Homework Answers
Required adjusting entry is:
| Date | General Journal | Debit | Credit |
| Dec 31 | Depreciation | $12000 | |
| Accumulated Depreciation | $12000 | ||
| (for current years' depreciation on equipment) |
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6 part question Saved Exercise 3-3 Preparing adjusting entries LO P1 a. Depreciation on the company's...
6
part question
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The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock's fiscal year-end is December 31 1. On July 1, 2021. Gamecock receives $5.900 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock's depreciable equipment has a cost of $34,500, a five-year life, and no salvage value. The equipment is depreciated evenly straight-line depreciation method) over...
Saved wwuy CAPCSODUI wivuvuvwCC. Prepare adjusting journal entries for the year ended (date of) December 31 for each of these View transaction list Journal entry worksheet One-fifth of the work related to $10,000 of cash received in advance was performed this period. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Prev 3 of 4 Ne
Saved pare adjusting journal entries for the year ended (date of) December 31 for each of thes View transaction list Journal entry worksheet < 0 2 3 4 5 6 The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,330 of unexpired insurance coverage remains. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry...
Prepare the necessary adjusting entries for each of the above situations. Assume that n the year and no adjusting entries were recorded. (If no entry is required for a transactie the first account field.) View transaction list Journal entry worksheet < 2 3 6 On August 1, 2021, collected $12,000 in advance rent for one year. Deferred rent revenue was credited for the entire amount. Note: Enter debits before credits. Transaction General Journal Deferred rent revenue Debit Credit 3 Record...
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Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $14,000. b. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,440 of unexpired insurance coverage remains. c. The Office Supplies account had a $390 debit balance at the beginning of the year; and $2,680 of office...
For each of the above separate cases, prepare adjusting entries required of financial stal December 31 View transaction list Journal entry worksheet < 0 * 435 The company has earned (but not recorded) $750 of interest revenue for the year ended December 31. The interest payment will be received on 10 days after the year-end January 10. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general jour < Prey 2 of 4 !
Save for each of the above separate cases, prepare adjusting entries required of financial statements December 31. View transaction list Journal entry worksheet The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Prey 2 of...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $16,000. b. The Prepaid Insurance account had a $7000 debit balance at December 31 before adjusting for the costs of any expired coverage An analysis of the company's insurance policies showed that $1700 of unexpired insurance coverage remains c. The Office Supplies account had a $280 debit balance at the beginning of the year, and $2,680 of office...
6
part question
Saved Exercise 3-3 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is computed to be $17,000. b. The Prepald Insurance account had a $7,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policles showed that $1,800 of unexptred insurance coverage remains c. The Office Supplies account had a $390 debit balance on December 31, 2016; and $2,680 of office...
The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock's fiscal year-end is December 31 1. On July 1, 2021. Gamecock receives $5.900 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock's depreciable equipment has a cost of $34,500, a five-year life, and no salvage value. The equipment is depreciated evenly straight-line depreciation method) over...
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