Financial Accounting: prepare year end entries for Thomas Company
Not what you're looking for?
See attached file.
26) As of the end of the current calendar year, prepare the entry for each of the following situations. If NO entry is necessary, please explain why.
A) Thomas Company's most recent pay information shows that employees worked last week and earned $10,800, but they will not receive this pay until the regular day, which is in next year.
B) Dewey, Cheatham and Howe have a balance in the supplies account of $10,500. A count on Dec. 31, year-end, determined that $1,100 of supplies was still on hand.
C) Bigger-Is-Better Airlines has $15,000 in their Unearned Ticket Revenue account at Dec. 31. One-third of these flights have been provided to the customers.
D) Depreciation of $2,000 has been estimated for the year.
E) Your company has received $6,000 for contracts that will be completed next year. This money was recorded when received in Unearned Contract Deposits.
Account Cash + Other Assets = Liabilities + Equity + Revenue - Expense
Purchase this Solution
Solution Summary
The solution presents the entries in the format of the effects to the components of the accounting equation.
Solution Preview
26) As of the end of the current calendar year, prepare the entry for each of the following situations. If NO entry is necessary, please explain why.
A) Thomas Company's most recent pay information shows that employees worked last week and earned $10,800, but they will not receive this pay until the regular day, which is in next year.
B) Dewey, Cheatham and Howe have a balance in the ...
Purchase this Solution
Free BrainMass Quizzes
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
Basics of corporate finance
These questions will test you on your knowledge of finance.
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.