1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
murzikaleks [220]
2 years ago
9

Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required

: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit Reversing entry Reversing entry Description necessary not necessary Dec. 31Rent Expense 1,000 Prepaid Rent 1,000 31 Taxes Expense 1,750 Taxes Payable 1,750 31 Deferred Rent Revenue 1,550 Rent Revenue 1,550 31 Salaries Expense 150 Salaries Payable 150
Business
2 answers:
frutty [35]2 years ago
6 0

Answer:

No reversing entry is needed as they are all posted correctly

Explanation:

1. Rent Expense 1,000 Prepaid Rent 1,000

This entry is correct because it rent had been prepaid, then the entry would have been to debit 'Prepaid Rent'and credit Cash/Bank. However at the end of the period when rent is accrued, you debit 'rent expense' and credit 'prepaid rent'

2.Taxes Expense 1,750 Taxes Payable 1,750

This entry is correct because at the end of the period when Tax is accrued, you debit 'Tax expense' and credit 'Tax payable' because tax is always paid much later in a future period not the current period

3. Deferred Rent Revenue 1,550 Rent Revenue 1,550

This entry is correct because at the end of the period when rent income is earned, but has been paid for before: you debit 'Deferred Rent Revenue' and credit 'Rent Revenue' because (at least a portion of) the deferred rent revenue is now earned.

4. Salaries Expense 150 Salaries Payable 150

This entry is correct because at the end of the period when Salary is accrued, you debit 'Salary expense' and credit 'Salaries payable'

zepelin [54]2 years ago
5 0

Answer:Answer: Dr: Rent expense $1,000, Cr : Prepaid Rent $1,000, Dr:Tax expense $1,750, Cr: Tax payable $1,750, Dr: Deferred Rent Revenue $1,550, Cr: Rent Revenue $1,550, Dr:Salaries expense $150, Cr: Salaries payable $150

Explanation:

The journal entry will be

Account Name. Dr. Cr

$ $

Rent expense. 1,000

Rent prepaid. 1,000

Account Name. Dr. Cr

$ $

Tax expense. 1,750

Tax payable. 1,750

Account Name. Dr. Cr

$ $

Deferred Rent Revenue. 1,550

Rent Revenue. 1,550

Account Name. Dr. Cr

$ $

Salaries expense. 150

Salaries payable. 150

You might be interested in
Which of the following is correct?
Alex17521 [72]

Answer:

The correct answer is b) "The greater the degree of product variation, the greater is the excess capacity problem."

Explanation:

Excess capacity means that the demand for a stock is less than the quantity that the company probably could provide to the market.

  • The greater the degree of product variation, the greater is the excess capacity problem.
  • A lower scale of output than it has been designed for creates an excess of capacity.

4 0
3 years ago
Which of the following tools is an example of monetary policy?
loris [4]

Answer:

Explanation:

B C and D have become tools that have been tried.

Deficit spending is a budget/government policy. Its use should be very limited.

Same with Increased Government Spending. FDR was the master at controlled government spending.

Reducing income taxes is another government policy.

So only A is an example of monetary policy. This is a regulation imposed on the Banks by the Federal Reserve.

4 0
3 years ago
Read 2 more answers
Colaw Co. pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Colaw acc
fgiga [73]

Answer:

salaries expense   81,000  debit

    salaries payable               81,000 credit

Explanation:

the recurrring salaries for a biwweekly salaries is 270,000

In two weaks assuming five-day work week, there is 10 days.

so we divide to get the expected wages per day the recurring salaries by the amount of days of that period:

270,000 / 10 = 27,000 per day

Then, we multiply by the 3 days from the current period:

27,000 x 3 = <u>81,000</u>

this will be the accrued expenses for the period

5 0
3 years ago
Suppose that Ariana consumes two goods, coffee and textbooks. Both are normal goods. Suppose the price of textbooks decreases, w
marta [7]

Answer:

The correct answer here would be option D) more of textbooks would be consumed and less of coffee would be consumed.

Explanation:

In economics, substitution effect refers to a situation where there is change in demand of one good in response to the change in price of other goods. Same situation is taking place here as now the price of textbooks have decreased , Ariana will now look to consume more of textbooks and less of coffee.

4 0
3 years ago
Read 2 more answers
Carla Vista Co. issued $590,000, 10-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on Januar
34kurt

Answer:

cash             595,900 debit

     bonds payable               590,000 credit

     premium on bonds             5,900 credit

Explanation:

We have to record the issuance of the bonds:

<em><u>cash proceeds:</u></em>

face value x quote:

590,000 x 101/100 = 595,900

face value                <u> (590,000)</u>

<em>premium </em>                        5,900

<em>There is a premium as we are receiving more than we are going to pay at maturity.</em>

We will debit the cash proceeds form the bond

and credit the bonds and premium

6 0
3 years ago
Other questions:
  • Antonio has a number of employees who report to him. he has been considering how to motivate these employees to higher levels of
    9·1 answer
  • Several students are arguing over the actual year that the berlin wall came down. some of the students think it was in 1990, sev
    6·1 answer
  • Which of these is NOT considered a critical contextual factor in project management? A. Organizational culture B. Organizational
    13·1 answer
  • Sarah's Machinery Company is deciding to dump its current technology A for a new technology B with smaller fixed costs but bigge
    12·1 answer
  • Assume that the plaintiff was 60 percent responsible for his own injuries. He would be able to recover the 40 percent of his inj
    7·1 answer
  • THE IMPORTANCE OF INFORMATION IN MARKETING
    7·2 answers
  • If a member firm believes that a senior citizen with an account at the firm is being financially exploited, the member would con
    13·1 answer
  • The fixed costs of doing business include
    6·1 answer
  • 1. Please select each piece of information needed to calculate a real exchange rate.
    10·1 answer
  • Traders and investors trading in a forward transactions market are most concerned about:________
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!