Questions from General Accounting

Q: Central Plains Power Company is considering an investment in wind farm technology

Central Plains Power Company is considering an investment in wind farm technology to replace natural gas-generating capacity. Initial installation cost of a wind turbine is expected to be $1,200 per k...

Q: Greeson Clothes Company produced 25,000 units during June of the

Greeson Clothes Company produced 25,000 units during June of the current year. The Cutting Department used 6,380 direct labor hours at an actual rate of $10.90 per hour. The Sewing Department used 9,8...

Q: At the end of the current year, $23,570

At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Journalize the adjusting entry (include an explanation) to record the accrued fees.

Q: Prospect Realty Co. pays weekly salaries of $27,600

Prospect Realty Co. pays weekly salaries of $27,600 for a six-day workweek (Monday thru Saturday). Journalize the necessary adjusting entry (include an explanation) assuming that the accounting period...

Q: We-Sell Realty Co. pays weekly salaries of $11

We-Sell Realty Co. pays weekly salaries of $11,800 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry (include an explanation) assuming that the accounting...

Q: On June 1, 2019, Herbal Co. received $18

On June 1, 2019, Herbal Co. received $18,900 for the rent of land for 12 months. Journalize the adjusting entry (include an explanation) required for unearned rent on December 31, 2019.

Q: How would the following costs be classified (variable or fixed)

How would the following costs be classified (variable or fixed) if units produced was the activity base? a. Direct materials costs b. Electricity costs of $0.35 per kilowatt-hour

Q: The balance in the unearned fees account, before adjustment at the

The balance in the unearned fees account, before adjustment at the end of the year, is $272,500. Journalize the adjusting entry (include an explanation) required if the amount of unearned fees at the...

Q: The prepaid insurance account had a beginning balance of $4,

The prepaid insurance account had a beginning balance of $4,500 and was debited for $16,600 of premiums paid during the year. Journalize the adjusting entry (include an ex- planation) required at the...

Q: The supplies account had a beginning balance of $3,375

The supplies account had a beginning balance of $3,375 and was debited for $6,450 for supplies purchased during the year. Journalize the adjusting entry (include an explanation) required at the end of...