Accrual vs. Cash Basis Accounting Alicia Wiley Grantham University Abstract In this paper I have defined accrual and cash basis accounting. Also, I have answered the following questions: Explain the difference between the accrual basis of accounting and the cash basis of accounting. What are the major reasons for using accrual accounting? What are the purpose of a journal and a ledger? Give an example of a contra-asset, and explain how it is recorded on the ledger as a transaction. Explain what a “prepaid expense” is and how it is recorded on the ledger as a transaction. What are the major differences in recording transactions for a for-profit organization versus a not-for-profit, or are there any? List and record each transaction
Yvonne Daniels, also known as the first lady of radio, is an influential women who paved the way for more women to become disc jockeys. In her 30 plus year career in radio she worked at WYNR, WCFL, WSDM, WLS-AM, WVON, WGCI-AM/FM , and WNUA. Daniels was an African American “broadcast pioneer”.
The Midnight Journal Entry Anne T. Lawrence, San José State University On an overcast afternoon in Portland, Oregon, on Friday, March 28, 2003, Richard Okumoto intently studied a set of hard-copy accounting documents called “adjusting journal entries” spread out on his desk. He had been appointed chief financial officer (CFO) of Electro Scientific Industries, Inc. (ESI), a multi-million dollar equipment manufacturer, just a few weeks earlier. Okumoto was in the midst of closing the company’s books for the third quarter of fiscal year 2003, which ended February 28. An experienced executive who had served as CFO for several other technology firms, Okumoto was familiar with the task, which normally would be routine. But this time, he
Sabine Sally, the iron beauty of Sabine field; she has stood at her post for many years. Generation after generation of Norwich Cadets have stood in the shadow of the ancient M4 Sherman, taken eyes to her for the last push of motivation, and before her arrival to Norwich University, her kind lead the charge into the European and Pacific theaters of World War Two. The significance of the iron giant is the memory of the armored divisions that laid down their lives to put a stop to Hitler’s war machine. Despite the challenges, Sally’s breed faced a multitude of technologically advanced SS and Wehrmacht panzer battalions that performed in a superior manner in almost every way. The Sherman breed held out through sheer force, will, and the means of production, these traits and abilities were able to stomp out any opposing force.
NOTE (d) Leasehold Improvements DR. Depreciation Expense $12,205 CR. Accumulated Depreciation – Leasehold improvements $12,205 Calculations: To reconcile the accounts as at August 31/09: (2008) $86,688.78/10(Years useful life) = $8,668.88(Accumulated Depreciation) (2009) $86,688.78 - $8,688.88 = $78019.90 + $21,455.15(2009 Expense) = $99,475.05 $99,475.05/9(Remaining years of useful life) = $11,052.78(Accumulated Depreciation) (2010) $99,475.05 - $11,052.78 = $88,422.27 + $45,832.84 (2010 Expense) = $134,255.11 $134,255.11/11(New remaining years of useful life) = $12,205.01(Accumulated Depreciation) = $134,255.11 - $12,205.01 = $122,050.10 (Net Book Value) There is no need to make a journal entry for the 2,500 spent on disposing of capital assets because it was correctly recorded as a Repairs and Maintenance expense.
A. Proportionately over a designated period of years B. When Wood Co. sells the land to a third party C. No gain can be recognized D. As Wood uses the land E. When Wood Co. begins using the land productively Difficulty: Easy Hoyle - Chapter 05 #1 2. Edgar Co. acquired 60% of Kindall Co. on January 1, 2009. During 2009, Edgar made several sales of inventory to Kindall. The cost and selling price of the goods were $140,000 and $200,000, respectively. Kindall still owned one-fourth of the goods at
By looking at the authors, editors and publishing companies credentials it would be appropriate to come to the conclusion that this source is an expert source. Sara Pendergast is an author who has focused her life on writing informational book on many different topics in history. Sara along with Tom completed this volume of Fashion, Costume, and Culture along with four other volumes each focusing on a different time period and region of the world. Along with this book Sara has helped to write the Encyclopedia of Fashion and International Dictionary of Films and Filmmakers. Tom Pendergast has a background much like Sara’s, he has focused his studies on history of the world as he was a contributor in Middle East Conflicts, The Sixties in America, and World War I reference. The final main
Instead of holding on to all 3,000 issued stock options, Ms. Jameson could keep a portion of the stock options and trade some in the market. Keeping some Telstar stock options would help keep her tied to the company without making her feel that she is bound to the company for the next five years or that she is facing enormous risk of losing her bonus altogether. By doing this, Ms. Jameson would provide herself with the opportunity to make investments outside of Telstar, and thus, better diversify her
Property and Equipment—Depreciation and amortization are provided on a straight-line basis over the estimated useful fives of the assets. The following table shows estimated useful lives of property and equipment.
