide to investigate the sales volume aspects of marmalade. You have extracted data from the sales management system which suggests sales volume is dependent upon the weather and the...
The cash records of Holly Company show the following four situations. 1. The June 30 bank reconciliation indicated that deposits in transit total $720. During July, the general ledger account Cash...
For the law enforcement agency of your choice (Burlington police department Texas), write a paper describing the agency's basic requirements and testing process. Although a great deal of basic...
A survey of 613 representative people within your current area indicates that they plan to spend a total of $2,135 on your products next year. You are considering expansion to a new city with 2.1...
The length of time a system is down (that is, broken) is described (approximately) by the probability distribution in Table 7.6.2. Assume that these downtimes are exact. That is, there are three...
Consider the information recorded in Table 2.6.6 for a selection of household upright vacuum cleaners. a. What is an elementary unit for this data set? b. What kind of a data set is this: univariate,...
When two clerks share the same cash register, it is a violation of which internal control principle? a. Establish responsibilities b. Maintain adequate records. c. Insure assets. d. Bond key...
The most serious limitation of internal control is a. Computer error. b. Human fraud or human error. c. Cost-benefit principle. d. Cybercrime. e. Management fraud.
Jack Delaney is the accountant responsible for customer accounts in the accounts receivable subsidiary ledger. What duty will a good internal control system withhold from Delaney? Why?

Electricity expenses average $3,600 per year. The Electricity meter was last read exactly three months ago. The

Question:

Expert Answer:

Date Account Na... View the full answer

Practical Business Statistics

Students also viewed these accounting questions