WebAt the end of the year, the company estimates future warranty costs to be $4.800 . Additional interest for five months needs to be accrued on the $30,800,6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31 . Record the adjusting entry. Note: Enter debits before credits. WebAdjusting entry for accrued fees At the end of the current year, 59,500 of fees have been earned but have not been billed to clients. A. Journalize the adjusting entry to record the accrued fees. B. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain. arrow_forward
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WebJan 4, 2024 · An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. It is a result of accrual … WebThe entry ABC would record at maturity when the note is repaid, assuming adjusting entries were made correctly at December 31 but have not been made since then, would include a … philosophy and social hope pdf
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WebSep 5, 2024 · Year-end adjustments are journal entries made to various general ledger accounts at the end of the fiscal year, to create a set of books that is in compliance with the applicable accounting framework. A number of year-end adjustments may be required, depending on how diligently the books have been maintained on a monthly basis. WebMar 29, 2024 · Adjusting entries are usually made at the end of an accounting period. They can however be made at the end of a quarter, a month or even at the end of a day depending on the accounting requirement and the nature of business carried on by … WebAdditional interest for five months needs to be accrued on the $30, 400, 6% note payable obtained on August 1 , 2024. Recall that annual interest is paid each July 31 . Record the adjusting entry. Assume that $10, 400 of the $30, 400 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. philosophy and social media