Why is it necessary to make an adjusting entry at the end of the accounting period for
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (19 reviews)
An adjusting entry for accrued but unpaid interest is ne...View the full answer
Answered By
Sandip Nandnawar
I am a B.E (Information technology) from GECA and also have an M.C.M from The University of RTMNU, MH.
I worked as a software developer (Programmer and TL). Also working as an expert for the last 6 years and deal with complex assessment and projects. I have a team and lead a team of experts and conducted primary and secondary research. I am a senior software engg and senior expert and deal with all types of CSE and IT and other IT-related assessments and projects and homework.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Question Posted:
Students also viewed these Accounting questions
-
Why is it necessary to make an adjusting entry for accrued interest on an interest-bearing note payable? Can the entry be reversed?
-
When is it necessary to make an adjusting entry for accrued interest on an interest-bearing note receivable? Why? What is the adjusting entry? Can the adjusting entry be reversed?
-
Why is it necessary to make an adjustment if wages for work performed for the pay period Monday through Friday are paid on Friday and the accounting period ends on a Wednesday?
-
In designing an experiment, the researcher can often choose many different levels of the various factors in order to try to find the best combination at which to operate. As an illustration, suppose...
-
Refer to Exercise 5.49. Now suppose for each plot a fair coin is tossed. If a head shows up, the plot is treated; otherwise, it is a control. With this manner of treatment allocation, answer parts...
-
The chief accountant for Grandview Corporation provides you with the companys 2024 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in...
-
Analyze the fuel consumption data in Table B. 18 for multicollinearity. y X2 X3 X4 xs X6 X7 Xg 343 0 52.8 811.7 2.11 220 261 87 1.8 356 1 52.8 811.7 2.11 220 261 87 1.8 344 0 50.0 821.3 2.11 223 260...
-
A plastic ball has radius 12.0 cm and floats in water with 16.0% of its volume submerged. (a) What force must you apply to the ball to hold it at rest totally below the surface of the water? (b) If...
-
2. Simplify the following Boolean expressions (4 points) a. WX WXY WXYZ (W+X) b. A+ C(AC+ AB + BC) + A(B+ C) c. X+Y+Z+ (y + Z) (Y+Z) d. A(ABC + C)(A+ C)(AB + C)
-
Tropicsun is a leading grower and distributor of fresh citrus products with three large citrus groves scattered around central Florida in the cities of Mt. Dora, Eustis, and Clermont. Tropicsun...
-
What is the difference between an interest-bearing note and a discount note?
-
Who pays the FICA tax? Is there a ceiling on the amount of tax that is paid?
-
A female who worked in a supermarket bakery complained of mistreatment by a female coworker. The coworker smacked the employees buttocks on at least six occasions, molded dough into shapes resembling...
-
Refer to Exercise 7 and assume that the requirements are satisfied. Find the critical values that would be used to construct a 95% confidence interval estimate of . Exercise 7 Six human skulls from...
-
The zoology of emergence. In this chapter we listed the following examples of wellestablished classes of emergence: (1) Characteristic scale. (2) Collective degrees of freedom. (3) Transitions. (4)...
-
Six human skulls from around 4000 b.c. were measured, and the lengths have a mean of 94.2 mm and a standard deviation of 4.9 mm. If you want to construct a 95% confidence interval estimate of the...
-
Jones, a minor, owned a 2014 automobile. She traded it to Stone for a 2015 car. Jones went on a three-week trip and found that the 2015 car was not as good as the 2014 car. She asked Stone to return...
-
Ira, who in 2013 had been found not guilty of a criminal offense because of insanity, was released from a hospital for the criminally insane during the summer of 2014 and since that time has been a...
-
The carbonate ion, CO 3 2 , is a weak base. (a) Write the equilibrium equation that shows how this ion makes water basic. (b) Which species is the acid and which species is the base according to the...
-
Propose a reasonable mechanism for the following reaction. OH
-
Why is the combined Chair/CEO (or Managing Director) positions being increasingly criticized by most management scholars?
-
Why do creditors usually accept a plan for financial rehabilitation rather than demand liquidation of the business?
-
Would it be a sound rule to liquidate whenever the liquidation value is above the value of the corporation as a going concern? Discuss.
-
Why do liquidations usually result in losses for the creditors or the owners, or both? Would partial liquidation or liquidation over a period limit their losses? Explain.
-
Kunkel Company makes two products and uses a conventional costing system in which a single plantwide predetermined overhead rate is computed based on direct labor-hours. Data for the two products for...
-
A bicyclist is currently traveling south at 10.6 km/h and is located 14.3 km south of the center of the nearest town. She begins accelerating north at 1.9 km/h 2 and does so for 0.45 hours. What is...
-
Consider an ocean column with a surface area of 1 m2 and a depth of 3000 m. The column experiences a surface input of Qtop=130 W/m2 from solar radiation. i) How long would it take this radiation to...
Study smarter with the SolutionInn App