Homework Answers
Solution:
A. Accounting Entry
| Date | General Journal | Debit | Credit |
| Jan. 1,20-1 | Prepaid License | $ 720 | |
| Cash/Bank | $ 720 | ||
| (Being prepaid license) |
B. Prepaid License as on Sept. 30, 20-1 is $ 180.
| Prepaid License | |||
| Jan. 1,20-1 | $ 720 | Sept. 30, 20-1 | $ 540 |
| End Balance | $ 180 | ||
C.Truck License Expense for the fiscal year ending Sept. 30, 20-1. = $ 540
| Truck License Expense | |||
| Sept. 30, 20-1 | $ 540 | ||
| End Balance | $ 540 | ||
D. Adjustment Entry as on Sept. 30, 20-1
| Sept. 30, 20-1 | Truck License Expense | $ 1,250 | |
| Prepaid License | $ 1,250 | ||
| [ Being Truck license expense] |
E. Balance of prepaid license after recording the transaction on Jan. 1,20-2 is $ 900.
| Prepaid License | |||
| Beg Balance | $ 180 | ||
| Jan. 1,20-2 | $ 720 | ||
| Balance | $ 900 | ||
F. Value of prepaid license as on Sept. 30, 20-2 is $
180
| Prepaid License | |||
| Beg Balance | $ 180 | Sept. 30, 20-2 | $ 720 |
| Jan. 1,20-2 | $ 720 | ||
| Balance | $ 180 | ||
G. Truck License Expense for the fiscal year ending Sept. 30, 20-2. = $ 720
| Truck License Expense | |||
| Sept. 30, 20-1 | $ 720 | ||
| End Balance | $ 720 | ||
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