2(a) | |||
Transaction | General Journal | Debit | Credit |
1) | No journal entry required | ||
2) | Prepaid Rent | 3200 | |
Rent Expenses (9600/3 x 1) | 3200 | ||
3) | No journal entry required | ||
4) | No journal entry required | ||
5) | No journal entry required | ||
6) | Supplies | 3850 | |
Supplies expense | 3850 | ||
2(b) | |||
Transaction | General Journal | Debit | Credit |
1) | Interest receivable ($91000 x 8% x 3/12) | $ 1,820.00 | |
Interest revenue | $ 1,820.00 | ||
2) | No journal entry required | ||
3) | No journal entry required | ||
4) | No journal entry required | ||
5) | Salaries expense | $ 9,200.00 | |
Salaries Payable | $ 9,200.00 | ||
6) | No journal entry required | ||
3) | |||
Transaction | General Journal | Debit | Credit |
1) | Interest receivable ($91000 x 8% x 3/12) | $ 1,820.00 | |
Interest revenue | $ 1,820.00 | ||
2) | No journal entry required | ||
3) | No journal entry required | ||
4) | No journal entry required | ||
5) | Salaries expense | $ 9,200.00 | |
Salaries Payable | $ 9,200.00 | ||
6) | No journal entry required |
Exercise 2-23 Reversing entries (Appendix 2B] Prepare the necessary adjusting entries at December 31, 2018, for...
Check my work Exercise 2-9 (Algo) Adjusting entries (LO2-6] The following transactions occurred during December 31, 2021, for the Microchip Company. 10 points 1. On October 1, 2021, Microchip lent $99,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $12,000 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $112,500 to another company. A note was signed with principali 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $5,200 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $10,400 in advance rent from another company that is renting a portion...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $99,000 to another company. A note was signed with principal and 10% Interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $12,000 representing rent for the months of November through January Prepaid rent was debited. 3. On August 1, 2021, collected $18,000 in advance rent from another company that is renting a...
Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. 1. On October 1, 2018, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2019. 2. On November 1, 2018, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid...
The following transactions occurred during December 31, 2021, for the Microchip Company 1. On October 1, 2021, Microchip lent $110,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $5,000 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $10,000 in advance rent from another company that is renting a...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $92,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022 2. On November 1, 2021, the company paid its landlord $9,900 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $15,900 in advance rent from another company that is renting a...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies totaling $14,200 were purchased on December 1, 2016, and debited to the Supplies account). b. Expired insurance, 56,300 on December 1, 2016, the firm paid $37,800 for six months insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $3,900.TLES Prepare the journal entries for the above adjustments View transaction list Journal entry worksheet Prepare the adjusting entry...
Connect er 2 homework Saved Help Exercise 2-21 (Algo) Reversing entries (Appendix 2B) ok 1 The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Salaries are earned evenly throughout the five-day work week, and $11,000 will be paid on Friday, July 2. Required: 1. Prepare an adjusting entry to record the accrued salaries as of June 30, a reversing entry on July 1, and...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
E2-9 Adjusting entries LO2-6 Prepare the necessary adjusting entries at December 31, 2021, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded 1. On October 1, 2021, Microchip lent $90.000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022 2. On November 1, 2021, the company paid its landlord $6,000 representing rent for...