Author Topic: Anyone here know basic financial accounting?  (Read 291 times)

Shallow

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Anyone here know basic financial accounting?
« on: November 16, 2010, 12:40:41 PM »
I'm taking a course and would like to clarify a few things for my assignment due in 3 days.
 

Facez

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Re: Anyone here know basic financial accounting?
« Reply #1 on: November 17, 2010, 11:32:43 AM »
i know some financial accounting, i might be able to help, what is your question?
 

Shallow

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Re: Anyone here know basic financial accounting?
« Reply #2 on: November 17, 2010, 08:55:29 PM »
Thanks, I think I got most of it sorted out though. My main question was regards to an adjusting entry of rent not paid, from a landlords point of view. The question said the rent of 5000 was not paid and not recorded. I wasn't sure at first if that meant that the unpaid part wasn't recorded or the whole thing. I came to the conclusion that nothing was recorded and debited A/R while crediting Rental Revenue. At first I had credited cash, thinking that it was already recorded in the revenue and was thought to have been paid but wasn't.
 

Facez

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Re: Anyone here know basic financial accounting?
« Reply #3 on: November 18, 2010, 02:19:16 PM »
Hmm... I'm not sure. I thought that you would minus the non-paid rent from the paid to get the final figure, unless the rent is expected to be received in the following year then you would add them. but you might have to ask someone with a little more knowledge than me because when i did financial management we only touched a little on A/R, Bad debts etc our course was very basic: regulations, constructing basic P&L's and balance sheets  since my course only required a little financial accounting knowledge.

Sorry that i couldn't offer more help
 

Shallow

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Re: Anyone here know basic financial accounting?
« Reply #4 on: November 18, 2010, 09:11:35 PM »
Hmm... I'm not sure. I thought that you would minus the non-paid rent from the paid to get the final figure, unless the rent is expected to be received in the following year then you would add them. but you might have to ask someone with a little more knowledge than me because when i did financial management we only touched a little on A/R, Bad debts etc our course was very basic: regulations, constructing basic P&L's and balance sheets  since my course only required a little financial accounting knowledge.

Sorry that i couldn't offer more help


No worries. Thanks for your time and effort. I think I answered it ok.
 

hansen55

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Re: Anyone here know basic financial accounting?
« Reply #5 on: January 19, 2011, 09:14:39 AM »
a. DR Cash 95,000 DR Bond Discount 5,000 CR Bonds Payable 100,000

b. A bond with a face value of 100 will be payable at 100. A bond issued at 95 will never be payable at 105.

c. Same problem as b

d. DR Cash 105,000 CR Bond Premium 5,000 CR Bonds Payable 100,000
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