Ask Question, Ask an Expert


Ask Accounting Basics Expert

AlChem has the following unadjusted trial balance:

Cash $36,578
Accounts receivable 8,902
Prepaid insurance 20,389
Prepaid rent 28,600
Supplies 9,355
Accounts payable $40,344
Unearned revenue 76,209
Retained earnings 10,840
Various expenses 23,569

Adjusting Information:

Prepaid rent of $28,600 was paid on September 1 and represents an 18-month lease.

Prepaid insurance of $20,389 was paid on July 1 for a one-year policy.

Supplies on hand as of 12/31 were $2,899.

40% of unearned revenue was earned during the year.

Journalize the adjusting entries as of December 31,2012. Explanations are not required.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941258

Have any Question? 

Related Questions in Accounting Basics

Problem-flowton enjoys a steady demand for stainless steel

Problem- Flowton enjoys a steady demand for stainless steel infiltrators used in a number of chemical processes. Revenues from the infiltrator division are $50 million a year and production costs are $47.50 million. Howe ...

Question 1 - the transactions of gb bhd for the month of

QUESTION 1 - The transactions of GB Bhd for the month of December are as follows: Date  (December 2015) Transactions 1 Paid insurance premium of RM10,000 for coverage against losses due to fire for a period of 36 months. ...

I need help with a t-chart account with the following1

I need help with a T-Chart Account with the following: 1. Received $10,000 contribution from Bill London, owner, in exchange for capital. 2. Paid utilities expense of $400. 3. Paid the liability from July 5 (Purchased eq ...

Subject overviewthis subject covers a critical review of

Subject Overview This subject covers a critical review of developments in accounting theory and professional standards including the search for a conceptual framework, the evaluation and comparison of various accounting ...

Assignment detailsas at the 1stmay katy perry establishes a

Assignment Details: As at the 1stMay, Katy Perry establishes a new business Katie's Bridal Services as a sole trader. The business will hire out bridal gowns and other accessories as well as provide professional services ...

International accountingjust need answer1 the new lease

International accounting Just need answer. 1. The new lease standard requires that leases will be included on the Balance Sheet. There is an exemption to this new rule. What obligations will be exempt from inclusion on t ...

Management accounting with a strategic perspective

Management Accounting with a Strategic Perspective Assignment- Scenario - You are a management accountant at Mirror Tools Limited (Mirror Tools) and report to Marshall Singh, who is the chief financial officer. Mirror To ...

Calculate and provide an interpretation of the financial

Calculate and provide an interpretation of the financial results of an organisation listed on the FTSE 100 using ratio analysis. Assignment Task: Choose two of the UK'S Top three Telecoms companies from the list provided ...

Question list the penalties imposed on the employer for the

Question: List the penalties imposed on the employer for the following: a. Filing Form 941 late. b. Seven days late making a deposit. c. Issuing a bad check to the IRS.

Assume the demand for a companys drug wozac during the

Assume the demand for a company's drug Wozac during the current year is 50,000, and assume demand will grow at 5% a year. If the company builds a plant that can produce x units of Wozac per year, it will cost $16x. Each ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate