Home » Financial accounting 1 | Accounting homework help

Financial accounting 1 | Accounting homework help

Jassal Music Inc. is located in Edmonton, Alberta, and reports its financial information using IFRS. You were recently hired as the company’s chief accountant to fill a long-standing vacancy. Your review of the accounting records for the year ended December 31, 20X4, has uncovered the following transactions:

1. Jassal renewed the commercial and business insurance policy in August 20X4 for the year commencing September 1, 20X4. The company recorded the $25,500 payment as a prepaid expense.

2. The company rents instruments to schools and has contracts with customers in the school rental program that run for the full academic year (September to June). Customers pay the yearly fee in advance for the instrument rentals. In September 20X4, the company received $80,000 cash and recorded it as rental income.

3. On January 1, 20X4, Jassal received an $18,000, 0% note receivable from Ryan Tower Inc., in exchange for a delivery vehicle Jassal no longer needed. Ryan Tower is repaying the note in three equal instalments of $6,000, with the first payment due January 1, 20X5. The market rate of interest when the note was received was 5% per annum. The sale of the vehicle was correctly recorded.

4. During the 20X4 fiscal year, Jassal sold a violin that usually retails for $1,650 from its inventory of new instruments. In exchange, Jassal received a computer system that normally sells for its fair value of $1,800. The cost of the violin was $1,500. The transaction has not yet been recorded.


Prepare year-end adjusting entries for transactions 1 to 3 and the required entry for transaction 4.

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more