Question: i need answer asap Additional Information: (1) The total supplies used during the year was $750. (2) Of the balance in the Unearned Revenue account,

i need answer asap Additional Information: (1) The total supplies used during the year was $750. (2) Of the balance in the Unearned Revenue

i need answer asap

Additional Information: (1) The total supplies used during the year was $750. (2) Of the balance in the Unearned Revenue account, 60% had been completed. (3) Accrued salaries at December 31 were $900. (4) On December 1 , the company prepaid $2,400 for 4 months of rent. This transaction was recorded with a debit to Rent Expense (5) The note is a 6-month, 4% loan obtained from the bank on November 1 . (Notes: 4\% is annualized interest rate) Required: a. Prepare all necessary adjusting entries as of December 31. (There are 5 of them, 15 points) b. Determine Net Income for the year ending December 31 . ( 5 points) Additional Information: (1) The total supplies used during the year was $750. (2) Of the balance in the Unearned Revenue account, 60% had been completed. (3) Accrued salaries at December 31 were $900. (4) On December 1 , the company prepaid $2,400 for 4 months of rent. This transaction was recorded with a debit to Rent Expense (5) The note is a 6-month, 4% loan obtained from the bank on November 1 . (Notes: 4\% is annualized interest rate) Required: a. Prepare all necessary adjusting entries as of December 31. (There are 5 of them, 15 points) b. Determine Net Income for the year ending December 31 . ( 5 points)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

I NEED ANSWER ASAP Additional Information: (1) The total supplies used during the year was $750. (2) Of the balance in the Unearned Revenue account, 60% had been completed. (3) Accrued salaries at...

Additional Information: 1. 10. The supplies used by the end of the period were calculated and $200 of supplies were used for the period ending 30f6f21. Salaries for staff working for the business for...

please fill out the T accounts using the journal entries provided Thank you 5 B D No turn the check out the cathoumalon has been recorded Furthermore, plente record the numeric value of the mal entry...

Solid Footing - Accounting Cycle Project The credit should be equal to the debit for the trial balance but it isn't. Can you guys point out where I got it wrong ? Date Description of the Transaction...

please fill out the balance sheet based off the info provided by the journal entries, thanks ITEMS IN WHITE ARE ITEMS THAT CORD DE FILLED IN SY YOU JUST BECAUSE IT 15 WATE DOES NOT MEAN THERE HAS TO...

I need help to solve all of . lest: Lesson 04 Problem Submit Test This Question: 30 pts 1 of 1 (1 complete) This Test: 30 pts possible Question Help The unadjusted trial balance of Wendson Anvils at...

Transactions for Family Health Care for November and December Below are the November transactions: On November 1, received $1,800 from ILS Co. as rent for the use of Family Health Care's land as a...

please fill out the income statment based off the Journal Entries provideded Note: ITEMS IN WHITE ARE ITEMS THAT COULD BE FILLED IN BY YOU. JUST BECAUSE IT IS WHITE DOES NOT MEAN THERE HAS TO BE...

ADJUSTING THE ACCOUNTS Task #3 553 began a hotel consulting business, Sleep Well on May 1. Sleep Well's account balances on May 31 are as follows: Cash Accounts Receivable Prepaid Insurance Supplies...

Help please. The unaojusted trial balance of Wonder Anvils at December 31, 2018, and the data for the adjustments follow EEB (Click the icon to view the unadjusted trial balance.) Requirement 1....

What are the pros and cons of 1-800 Flowers.com's outsourcing software development, training, and implementation?

On 1 June 2022, Elizabeth Letsela started a new business, Fashion Flair. During June, the following transactions were made: 1 June 2 June 3 June 4 June 5 June 6 June Elizabeth deposited R200,000 in...

Item 9 5 points eBookHint Print References Check my workCheck My Work button is now enabled Item 9 A stock has a beta of 1 . 3 6 and an expected return of 1 3 . 4 percent. A risk - free asset...

Hypothesis Testing of a Single Mean LCTCS Tuition: Louisiana Community And Technical College System consist of 2 community colleges across the state. I think RPCC's tuition and fees is lower than the...

3 The Amish forgive those involved in conflict with them because of their deeply held religious beliefs. Are there other reasons for forgiveness that can be useful in a conflict?

4 What is your reaction to the information on Amish forgiveness in light of what we learned about Amish shunning earlier in the chapter?

Think of an attitude you have about conflict that is making it difficult for you to talk productively about disagreements with someone in your life. For example, do you believe that discussing...