Homework Answers
| Prepaid Insurance Expenses | ||||
| = $72000*6 month/12 month | $ 36,000 | |||
| Prepaid Estate Taxes | $ 18,000 | |||
| = $24000*9 months/12 month | ||||
| Total Prepaid Expenses | $ 54,000 | |||
| Correct Option: THIRD | ||||
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Problem13 40 Chapter 1 5. The electric bill for the period of December 15, 20X5, through...
Problem13
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1. Record the entry for insurance expense if, on July 1, 2018, a
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3....
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de. Round a Prepare an income statement figures to the nearest $1. Problem 25 The Kaminski...
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Problem13
40 Chapter 1 5. The electric bill for the period of December 15, 20X5, through January 10, 20X6 totaled $320. It has not been recorded and will be paid on January 15, 20x6. Required: For each situation, prepare the adjusting entry to record the proper expense for addition, prepare the journal entry to write off the two uncollectible accounts. Problem 14 Below is a list of the 20X3 activities/transactions for Emily's Eatery: 1. A fire insurance policy for July...
1. Record the entry for insurance expense if, on July 1, 2018, a
two-year insurance premium on equipment in the amount of $504 was
paid and debited in full to Prepaid Insurance on that date.
Coverage began on July 1.
2. Record the entry for supplies expense if, at the end of 2018,
the unadjusted balance in the Supplies account was $1,000. A
physical count of supplies on December 31, 2018, indicated supplies
costing $260 were still on hand.
3....
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de. Round a Prepare an income statement figures to the nearest $1. Problem 25 The Kaminski Motel (KM) has two major operated departments: rooms and food. The following information is supplied to you as of December 31, 20X2. Accounts Balance Account Jannol 24 Insurance (fire) Rooms Department-Salaries and Wages Food Department-Salaries and Wages abon oH Supplies and Other-Food Department 90,000 60,000 ni bt 20,000 65,000 550,000 euvni Food Purchases Room Sales Interest Income Cost of Food Sold Food Sales Administrative...
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