The late Mrs. Constance Baker Motley , married to Mr. Joel Wilson Motley, was born on September 14, 1921 in New Haven, Connecticut. Out of twelve children , she was the ninth. Her parents were from the islands of Nevis from the West Indies. Mrs. Motley’s mother, Rachel Huggins , was a domestic or also known as a housewife. Everyone loved to be around her and enjoyed her company. Her father , McCullough Baker , was a chef for a well known and reviewed university , Yale University. Noting that she was coming from a full family of twelve children , the money that her father was making didn’t really cut it for the family needs. Constance knew that her family wasn’t high class , so she had to make the best of it. When she was growing up in New Haven, Mrs.Constance
Company Chart of Account: Account No. Account No. Cash 101 Retained Earnings 318 Accounts Receivable 106 Dividends 319 Computer Supplies 126 Computer Service Revenue 403 Prepaid Insurance 128 Depreciation Expense- Office Equipment 612 Prepaid Rent 131 Depreciation Expense- Computer Equipment 613 Office Equipment 163 Wages Expense 623 Accumulated Depreciation- Office Equpment 164 Insurance Expense 637 Computer Equipment 167 Rent Expense 640 Accumulated Depreciation- Computer Equiment 168 Computer Supplies Expense 652 Accounts Payable 201 Advertising Expense 655 Wages Payable 210 Mileage Expense 676 Unearned Computer Services Revenue 236 Miscellaneous Expenses 677 Common Stock 307 Repair Expense – Computer 684 Income Summary 901 Step 3: Prepare the Trial Balance on page 14. Step 4: The following additional facts are collected for use in making adjusting entries on December 31 prior to preparing financial statements for the company’s first three months. Journalize the following adjusting journal entries in the General Journal on page 6 and then post them to
Born to an elf shadowrunner turns corp, Hana Taylor and a human NeoNet-UK immigrant, James Taylor. Emily early days are full of love and good parenting.
Now, how on earth can I even put into words just how phenomenal Barbara is? In the English language, I believe I have used every word imaginable to describe the acting and character of this delightful personage. Every time I see Barbara in anything, I am utterly dumbstruck by her matchless gifts and the readiness with which she displays them. Not only is Barbara a dynamic actress who can play any role imaginable, but she also is a master at bringing the best out of every person within the scene. There are a few actors who have this knack, and they are often few and far between. Thankfully, the charm, grace, and ease with which Barbara illuminates the screen cause everyone else to rise to the occasion. Barbara has that extra little spark that
Part A On 1 July 2011, Kookaburra Ltd acquired an item of plant at a cost of $200 000. The plant has an
A) Cash 3,000 Note Payable 7,000 Automobile 10,000 B) Cash 3,000 Automobile 3,000 C) Automobile 10,000 Cash 3,000 Janfer, Capital 7,000 D) Automobile 3,000 Cash 3,000 E) Automobile 10,000 Notes Payable 7,000 Cash 3,000 14. Aimes opened a new business by investing the following assets: cash, $4,000; land, $20,000; building, $80,000. Also, the business will assume responsibility for a note payable of $32,000. Aimes signed the note as part of his payment for the land and building. Which journal entry should be used on the books of the new business to record the investment by Aimes?