On January 1, your company sold a 1-year subscription for $1,200
On January 1, your company sold a 1-year subscription for $1,200. The subscription term was from January 1 to December 31. How would you calculate Unearned Revenue on March 31?
SELECT ONLY ONE
$100 ~ 9
$1,200/3
$100 6
$1,200 / 12
$1,200
Homework Answers
Correct answer--------$100 x 9
.
On march 31, 9 months revenue will still be unearned and the revenue per month is (1200/12= $100).
3 Month's revenue will be recorded on march for $ 300.(100 x 3)
Problem 10-09A (Part 2) Oriole Company sold $3,250,000, 9%, 10-year bonds on January 1, 2022. The...
Problem 10-09A (Part 2)
Oriole Company sold $3,250,000, 9%, 10-year bonds on January 1,
2022. The bonds were dated January 1, 2022, and pay interest on
January 1. The company uses straight-line amortization on bond
premiums and discounts. Financial statements are prepared
annually.
Prepare the journal entries to record interest expense for 2022
under both of the bond issuances assuming they sold at: (1) 101 and
(2) 95. (Credit account titles are automatically
indented when amount is entered. Do not...
On January 1, 2020, Ivanhoe Ltd. sold on account 1,200 units of its product for a...
On January 1, 2020, Ivanhoe Ltd. sold on account 1,200 units of its product for a total price of $567,0000 and a cost of $489,000. The products have a one- year assurance-type warranty and Ivanhoe estimates that the cost will be $22,000. By the company's year-end December 31, 2020, actual warranty costs related to the products sold was $17,200, paid in cash. Prepare all appropriate journal entries including the sale of merchandise. (Credit account titles are automatically indented when the...
On August 1, 2009, a magazine publisher receives $24 cash for a year s subscription ending...
On August 1, 2009, a magazine publisher receives $24 cash for a year s subscription ending July 31, 2010. This transaction was originally recorded with a credit to Subscription Revenue. The adjusting entry on December 31, 2009, would be: Debit to Unearned Revenue, credit to Subscription Revenue for $14. Debit to Subscription Revenue, credit to Unearned Revenue for $14. Debit to Subscription Revenue, credit to Unearned Revenue for $10. Debit to Unearned Revenue, credit to Subscription Revenue for $10.
Sandhill Co. sold $3,190,000, 8%, 10-year bonds on January 1, 2022. The bonds were dated January...
Sandhill Co. sold $3,190,000,
8%, 10-year bonds on January 1, 2022. The bonds were dated January
1, 2022, and pay interest on January 1. The company uses
straight-line amortization on bond premiums and discounts.
Financial statements are prepared annually.
List of Accounts Problem 10-09A Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Accrued Pension Liability Bonds Payable Buildings Cash Common Stock Cost of Goods Sold Current Portion of Long-Term Debt Depreciation Expense Discount on Bonds Payable Dividends Equipment Federal Income Taxes...
Chinchillas R Chill magazine company’s Unearned Revenue account had a balance of $25,400 on January 1,...
Chinchillas R Chill magazine company’s Unearned Revenue account had a balance of $25,400 on January 1, 2016. On December 31, 2016, as part of the adjusting entry, they recognized Subscription revenue of $29,600. The December 31, 2016 balance of the Unearned Revenue account was $24,600. What must have been the amount of cash received by the Chinchillas R Chill magazine company from customers during the year 2016? Select one: A. $28,800 B. $29,600 C. $30,400 D. $20,400
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200....
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies: $200 of supplies expense $1,400 of supplies: $2,000 of supplies expense...
On November 1, George prepaid for one year of insurance for $1,200. Record the following journal...
On November 1, George prepaid for one year of insurance for $1,200. Record the following journal entries. Accounts used Cash, Prepaid Insurance, Insurance Expense. The prepayment on November 1. journal entry Accounts Debit Credit The adjustment for used insurance at December 31 (2 months). journal entry The adjustment for used insurance at December 31 (2 months). journal entry Accounts Debit Credit On October 1, Sponge Bob, Inc. received $240 up front from a customer for a yearly magazine subscription. Magazines...
On March 1, 2020, Starkey Co sells a three year subscription for $1,800 cash. Starkey's journal...
