Business, 27.06.2019 20:00 Mathmatician22

Action quest games inc. adjusts its accounts annually. the following information is available for the year ended december 31, 2017.1. purchased a 1-year insurance policy on june 1 for $1,800 cash.2. paid $6,500 on august 31 for 5 months’ rent in advance.3. on september 4, received $3,600 cash in advance from a corporation to sponsor a game each month for a total of 9 months for the most improved students at a local school.4. signed a contract for cleaning services starting december 1 for $1,000 per month. paid for the first 2 months on november 30. (hint: use the account prepaid cleaning to record prepayments.)5. on december 5, received $1,500 in advance from a gaming club. determined that on december 31, $475 of these games had not yet been played. instructions(a) for each of the above transactions, prepare the journal entry to record the initial transaction.(b) for each of the above transactions, prepare the adjusting journal entry that is required on december 31. (hint: use the account service revenue for item 3 and repairs and maintenance expense for item 4.) (c) post the journal entries in parts (a) and (b) to t-accounts and determine the final balance in each account balance. (note: posting to the cash account is not required.)

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 01:00, taee67

Paar corporation bought 100 percent of kimmel, inc., on january 1, 2012. on that date, paarâ€™s equipment (10-year life) has a book value of $420,000 but a fair value of $520,000. kimmel has equipment (10-year life) with a book value of $272,000 but a fair value of $400,000. paar uses the equity method to record its investment in kimmel. on december 31, 2014, paar has equipment with a book value of $294,000 but a fair value of $445,200. kimmel has equipment with a book value of $190,400 but a fair value of $357,000. the consolidated balance for the equipment account as of december 31, 2014 is $574,000. what would be the impact on consolidated balance for the equipment account as of december 31, 2014 if the parent had applied the initial value method rather than the equity method? the balance in the consolidated equipment account cannot be determined for the initial value method using the information given. the consolidated equipment account would have a higher reported balance. the consolidated equipment account would have a lower reported balance. no effect: the method the parent uses is for internal reporting purposes only and has no impact on consolidated totals.

Answers: 2

continue

Business, 22.06.2019 20:10, Maria3737

Quick computing currently sells 12 million computer chips each year at a price of $19 per chip. it is about to introduce a new chip, and it forecasts annual sales of 22 million of these improved chips at a price of $24 each. however, demand for the old chip will decrease, and sales of the old chip are expected to fall to 6 million per year. the old chips cost $10 each to manufacture, and the new ones will cost $14 each. what is the proper cash flow to use to evaluate the present value of the introduction of the new chip? (enter your answer in millions.)

Answers: 1

continue

Business, 22.06.2019 20:30, BeverlyFarmer

Discuss ways that oracle could provide client customers with the ability to form better relationships with customers.

Answers: 3

continue

Business, 22.06.2019 21:00, nasrah

Dozier company produced and sold 1,000 units during its first month of operations. it reported the following costs and expenses for the month: direct materials $ 69,000 direct labor $ 35,000 variable manufacturing overhead $ 15,000 fixed manufacturing overhead 28,000 total manufacturing overhead $ 43,000 variable selling expense $ 12,000 fixed selling expense 18,000 total selling expense $ 30,000 variable administrative expense $ 4,000 fixed administrative expense 25,000 total administrative expense $ 29,000 required: 1. with respect to cost classifications for preparing financial statements: a. what is the total product cost

Answers: 2

continue

You know the right answer?

Action quest games inc. adjusts its accounts annually. the following information is available for th...