Homework Answers
As per the given question, journal enteries has been passed in the supporting sheet. For d point since the rate expense relates to 2018 hence to be booked in same year represented in the journal entry. For point e 3 months interest has been booked in year 2018 and shown as interest payable in the supporting entry. For point f intial entry posted has been presented in sheet
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Fastcom Ltd. is a company that provides mobile communication services. It adjusts and closes its books...
Trying to solve for B and E. Jesse Company adjusts its accounts monthly and closes its...
Trying to solve for B and E.
Jesse Company adjusts its accounts monthly and closes its accounts on December 31. On October 31, year 1, Jesse Company signed a note payable and borrowed $120,000 from a bank for a period of six months at an annual interest rate of 6 percent. a. How much is the total interest expense over the life of the note? How much is the monthly interest expense? (Assume equal amounts of interest expense each month.)...
Nandi Corporation adjusts and closes its accounts each December 31. The following 5 items may require...
Nandi Corporation adjusts and closes its accounts each December 31. The following 5 items may require adjustment at December 31, 2019, the corporation's accounting year-end: 1. Prepaid insurance at December 31, 2018 was $5,900. At year-end 2019 Nandi Corporation was informed by its insurance broker that exactly $18,200 of insurance expense was incurred by Nandi in 2019. During 2019 Nandi Corporation made payments of $16,000 which were debited to the insurance expense account. 2. The allowance for doubtful accounts has...
Accounting Help The general ledger of Michelle Company Ltd. showed a cash balance of $21,195 on...
Accounting Help
The general ledger of Michelle Company Ltd. showed a cash balance of $21,195 on 31 December 20X2, while the bank showed a balance of $60,600. The following facts were available: a. The bank collected $12,160 as a direct deposit for one of Michelle's customer as a payment on account. A $30 fee was charged by the bank for administration. Michelle has yet to record either of these amounts. b. Michelle paid a utilities bill of $460 through direct...
5. Several transactions for Kincaid Co. are presented below. The company adjusts its books only at...
5. Several transactions for Kincaid Co. are presented below. The company adjusts its books only at its year-end, December 31. (8 pts.) On February 1, Kincaid Co. leased a warehouse to another company for $48,000 for a three-year period. Kincaid Co. received a check for $48,000 on February 1, and credited Rent Income for the full amount of the check. What adjustment is required on December 31, to reflect the correct amount of rent earned for the period from February...
Required information (The following information applies to the questions displayed below.) Dyer, Inc., completed its first...
Required information (The following information applies to the questions displayed below.) Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $113,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense $28,400 Repairs and Maintenance Expense 12,900 Rent Expense 8,900 Utilities Expense 3,900 Travel Expense 2,900 Total Expenses Income 57,000 $ 56,500 You are an independent CPA hired...
1) Sussex Ltd Advisory Sussex Ltd is a company that provides consulting services for firms in...
1) Sussex Ltd Advisory Sussex Ltd is a company that provides consulting services for firms in the wine making industry. On 1 March 2015 Sussex Ltd receives a non-refundable upfront fee of $120,000 in cash from Harrington Ltd. Under the agreement with Harrington Ltd, Sussex Ltd must provide on-going advice services until 1 March 2016. Sussex Ltd team of advisers that works on the Harrington advisory engagement is paid $5,000 a month. Sussex Ltd has a financial year-end date of...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2018. a two-year insurance premium on equipment in the amount of $792 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company’s records and related documents: On July 1, 2018, a two-year insurance premium on equipment in the amount of $740 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. At the end of 2018, the unadjusted balance in the Supplies account was $1,140. A physical count of...
Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018....
Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018. The transactions during 2018 have been journalized and posted. The following data are available to determine adjusting journal entries a. The unadiusted balance in Supplies was $820 at December 31, 2018. The unadjusted balance in Supplies Expense was $0 at December 31, 2018. A year-end count showed $100 of supplies on hand. b. Wages earned by employees during December 2018, unpaid and unrecorded at...
Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general...
Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation...
Trying to solve for B and E.
Jesse Company adjusts its accounts monthly and closes its accounts on December 31. On October 31, year 1, Jesse Company signed a note payable and borrowed $120,000 from a bank for a period of six months at an annual interest rate of 6 percent. a. How much is the total interest expense over the life of the note? How much is the monthly interest expense? (Assume equal amounts of interest expense each month.)...
Nandi Corporation adjusts and closes its accounts each December 31. The following 5 items may require adjustment at December 31, 2019, the corporation's accounting year-end: 1. Prepaid insurance at December 31, 2018 was $5,900. At year-end 2019 Nandi Corporation was informed by its insurance broker that exactly $18,200 of insurance expense was incurred by Nandi in 2019. During 2019 Nandi Corporation made payments of $16,000 which were debited to the insurance expense account. 2. The allowance for doubtful accounts has...
Accounting Help
The general ledger of Michelle Company Ltd. showed a cash balance of $21,195 on 31 December 20X2, while the bank showed a balance of $60,600. The following facts were available: a. The bank collected $12,160 as a direct deposit for one of Michelle's customer as a payment on account. A $30 fee was charged by the bank for administration. Michelle has yet to record either of these amounts. b. Michelle paid a utilities bill of $460 through direct...
5. Several transactions for Kincaid Co. are presented below. The company adjusts its books only at its year-end, December 31. (8 pts.) On February 1, Kincaid Co. leased a warehouse to another company for $48,000 for a three-year period. Kincaid Co. received a check for $48,000 on February 1, and credited Rent Income for the full amount of the check. What adjustment is required on December 31, to reflect the correct amount of rent earned for the period from February...
Required information (The following information applies to the questions displayed below.) Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $113,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense $28,400 Repairs and Maintenance Expense 12,900 Rent Expense 8,900 Utilities Expense 3,900 Travel Expense 2,900 Total Expenses Income 57,000 $ 56,500 You are an independent CPA hired...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2018. a two-year insurance premium on equipment in the amount of $792 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical...
Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018. The transactions during 2018 have been journalized and posted. The following data are available to determine adjusting journal entries a. The unadiusted balance in Supplies was $820 at December 31, 2018. The unadjusted balance in Supplies Expense was $0 at December 31, 2018. A year-end count showed $100 of supplies on hand. b. Wages earned by employees during December 2018, unpaid and unrecorded at...
Required Information (The following information applies to the questions displayed below.] Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018. trial balance (before any adjusting entries) appears below. Credits Debits $ 16,500 13.900 21.500 17,400 84.000 $ 26,500 10.900 Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation...
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