Assignment for financial accounting. Please, I am not asking anyone for answers to everything!!! But if y'all could debrief it, or make it a little more clear as to how I could go about doing it, that would be wonderful.
Here it goes... (taken from Kimmel, et al., Financial Accounting, 4th edition)
Hualca Corp. had the following selected transactions in the month of March. The company adjusts its accounts monthly.
TO DO:
(a) For each situation below, prepare the monthly adjusting journal entry required at March 31.
(b) Prepare any subsequent transaction entries that occur in the month of April.
Information...
(1) The company has an 8%, $12,000 note payable due in one year. Interest is payable the first of each month. It was last paid on March 1, and will be paid next on April 1.
(2) At the end of March, the company earned $250 interest on its investments. The bank deposited this amount in Hualca's bank account on April 1.
(3) Hualca has five employees who each earn $200 a day. Salaries are usually paid on Fridays for work completed Monday through Friday of the same week. Salaries were last paid Friday, March 27, and will be paid next on Friday, April 3.
(4) At the end of March, the company owed the utility company $550 and the telephone company $200 for services received during the month. These bills were paid on April 10.
(5) At the end of March, Hualca has earned $3000 that it has not yet billed. It bills its clients April 1. On April 30, it collects $2000 of this amount due.
THANK YOU FOR ANY POSITIVE CONTRIBUTION. I really love this course, but I feel like sometimes the wording plays with my head a little too much. I get lost in the instructions.
Much love.
I appreciate any help!
Here it goes... (taken from Kimmel, et al., Financial Accounting, 4th edition)
Hualca Corp. had the following selected transactions in the month of March. The company adjusts its accounts monthly.
TO DO:
(a) For each situation below, prepare the monthly adjusting journal entry required at March 31.
(b) Prepare any subsequent transaction entries that occur in the month of April.
Information...
(1) The company has an 8%, $12,000 note payable due in one year. Interest is payable the first of each month. It was last paid on March 1, and will be paid next on April 1.
(2) At the end of March, the company earned $250 interest on its investments. The bank deposited this amount in Hualca's bank account on April 1.
(3) Hualca has five employees who each earn $200 a day. Salaries are usually paid on Fridays for work completed Monday through Friday of the same week. Salaries were last paid Friday, March 27, and will be paid next on Friday, April 3.
(4) At the end of March, the company owed the utility company $550 and the telephone company $200 for services received during the month. These bills were paid on April 10.
(5) At the end of March, Hualca has earned $3000 that it has not yet billed. It bills its clients April 1. On April 30, it collects $2000 of this amount due.
THANK YOU FOR ANY POSITIVE CONTRIBUTION. I really love this course, but I feel like sometimes the wording plays with my head a little too much. I get lost in the instructions.
Much love.
I appreciate any help!