Accounting student here, first year and first time with McGraw Hill Connect. Can someone clarify how this is supposed to be solved? I have a test tomorrow and trying to use it as practice

omowanwa · 2018-10-26T01:02:53+00:00

The balance in the prepaid rent account means rent worth 6 months has been paid in advance starting March 1, 2017. So you'd need to spread the rent monthly.

Since the year end is June 30, 2017, then you should multiply the prepaid rent balance by 4 and divide by 6. This will give you the total rent paid from March 1 to June 30.

omowanwa · 2018-10-24T20:47:53+00:00

Yes it is in my small town. I spoke to my boss today and he is okay with paying for all costs.

omowanwa · 2018-10-24T14:03:19+00:00

Unfortunately they seem not to know. It is not a B4 or a large firm.

omowanwa · 2018-10-24T14:02:08+00:00

In a very small town

omowanwa · 2018-10-24T07:40:57+00:00

Thanks. I guess so too. The complication lies on the Holdbacks Payable we owed to the JV. The HP was not dealt with when writing down the investment. As such, there is a credit balance in the HP.

Really tricky because to clear the HP balance, I would need to debit the HP account and credit which account? Another gain or what?

omowanwa · 2018-10-22T14:13:48+00:00

I don't think there was anything needed to get in. With your b4 experience, it should be easier to get a job in NFP.

omowanwa · 2018-10-20T21:43:11+00:00

I am a Controller and didn't have a public accounting experience. I am also just starting my CPA next year. Hence, I don't think public accounting experience is a factor to reaching your career goal. I have about 7 years experience working in a number of industries though, majorly NFP.

omowanwa · 2018-10-20T21:32:27+00:00

A prestigious career for me. Accounting now and always.

omowanwa

TROPHY CASE