On March 1, 2020, Starkey Co sells a three year subscription for $1,800 cash. Starkey's journal entry on March 1, 2020 would be a debit to ______ for ______ and a credit to _______ for _________ First Blank: Cash, Accrued Revenue, Unearned Revenue, or Accounts Receivable Second Blank: 50, 1800, or 900 Third Blank: Accrued Revenue, Cash, Unearned Revenue, or Accounts Receivable Fourth Blank:50, 600, 1800
Chapter 3 Homework Prepare adjusting entries for the Smith Company, which provides market research services, as...
Chapter 3 Homework Prepare adjusting entries for the Smith Company, which provides market research services, as of December 31 of the current year. 1) On November 1, Smith paid an insurance premium covering six months in the amount of $18,000, and recorded the payment in the Prepaid Insurance account >> The company started the year with $11,000 in the Office Supplies account, and purchased $4,000 more during the year, but a count at December 31 showed that $2,000 were on...
Livermore Company sold $880,000 of 6%, 10-year bonds at 96 on January 1, 2021. The bonds...
Livermore Company sold $880,000 of 6%, 10-year bonds at 96 on January 1, 2021. The bonds were dated January 1, 2021 and pay interest on June 30 and December 31. If Livermore uses the straight-line amortization, what would the total interest expense recognized for the bond issue over its full term? (Do not add dollar sign; do not add comma by yourself to your amount; round the answer to the whole number)
Problem 10-09A (Part 2)
Oriole Company sold $3,250,000, 9%, 10-year bonds on January 1,
2022. The bonds were dated January 1, 2022, and pay interest on
January 1. The company uses straight-line amortization on bond
premiums and discounts. Financial statements are prepared
annually.
Prepare the journal entries to record interest expense for 2022
under both of the bond issuances assuming they sold at: (1) 101 and
(2) 95. (Credit account titles are automatically
indented when amount is entered. Do not...
On January 1, 2020, Ivanhoe Ltd. sold on account 1,200 units of its product for a total price of $567,0000 and a cost of $489,000. The products have a one- year assurance-type warranty and Ivanhoe estimates that the cost will be $22,000. By the company's year-end December 31, 2020, actual warranty costs related to the products sold was $17,200, paid in cash. Prepare all appropriate journal entries including the sale of merchandise. (Credit account titles are automatically indented when the...
Sandhill Co. sold $3,190,000,
8%, 10-year bonds on January 1, 2022. The bonds were dated January
1, 2022, and pay interest on January 1. The company uses
straight-line amortization on bond premiums and discounts.
Financial statements are prepared annually.
List of Accounts Problem 10-09A Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Accrued Pension Liability Bonds Payable Buildings Cash Common Stock Cost of Goods Sold Current Portion of Long-Term Debt Depreciation Expense Discount on Bonds Payable Dividends Equipment Federal Income Taxes...
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies: $200 of supplies expense $1,400 of supplies: $2,000 of supplies expense...
On November 1, George prepaid for one year of insurance for $1,200. Record the following journal entries. Accounts used Cash, Prepaid Insurance, Insurance Expense. The prepayment on November 1. journal entry Accounts Debit Credit The adjustment for used insurance at December 31 (2 months). journal entry The adjustment for used insurance at December 31 (2 months). journal entry Accounts Debit Credit On October 1, Sponge Bob, Inc. received $240 up front from a customer for a yearly magazine subscription. Magazines...
Chapter 3 Homework Prepare adjusting entries for the Smith Company, which provides market research services, as of December 31 of the current year. 1) On November 1, Smith paid an insurance premium covering six months in the amount of $18,000, and recorded the payment in the Prepaid Insurance account >> The company started the year with $11,000 in the Office Supplies account, and purchased $4,000 more during the year, but a count at December 31 showed that $2,000 were on...
Livermore Company sold $880,000 of 6%, 10-year bonds at 96 on January 1, 2021. The bonds were dated January 1, 2021 and pay interest on June 30 and December 31. If Livermore uses the straight-line amortization, what would the total interest expense recognized for the bond issue over its full term? (Do not add dollar sign; do not add comma by yourself to your amount; round the answer to the whole number)
Most questions answered within 3 hours.
-
3) What are the typical social structures in a global city?
asked 1 hour ago -
Luther Corporation
Consolidated Balance Sheet
December 31, 2019 and 2018 (in $ millions)
Assets
2019
2018...
asked 1 hour ago -
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 4 hours ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 5 hours ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 5 hours ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 6 hours ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 7 hours ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 7 hours ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 8 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 8 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 8 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 9 hours ago