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Vertigo Company paid $10,000 on July 1, 2009, for a two-year insurance policy. It was recorded...
New Waves Company paid $3,600 on April 1, 2009, for a three-year insurance policy. It was...
New Waves Company paid $3,600 on April 1, 2009, for a three-year insurance policy. It was recorded as prepaid insurance. Use the accounting equation to show the adjustment New Waves will make to properly report expenses when preparing the December 31, 2009, financial statements. (Assume no previous adjustments to prepaid insurance have been made.) (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines.) Assets Liabilities + Shareholders' Equity Contributed Capital + Retained Earnings...
a. Marie and Paula opened up The Friendly Fisherman by contributing $23,100 on July 1, 2009,...
a. Marie and Paula opened up The Friendly Fisherman by contributing $23,100 on July 1, 2009, in exchange for common stock. b. The firm borrowed $12,000 from the bank on July 1. The note is a 3-year, 8% note, with both principal and interest to be repaid on June 30, 2010. C. The firm prepaid a year of rent for $1,100 that started August 1, 2009. d. The firm paid $950 cash for operating expenses for the first month. e....
Prepaid insurance $ 22,100 24,300 Prepaid rent Interest receivable Salaries payable 0 Unearned revenue 48,000 Interest...
Prepaid insurance $ 22,100 24,300 Prepaid rent Interest receivable Salaries payable 0 Unearned revenue 48,000 Interest revenue 17,000 • The insurance policy indicates that on December 31, 2010, only five months remain on the 18-month policy that originally cost $23,400 (purchased on December 1, 2009). • Sonoma's has a note receivable with $3,000 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid...
$ Prepaid insurance Prepaid rent 3,750 26,100 Interest receivable Salaries payable Unearned revenue 33,000 Interest revenue...
$ Prepaid insurance Prepaid rent 3,750 26,100 Interest receivable Salaries payable Unearned revenue 33,000 Interest revenue 11,000 • The insurance policy indicates that on December 31, 2010, only three months remain on the 48-month policy that originally cost $12,000 (purchased on April 1, 2007). • Brenda's has a note receivable with $3,600 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid in...
a. Susan and Lucy opened up Gardening Made Easy by contributing $23,800 on July 1, 2009,...
a. Susan and Lucy opened up Gardening Made Easy by contributing $23,800 on July 1, 2009, in exchange for common stock. b. The firm borrowed $17,000 from the bank on July 1. The note is a 3-year, 8% note, with both principal and interest to be repaid on June 30, 2010. C. The firm prepaid a year of rent for $1,350 that started August 1, 2009. d. The firm paid $975 cash for operating expenses for the first month. e....
16) On January 1, a business purchased a five-year insurance policy for $2,500 with coverage starting...
16) On January 1, a business purchased a five-year insurance policy for $2,500 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end. Draw the T-account for Prepaid Insurance to show the this adjustment. 17) Grayson Inc. leased a portion of its store to another company for 10 months beginning on July 1, at a monthly rate of $700. Grayson collected the entire $7,000 cash on July 1...
A firm purchased a three-year insurance policy for $13,500 on July 1, 2019. The $13,500 was...
A firm purchased a three-year insurance policy for $13,500 on July 1, 2019. The $13,500 was debited to the Prepaid Insurance account. What adjustment should be made to record expired insurance on the firm’s July 31, 2019, worksheet?
1 Show how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 sha...
1
Show how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 shares of $0.02 par value common stock for cash of $99,750 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share Purchased 1,000 shares of treasury stock for $3.00 per share i.e., the company bought its own common stock in the stock market) Show how each transaction would affect the accounting equation. Some of the...
Enter each transaction into the accounting equation. Begin by entering transaction a. Then, enter each transaction...
Enter each transaction into the accounting equation. Begin by
entering transaction a. Then, enter each transaction in the order
they occurred. (Use parentheses or a minus sign when entering
account decreases. Use only the necessary input lines.)
i Transactions Marlene and Pamela opened up MP Public Relations Firm by contributing $22,750 on July 1, 2009, in exchange for common stock. The firm borrowed $15,000 from the bank on July 1 . The note is a 1-year, 10% note, with both...
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded...
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 21 2019 adjusting entry is: A. Debit Insurance Expense and credit Prepaid insurance 5094, B. Debit Insurance Expense and credit Prepaid Insurance $2,414, C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit Prepaid Insurance and credit Insurance Expense $2,414,
New Waves Company paid $3,600 on April 1, 2009, for a three-year insurance policy. It was recorded as prepaid insurance. Use the accounting equation to show the adjustment New Waves will make to properly report expenses when preparing the December 31, 2009, financial statements. (Assume no previous adjustments to prepaid insurance have been made.) (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines.) Assets Liabilities + Shareholders' Equity Contributed Capital + Retained Earnings...
a. Marie and Paula opened up The Friendly Fisherman by contributing $23,100 on July 1, 2009, in exchange for common stock. b. The firm borrowed $12,000 from the bank on July 1. The note is a 3-year, 8% note, with both principal and interest to be repaid on June 30, 2010. C. The firm prepaid a year of rent for $1,100 that started August 1, 2009. d. The firm paid $950 cash for operating expenses for the first month. e....
Prepaid insurance $ 22,100 24,300 Prepaid rent Interest receivable Salaries payable 0 Unearned revenue 48,000 Interest revenue 17,000 • The insurance policy indicates that on December 31, 2010, only five months remain on the 18-month policy that originally cost $23,400 (purchased on December 1, 2009). • Sonoma's has a note receivable with $3,000 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid...
$ Prepaid insurance Prepaid rent 3,750 26,100 Interest receivable Salaries payable Unearned revenue 33,000 Interest revenue 11,000 • The insurance policy indicates that on December 31, 2010, only three months remain on the 48-month policy that originally cost $12,000 (purchased on April 1, 2007). • Brenda's has a note receivable with $3,600 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid in...
a. Susan and Lucy opened up Gardening Made Easy by contributing $23,800 on July 1, 2009, in exchange for common stock. b. The firm borrowed $17,000 from the bank on July 1. The note is a 3-year, 8% note, with both principal and interest to be repaid on June 30, 2010. C. The firm prepaid a year of rent for $1,350 that started August 1, 2009. d. The firm paid $975 cash for operating expenses for the first month. e....
16) On January 1, a business purchased a five-year insurance policy for $2,500 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end. Draw the T-account for Prepaid Insurance to show the this adjustment. 17) Grayson Inc. leased a portion of its store to another company for 10 months beginning on July 1, at a monthly rate of $700. Grayson collected the entire $7,000 cash on July 1...
1
Show how each of the following transactions affects the accounting equation: March 1 April 1 June 30 Issued 75,000 shares of $0.02 par value common stock for cash of $99,750 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share Purchased 1,000 shares of treasury stock for $3.00 per share i.e., the company bought its own common stock in the stock market) Show how each transaction would affect the accounting equation. Some of the...
Enter each transaction into the accounting equation. Begin by
entering transaction a. Then, enter each transaction in the order
they occurred. (Use parentheses or a minus sign when entering
account decreases. Use only the necessary input lines.)
i Transactions Marlene and Pamela opened up MP Public Relations Firm by contributing $22,750 on July 1, 2009, in exchange for common stock. The firm borrowed $15,000 from the bank on July 1 . The note is a 1-year, 10% note, with both...
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 21 2019 adjusting entry is: A. Debit Insurance Expense and credit Prepaid insurance 5094, B. Debit Insurance Expense and credit Prepaid Insurance $2,414, C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit Prepaid Insurance and credit Insurance Expense $2,414,
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