Homework Answers
Journal entry
| date | account title and explanation | Debit | Credit |
| July 1 | Prepaid insurance | 14000 | |
| cash | 14000 | ||
| Dec 31 | Insurance expense | 7000 | |
| Prepaid insurance | 7000 | ||
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For Oriole Company, journalize the entry on July 1 and the annual adjusting entry on December...
On July 1, 2022. Oriole Company pays $14,000 to Carla Vista Co.for a 1-year insurance contract....
On July 1, 2022. Oriole Company pays $14,000 to Carla Vista Co.for a 1-year insurance contract. Both companies have fiscal years ending December 31. For Oriole Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do...
For Oriole Company, journalize the entry on July 1 and adjusting entry on December 31. (Record...
For Oriole Company, journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepaid Insurance 0,000 Cash 0,000 Dec. 31 Insurance Expense 00 Prepaid Insurance I...
- Your answer is partially correct. On July 1, 2020, Monty Co. pays $15,420 to Flounder...
- Your answer is partially correct. On July 1, 2020, Monty Co. pays $15,420 to Flounder Insurance Co.for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Monty Co., journalize the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts. Record journal entries...
Brief Exercise 4-6 (Part Level Submission) On July 1, 2017, Crane Company pays $19,000 to Oriole...
Brief Exercise 4-6 (Part Level Submission) On July 1, 2017, Crane Company pays $19,000 to Oriole Company for a 2-year Insurance contract. Both companies have fiscal years ending December 31 your answer is partially correct. Try again. For Crane Company, journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. Ir no entry required select "No Entry" for the account titles and enter o for the amounts. Credit...
On July 1, 2017, Pharoah Company pays $24,000 to Crane Company for a 1-year insurance contract....
On July 1, 2017, Pharoah Company pays $24,000 to Crane Company for a 1-year insurance contract. Both companies have fiscal years ending December 31 For Pharoah Company. journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. De not indent...
On July 1, 2021. Blossom Company bursa three-year insurance policy for $15,300. Blossom Company has a...
On July 1, 2021. Blossom Company bursa three-year insurance policy for $15,300. Blossom Company has a December 31 year and Journalize the purchase of the insurance policy. Credit accountities are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 1 e Textbook and Media List of Accounts Prepare the year-end adjusting entry for the...
On July 1, 2022, Blossom Company pays $15,624 to Sheridan Company for a 2-year insurance contract....
On July 1, 2022, Blossom Company pays $15,624 to Sheridan
Company for a 2-year insurance contract. Both companies have fiscal
years ending December 31.
For Blossom Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Debit Credit Account Titles and Explanation Unearned Service Revenue July 1 15624 1562...
Sunland Advertising Company's trial balance at December 31 shows Supplies 56,900 and Supplies Experse $0 On...
Sunland Advertising Company's trial balance at December 31 shows Supplies 56,900 and Supplies Experse $0 On December 31, there are $2,800 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Credit Date Account Titles and Explanation Debit Dec. 31 Supplies Supplies Expense...
Assume the company does use reversing entries. Prepare the December 31 adjusting entry, the January 1...
Assume the company does use reversing entries. Prepare the
December 31 adjusting entry, the January 1 reversing entry, and the
entry on Monday, January 6, when Crane pays the payroll.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)
Your answer is correct. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when...
Exercise 11-16 Presented below is information related to equipment owned by Oriole Company at December 31,...
Exercise 11-16 Presented below is information related to equipment owned by Oriole Company at December 31, 2017. $11,070,000 Cost Accumulated depreciation to date 1,230,000 Expected future net cash flows 8,610,000 Fair value 5,904,000 Assume that Oriole will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry...
On July 1, 2022. Oriole Company pays $14,000 to Carla Vista Co.for a 1-year insurance contract. Both companies have fiscal years ending December 31. For Oriole Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do...
For Oriole Company, journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepaid Insurance 0,000 Cash 0,000 Dec. 31 Insurance Expense 00 Prepaid Insurance I...
- Your answer is partially correct. On July 1, 2020, Monty Co. pays $15,420 to Flounder Insurance Co.for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Monty Co., journalize the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts. Record journal entries...
Brief Exercise 4-6 (Part Level Submission) On July 1, 2017, Crane Company pays $19,000 to Oriole Company for a 2-year Insurance contract. Both companies have fiscal years ending December 31 your answer is partially correct. Try again. For Crane Company, journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. Ir no entry required select "No Entry" for the account titles and enter o for the amounts. Credit...
On July 1, 2017, Pharoah Company pays $24,000 to Crane Company for a 1-year insurance contract. Both companies have fiscal years ending December 31 For Pharoah Company. journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. De not indent...
On July 1, 2021. Blossom Company bursa three-year insurance policy for $15,300. Blossom Company has a December 31 year and Journalize the purchase of the insurance policy. Credit accountities are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 1 e Textbook and Media List of Accounts Prepare the year-end adjusting entry for the...
On July 1, 2022, Blossom Company pays $15,624 to Sheridan
Company for a 2-year insurance contract. Both companies have fiscal
years ending December 31.
For Blossom Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Debit Credit Account Titles and Explanation Unearned Service Revenue July 1 15624 1562...
Sunland Advertising Company's trial balance at December 31 shows Supplies 56,900 and Supplies Experse $0 On December 31, there are $2,800 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Credit Date Account Titles and Explanation Debit Dec. 31 Supplies Supplies Expense...
Assume the company does use reversing entries. Prepare the
December 31 adjusting entry, the January 1 reversing entry, and the
entry on Monday, January 6, when Crane pays the payroll.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem.)
Your answer is correct. Assume the company does not use reversing entries. Prepare the December 31 adjusting entry and the entry on Monday, January 6, when...
Exercise 11-16 Presented below is information related to equipment owned by Oriole Company at December 31, 2017. $11,070,000 Cost Accumulated depreciation to date 1,230,000 Expected future net cash flows 8,610,000 Fair value 5,904,000 Assume that Oriole will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry...
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