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Please explain the correct approach for solving this general accounting question.

Wall Design Services billed its customers a total of $490,200 for the month of August, including 9 percent federal excise tax and 5 percent sales tax. 1. Determine the proper amount of service revenue to report for the month.2. Prepare a journal entry to record the revenue and related liabilities for the month

Please provide the accurate answer to this financial accounting problem using appropriate methods.

Splish Brothers Inc. began operations in July 2019. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. At July 31, the company owed employees $1,600 in salaries that the company will pay in August. On July 1, the company borrowed $26,000 from a local bank on a 10-year note. The annual interest rate is 15%. 1. 2. 3. Service revenue unrecorded in July totaled $2,600. Prepare the adjusting entries needed at July 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. 2. July 31 3. Accounts Receivable 2600 Service Revenue 2600

The following information is taken from the accrual accounting records of Kroger Sales Company:a. During January, Kroger paid $9,150 for supplies to be used in sales to customers during the next2 months (February andMarch). The supplies will be used evenly over the next 2 months.b. Kroger pays its employees at the end of each month for salaries earned during that month.Salaries paid at the end of February and March amounted to $4,925 and $5,100, respectively.c. Kroger placed an advertisement in the local newspaper during March at a cost of $850. Thead promoted the pre-spring sale during the last week in March. Kroger did not pay for thenewspaper ad until mid-April.Required:1. Under cash-basis accounting, how much expense shouldKroger report for February andMarch?2. Under accrual-basis accounting, how much expense should Kroger report for February andMarch?3. CONCEPTUAL CONNECTION Which basis of accounting provides the most useful informationfor decision-makers? Why?

Suppose Alladin Travel, Inc., holds a note receivable as an investment. At the endof June, $100 of interest revenue has been earned. Journalize the accrued revenueadjustment at June 30.

19 Dec. Borrowed $28,000 from the bank for personal use. The loan carried an interest rate of 6% a year and the first payment was due on 19 January. Williamson signed a note payable to the bank in the name of the business. How would this be journaled, put on an income statment, balance sheet, and cash flow statment for december 31st?

Hannibal Apartments Company credits Advances from Tenants whenever a payment is received from tenants. It prepares annual financial statements but no monthly reports. At the start of the year the Advances From Tenants account had a balance of $10,600. During the year rent payments of $52,000 were received from tenants. At the end of the year an analysis of individual tenant accounts shows that $11,540 of monies received during the year were appropriately to cover next year’s rent and should be set up as Advances from Tenants. What is the proper amount of rental revenue for Hannibal to show in its income statement this year?   Please don't provide answer in image format thank you

The following information relates to Fanning’s Electronics on December 31, 2011. The company, which uses the calendar year as its annual reporting period, initially records prepaid and unearned items in balance sheet accounts (assets and liabilities, respectively).   The company’s weekly payroll is $8,750, paid each Friday for a five-day workweek. Assume December 31, 2011, fall on a Monday, but the employees will not be paid their wages until Friday, January 4, 2012. Eighteen months earlier, on July 1, 2010, the company purchased equipment that cost $20,000. Its useful life is predicted to be five years, at which time the equipment is expected to be worthless (zero salvage value). On October 1, 2011, the company agreed to work on a new housing development. The company is paid $120,000 on October 1 in advance of future installation of similar alarm system in 24 new homes. That amount was credit to the Unearned Services Revenue account. Between October 1 and December 31, work on 20…

On January 1, Newman Company estimated its property tax to be $3,120 for the year. a. How much should the company accrue each month for property taxes? b. Compute the balance in Property Tax Payable as of August 31. c. Journalize the adjusting journal entry for September. If an amount box does not require an entry, leave it blank. Property Tax Expense Property Tax Payable

Splish Brothers Inc. began operations in July 2020. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. 1.   At July 31, the company owed employees $1,600 in salaries that the company will pay in August. 2.   On July 1, the company borrowed $26,000 from a local bank on a 10-year note. The annual interest rate is 15%. 3.   Service revenue unrecorded in July totaled $2,600. Prepare the adjusting entries needed at July 31, 2020.

Flood Relief Inc. prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for June 2016: a. Flood received a $10,000, 4%, two-year note receivable from a customer for services rendered. The principal and interest are due on June 1, 2018. Flood expects to be able to collect the note and interest in full at that time. b.  Office supplies totaling $5,600 were purchased during the month. The asset account Supplies is debited whenever a purchase is made. A count in the storeroom on June 30, 2016, indicates that supplies on hand amount to $507. The supplies on hand at the beginning of the month total $475. c.  The company purchased machines last year for $170,000. The machines are expected to be used for four years and have an estimated salvage value of $2,000. d.  On June 1, the company paid $4,650 for rent for June, July, and August. The asset Prepaid Rent was debited; it did not have a balance on…

What is the amount of interest revenue?

