Examlex
Prepare adjusting entries for the year ended December 31,for each of these separate situations.Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance are initially recorded as liabilities.
a.The Prepaid Rent account has a debit balance of $8,000 before adjustment,representing a prepayment for four months' rent made on December 1 of the current year.
b.One-third of the work related to $18,000 of cash received in advance was performed during this period.
c.Unpaid accrued salaries at December 31 amounts to $15,000
d.Work was completed for a client on December 31 in the amount of $21,000,but was not previously billed or recorded.
e.Estimated depreciation on office equipment is $27,000.
Q25: Which of the following statements is CORRECT?<br>A)
Q38: Expenses related to accounting, human resource management,
Q60: Creditors' claims on assets that reflect company
Q66: Plenty Co. established a petty cash fund
Q76: current and quick ratios always indicate that
Q77: current ratio and inventory turnover ratios both
Q92: Oxford Packing Company reported net sales in
Q114: A business's record of the increases and
Q116: Prepaid expenses are generally:<br>A)Payments made for products
Q176: Revenues and expenses are two categories of