Dresser Company’ s weekly payroll, paid on Fridays, totals $ 8,000. Employees work a 5-day week. Prepare Dresser’ s adjusting entry on Wednesday, December 31, and the journal entry to record the $ 8,000 cash payment on Friday, January 2
Side Kicks has year-end account balances of Sales Revenue $ 808,900; Interest Revenue $ 13,500; Cost of Goods Sold $ 556,200; Administrative Expenses $ 189,000; Income Tax Expense $ 35,100; and Dividends $ 18,900. Prepare the year-end closing entrie
To convert cash receipts from customers to revenue on an accrual basis, the following adjustments are made: Cash receipts from customers Subtract beginning A / R Add ending A / R Add beginning Unearned Service Revenue Subtract ending Unearned Service Revenue
At the time a company prepays a cost
Starr Co. had sales revenue of $ 540,000 in 2014. Other items recorded during the year were
Portman Corporation has retained earnings of $ 675,000 at January 1, 2014. Net income during 2014 was $ 1,400,000, and cash dividends declared and paid during 2014 totaled $ 75,000. Prepare
On January 1, 2014, Richards Inc. had cash and common stock of $ 60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2014, it purchased for cash $ 20,000 of equity securities that it classified as available-for-sale. It received cash dividends of $ 3,000 during the year on these securities.
Harding Corporation has the following accounts included in its December 31, 2014, trial balance: Accounts Receivable $ 110,000;