Use the following information for Problems 30 and 31. On March 15, Calloway, Inc., paid property taxes of $480,000 for the calendar year. 30.  How much of this expense should Calloway’s income statement reflect for the quarter ending March 31? a. –0– b. $40,000 c. $120,000 d. $480,000 31. The journal entry at March 15 to record the payment of property taxes would include which of the following? a. A debit to Property Tax Expense of $480,000 b. A credit to Cash of $120,000 c. A debit to Prepaid Property Taxes of $360,000 d. A credit to Prepaid Property Taxes of $40,000

What is the amount of interest revenue?

Can you explain the correct methodology to solve this general accounting problem?

A business like NetSolutions estimates customer refunds and allowances for each year’s sales that might be owed to customers the following year. The year-end balance is recorded on the ___________ as a ______________. Group of answer choices Statement of Owner's Equity; decrease in owner's equity Income Statement; current liability (Customer Refunds Payable) Balance Sheet; current liability (Customer Refunds Payable) Statement of Cash Flows; Operating Activity

Watson Corporation pays its employees on the 15th of each month. It is December 31, and the company is preparing financial statements. Its employees have earned $154,000 since the 15th of December and have not yet been paid. If Watson failed to record the accrual of wages on December 31, how would the financial statements be affected? Liabilities would be overstated, net income would be understated, and stockholders’ equity would be understated. Liabilities would be understated, net income would be overstated, and stockholders’ equity would be understated. Liabilities would be understated, net income would be understated, and stockholders’ equity would be overstated. Liabilities would be overstated, net income would be overstated, and stockholders’ equity would be understated. Liabilities would be overstated, net income would be understated, and stockholders’ equity would be overstated. Liabilities would be overstated, net income would be overstated, and stockholders’ equity would be…

Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 30% of the current month’s net income. The income taxes are paid in the first month of each quarter for the amount accrued for the prior quarter. The following infor-mation is available for the fourth quarter of the year just ended. When tax computations are completed on January 20 of the following year, Nishi determines that the quarter’s Income Taxes Payable account balance should be $28,300 on December 31 of the year just ended (its unadjusted balance is $24,690). October net income . . . . . . . $28,600 November net income . . . . $19,100 December net income . . . . . $34,600 1. Determine the amount of the accounting adjustment (dated as of December 31) to get the correct ending balance in the Income Taxes Payable account. 2. Prepare journal entries to record (a) the December 31 adjustment to the Income Taxes Payable account and…

Windsor, Inc. has the following information available for accruals for the year ended December 31, 2022. The company adjusts its accounts annually. The December utility bill for $365 was unrecorded on December 31. Windsor paid the bill on January 11. Windsor is open 7 days a week and employees are paid a total of $3,010 every Monday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday, so employees will have worked 4 days (Monday, December 28-Thursday, December 31) that they have not been paid for by year-end. Employees will be paid next on January 4. 1. 2. Windsor signed a $38,400, 5% bank loan on November 1, 2021, due in 2 years. Interest is payable on the first day of each following month. 3. Windsor receives a fee from Pizza Shop next door for all pizzas sold to customers using Windsor's facility. The amount owed for December is $260, which Pizza Shop will pay on January 4. (Hint: Use the Service Revenue account.) Windsor rented some of its unused warehouse space to a…

I need help solving this general accounting question with the proper methodology.

The accounting records and bank statement of Jeff's Seashell Store provide the following information at the end of April. The closing 'Cash' account balance was $29000, and the bank statement shows a closing balance of $31000. On reviewing the bank statement it is found an account customer has deposited $2500 into the bank account for a March sale and the monthly insurance premium of $550 was automatically charged to the account. Interest of $1500 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $950 to a supplier has been recorded twice in the accounts. After the calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?A. 33,350 B. None of the other answers C. 31,450 D. 29,000 E. 35,350

Can you help me solve this financial accounting question using valid financial accounting techniques?

Bank 'n' Roll, Inc. pays its employees once a month and records the expense at the time of payment. On May 31, Bank 'n' Roll, Inc. paid its employees $10,000 for work performed in May. The entry to record the payment includes a (Check all that apply.) Check all that apply. debit to Cash for $10,000 credit to Wages Expense for $10,000 credit to Wages Payable for $10,000 debit to Wages Expense for $10,000 credit to Cash for $10,000

Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 28% of the current month's net income. The income taxes are paid in the first month of each quarter for the amount accrued for the prior quarter. The following information is available for the fourth quarter of the year just ended. When tax computations are completed on January 20 of the following year, Nishi determines that the quarter's Income Taxes Payable account balance should be $29,446 on December 31 of the year just ended (its unadjusted balance is $24,346). October net income November net income $ 31,000 20,150 35, 800 December net income 1. Determine the amount of the accounting adjustment (dated as of December 31) to get the correct ending balance in the Income Taxes Payable account. 2. Prepare journal entries to record (a) the December 31 adjustment to the Income Taxes Payable account and (b) the later January 20 payment of…