| | Unearned Service Revenue | | 60 | 23 | Cash | 3000 | | | Service Revenue | | 3000 | | Accounts Receivable | 1000 | | | Service Revenue | | 1000 | 23 | Supplies | 1250 | | | Cash | | 1250 | 23 | Salary Expense | 800 | | | Cash | | 800 | 28 | Dividends | 500 | | | Cash | | 500 | | | | | b) Post the December transactions. (Use the general ledger accounts prepared in Ch. 3) | | | | | | Cash | | | | Nov. 8 500
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income) are recognized when earned regardless of when collected and expenses are recognized when incurred regardless of when paid. The matching principle aims to align expenses with revenues; meaning‚ expenses should be reported when the revenue earned with it is reported. Why Are Adjusting Entries Necessary The purpose of adjusting entries is to update the accounts. At the end of the accounting period‚ some income and expenses may have not been recorded or taken up; hence‚ there is a need to update
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display a total for each stationery item ordered. 6) Create a formula to calculate the total for the stationery order. [pic] Exercise 4: Travel Expenses For The Month Of May Instructions 1) Type in all text and numbers shown in the spreadsheet below. 2) Format all numbers with appropriate format’s). 3) Center the spreadsheet heading ’Travel Expenses For The Month Of May’ across the spreadsheet. 4) Format all text as displayed in the sample below‚ including the rotated text labels. 5) Create
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Rupee exchange DepReciation: impact analysis January 2012 The Associated Chambers of Commerce and Industry of India ASSOCHAM Corporate Office: 1‚ Community Centre‚ Zamrudpur‚ Kailash Colony‚ New Delhi-110048 Tel: 011 46550555 (Hunting Line) | Fax: 011 46536481/82‚ 46536498 Email: assocham@nic.in | Website: www.assocham.org Executive Summary • The study assesses the impact of rupee depreciation on: The import bill of the country Key import commodities • Rupee depreciation has
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ACCRUAL/ ADJUSTMENT ACCOUNT AFFECTED ACCRUAL ACCOUNT Debit Credit 1. DEPRECIATION EXPENSE Accrual 674300 BUILDINGS & EQUIPMENT Accural 674300 2. SALARY EXPENSE Accural 39123 SALARIES PAYABLE Accural 39123 3. BUILDINGS & EQUIPMENT Accural 29049 EXPENDITURES Modified 29049 4. BONDS PAYABLE Accural 50000 ACCRUED INTEREST Accural 1125 PAYABLE INTEREST EXPENSE Accural 1125 EXPENDITURES—PRINCIPAL Modified 50000 EXPENDITURES—INTEREST
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Unearned Revenues OWNERS’ EQUITY 301 Common Stock 302 Paid in Capital 309 Retained Earnings REVENUE 410 Fees Income EXPENSES 511 Salaries Expense 514 Utilities Expense 517 Supplies Expense 520 Rent Expense 523 Depreciation Expense – Equipment 526 Insurance Expense 529 Advertising Expense 532 Telephone Expense 535 Maintenance Expense 540 Bad Debt Expense REQUIRED: 1. Analyze each transaction below and record it in the general journal. 2. Post the transactions for the
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before deductions or expenses Job 1: $50‚310 / 52 week in a year = $967.50 Job 2: 6 hours a day x 5 days a week x $20.50 = $615.00 Task #2: Weekly payroll deductions Job 1: $967.50 x 0.15 = $145.13 Job 2: $615 x 0.12 = $73.80 Task #3: Weekly job-related expenses Job 1: Daycare: $175.00 After school program: $75.00 Clothing: $25.00 Other work-related expenses: $50.00 Transportation:
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Craddock Cup case study Question Number 1 In determining whether to keep or drop the Craddock Cup‚ the overhead expense allocations of City field rental‚ CYSL salaries and CYSL rent should be revised. In determining whether to keep or drop the Craddock Cup‚ the allocation of City filed rental fee of $1200 from CYSL to the Craddock Cup should be eliminated. CYSL rented 10 soccer fields from the city for 40 weeks a year for a total fee of $48000. However‚ even if the Craddock Cup was dropped
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in a separate schedule‚ and (2) represents a cash inflow or cash outflow or has no cash flow effect. Assume use of the indirect approach. Transaction Where Reported Cash Inflow‚ Outflow‚ or No Effect? Depreciation expense on the plant assets Noncash (NC) Inflow Paid interest expense. Investing (I) Outflow Cash from a sale of plant assets. Investing (I) Inflow Acquired land by issuing common stock. Noncash (NC) No Effect Paid a cash dividend Financing (F) Inflow Distributed a
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the Future Giberson’s Glass Studio Income Statement For the Year Ending August 31‚ 2007 Revenues: Sales $ 31‚080 Total Revenue $31‚080 Expenses: Materials $ 857 Gas 9‚200 Operating Expenses 10‚210 Depreciation 4‚625 Interest 460 Total Expenses 25‚352 Net Income 5‚728 Executive Summary This report is to provide an evaluation of the current financial position and prospective profitability
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