Why do companies record adjusting journal entries at the end of the accounting periods? Give an example of unearned revenue and accrued expense. Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
Provide an example of each title here and then record the journal entries. Following the first given answer. 1-Providing consulting services receiving cash. Given answer: Ali company provides consulting service and receives 1,000 cash. Cash. 1,000 Consulting Revenue. 1,000 2-Issuing common stocks receiving cash. 3-Purchasing land for cash. 4-Purchasing supplies on credit. 5-Borrowing money from a bank. […]
Part A)<br/>Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element: PP&E Element Amount Land $15,000 Building 25,000 Equipment 40,000 Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.) Part B) […]
Part A)<br/>Bowie Company uses a calendar year and the straight line depreciation method. On December 31, 2018, after adjusting entries were posted, Bowie Company sold a machine which was originally purchased on January 1, 2015. The historical cost was $22,500, the salvage value assumed was $1,000 and the original estimated life was five years.. It was sold […]
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