Homework Answers
fastforward paid $2400 for insurance for 24 months
hence $1200 belong to the current year 2018 insurance expense,
however $1200 belong to next year insurance expense that is 2019
hence $1200 is prepaid insurance
the journal entry for this would be
insurance expense dr. $2400
to cash $1200
to prepaid insurance $1200
adjusting entry for prepaid insurance account that shows an openeing balance of $2400 would be
insurance account dr. $1200
to prepaid inusrance $1200
(to reduce the balance in prepaid insurance account to $1200 which was $2400 debit)
| opening balance | 2400 | adjusting entry |
1200 |
| closing balance | 1200 |
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please correct the general journal transactions. i have completed most of the transactions. transactions 12, 20,...
please correct the general journal transactions. i have
completed most of the transactions. transactions 12, 20, 21, 27,
and 32 have issues. then record the closing entry for revenues,
expenses, and cash dividends for transactions 35,36, and 37 if
necessary
On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 20,000 shares of common stock for $1 each. Each share of stock represents...
please complete all required parts and add corrections for the general journal. heres a list of...
please complete all required parts and add corrections for the
general journal.
heres a list of the transactions that should be fixed or
added. i finished most of the journal entry
N Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four person teams...
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i have already completed most of the work. please use the pictures i used of the...
i have already completed most of the work. please use the
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Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person...
Convert to SmartArt- n o Arrange Quick - Styles Shape Effects Select- Paragraph Drawing Editing Click to add title Data for Sherman, Inc. are as follows: Net Sales Cost of Goods Sold Selling and Administrative Expenses Other Expenses Income Tax 2017 $850,000 635,000 50,000 20,000 40,000 2016 $798,000 580,000 35,000 15,000 55,000 Prepare a horizontal analysis of the comparative income statement of Sherman, Inc. (Round to one decimal place.) Use a multi-step income statement NOTES COMMENTS B -
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Help with adjusting entries.
M N O А B C D E F H K L 1 (LO 2, 3) The Blue Thumb Lawn Care Company began operations on April 1. At April 30, the trial balance shows the following balances for selected accounts. 2 3 Prepaid Insurance 3,600 4 Equipment 28,000 5 Notes Payable 20,000 6 Unearned Service Revenue 4,200 7 Service Revenue 1,800 8 9 Analysis reveals the following additional data. 10 1.Prepaid insurance is the cost of...
please correct the general journal transactions. i have
completed most of the transactions. transactions 12, 20, 21, 27,
and 32 have issues. then record the closing entry for revenues,
expenses, and cash dividends for transactions 35,36, and 37 if
necessary
On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 20,000 shares of common stock for $1 each. Each share of stock represents...
please complete all required parts and add corrections for the
general journal.
heres a list of the transactions that should be fixed or
added. i finished most of the journal entry
N Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four person teams...
SPECIFIC REQUIREMENTS: 1) Provided on the next page is the trial balance of the RoyalCrest Golf Club, Inc. as of December 31, 2019. They prepare adjusting entries and close their books annually on December 31". Create T-accounts (or general ledger accounts) for each account listed in the trial balance, and enter the balances from the trial balance into your T-accounts (or general ledger accounts) --- and allow a few lines per account. (FYI: I recommend using T-accounts due to their...
i have already completed most of the work. please use the
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