Accounting Assignment | Custom Assignment Help
On November 30, the end of the current fiscal year, the followinginformation is available to assist Allerton Company’s accountants inmaking adjusting entries:
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Allerton’s Supplies accountshows a beginning balance of . Purchases during the year were . Theend-of-year inventory reveals supplies on hand of .
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The Prepaid Insurance account shows the following on November 30:
Beginning $4720
July 1 $4200
October 1 $7272
The beginning balance represents the unexpired portion of aone-year policy purchased in September of the previous year. The July 1entry represents a new one-year policy, and the October 1 entryrepresents additional coverage in the form of a three-year policy.
Thefollowing table contains the cost and annual depreciation for buildingsand equipment, all of which Allerton purchased before the current year:
Account Cost Annual Depreciation
Building $298000 $16000
Equipment $374000 $40000
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On October 1, the company completednegotiations with a client and accepted an advance of for services tobe performed monthly for a year. The was credited to Unearned ServicesRevenue.
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The company calculated that, as of November 30, it had earned on an contract that would be completed and billed in January.
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Amongthe liabilities of the company is a note payable in the amount of . OnNovember 30, the accrued interest on this note amounted to .
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On Saturday, December 2, the company, which is on a six-day workweek, will pay its regular employees their weekly wages of .
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OnNovember 29, the company completed negotiations and signed a contractto provide services to a new client at an annual rate of .
REQUIRED
1. Prepare adjusting entries for each item listed above.
2. CONCEPT Explain how the conditions for revenue recognition are applied to transactions e and h.Get accounting assignment homework help today
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