Homework Answers
| Dr. | Cr. | ||
| a. | Insurance expense | 2,900 | |
| prepaid insurance | 2,900 |
(insurance coverage for 6 months that is now expired will be completely recognized as expense and prepaid insurance account will be closed)
| Supplies | |
| $ | |
| opening bal | 8,400 |
| Add: purchased | 3,700 |
| Less: Closing bal | -1,650 |
| supplies used | 10,450 |
supplies used during the year will be expensed and supplies asset will be reduced
| Dr. | Cr. | ||
| b | Supplies expense | 10,450 | |
| Supplies | 10,450 | ||
| Dr. | Cr. | ||
| a. | Depreciation | 3,760 | |
| Accumulated dep | 3,760 |
( dep expense recorded for equipment purchased on Jan1)
| Calculating dep using SL method | |
| $ | |
| cost | 21,000 |
| life | 5 years |
| Residual value | 2,200 |
| depreciable value=21000-2200 | |
| = | 18,800 |
| Dep per annum=18,800/5 | |
| = | 3760 |
b.
NO entry is required for Land depreciation as Land asset is not depreciated and is expected to last indefinetly. It may be revalued in case of Fair market value reporting.
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Upg 2020 NUU 211 0... Chapter 3 Quiz Homework Favorit Saved Help Save & Exit Submit...
REQUIRED: Homework Chapter 3 0 Help Save & Exit Submit November 30 December Supplies Prepaid Insurance...
REQUIRED: Homework Chapter 3 0 Help Save & Exit Submit November 30 December Supplies Prepaid Insurance Salaries Payable Deferred Revenue Debit Credit Debit Credit 1,000 2,500 4,000 3,000 9,000 14,000 1,000 500 Doints eBook The following information also is known: Referencesa. Purchases of supplies in December total $2,500. b. No insurance payments are made in December c. $9,000 is paid to employees during December for November salaries. d. On November 1, a tenant pays Golden Eagle $1,500 in advance rent...
a. On July 1, 2017, Lopez Company paid $1,500 for six months of insurance coverage. No...
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a. On July 1, 2017, Lopez Company paid $3,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $9,000 on January 1, 2017. During 2017, it purchased $4,000 of supplies. As of December 31, 2017, a supplies inventory shows $1,800 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
a. On July 1, 2017, Lopez Company paid $1,600 for six months of insurance coverage. No...
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a. On July 1, 2017, Lopez Company paid $1,600 for six months of insurance coverage. No...
a. On July 1, 2017, Lopez Company paid $1,600 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017. b. Zim Company has a Supplies account balance of $5,800 on January 1, 2017. During 2017, it purchased $2,400 of supplies. As of December 31, 2017, a supplies inventory shows $1,000 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
ch) ACETOOTH Ch 3 ACG01 1 4 6 Help Save & Exit Submit Check my work...
ch) ACETOOTH Ch 3 ACG01 1 4 6 Help Save & Exit Submit Check my work For each separate case, record the necessary adjusting entry points a. On July 1 Lopez Company paid $2.000 for six months of insurance coverage No adjustments have been made to the Prepaid Insurance account, and it is now December 31 b. in Company has a Supplies account balance of $6.600 at the beginning of the year During the year, it purchased $2,800 of supplies...
a. Barga Company purchases $30,000 of equipment on January 1, 2017. The equipment is expected to...
a. Barga Company purchases $30,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,000 at the end of that time b. Welch Company purchases $11,000 of land on January 1, 2017. The land is expected to last indefinitely. Prepare the entries to record one year's depreciation expense of $5,200 for the equipment and what depreciation adjustment, if any should be made with respect to the Land account as of December 31,...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,200 at the end of that time. b. Welch Company purchases $11,100 of land on January 1, 2017. The land is expected to last indefinitely. Prepare the entries to record one year's depreciation expense of $5,360 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31,...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,200 at the end of that time. b. Welch Company purchases $11,100 of land on January 1, 2017. The land is expected to last indefinitely Prepare the entries to record one year's depreciation expense of $5,360 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31,...
Help 5 7 For each separate case, record the necessary adjusting entry. 1 a. On July...
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REQUIRED: Homework Chapter 3 0 Help Save & Exit Submit November 30 December Supplies Prepaid Insurance Salaries Payable Deferred Revenue Debit Credit Debit Credit 1,000 2,500 4,000 3,000 9,000 14,000 1,000 500 Doints eBook The following information also is known: Referencesa. Purchases of supplies in December total $2,500. b. No insurance payments are made in December c. $9,000 is paid to employees during December for November salaries. d. On November 1, a tenant pays Golden Eagle $1,500 in advance rent...
a. On July 1, 2017, Lopez Company paid $1,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $5,600 on January 1, 2017. During 2017, it purchased $2,300 of supplies. As of December 31, 2017, a supplies inventory shows $950 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
a. On July 1, 2017, Lopez Company paid $3,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $9,000 on January 1, 2017. During 2017, it purchased $4,000 of supplies. As of December 31, 2017, a supplies inventory shows $1,800 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
a. On July 1, 2017, Lopez Company paid $1,600 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $5,800 on January 1, 2017. During 2017, it purchased $2,400 of supplies. As of December 31, 2017, a supplies inventory shows $1,000 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
a. On July 1, 2017, Lopez Company paid $1,600 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017. b. Zim Company has a Supplies account balance of $5,800 on January 1, 2017. During 2017, it purchased $2,400 of supplies. As of December 31, 2017, a supplies inventory shows $1,000 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
ch) ACETOOTH Ch 3 ACG01 1 4 6 Help Save & Exit Submit Check my work For each separate case, record the necessary adjusting entry points a. On July 1 Lopez Company paid $2.000 for six months of insurance coverage No adjustments have been made to the Prepaid Insurance account, and it is now December 31 b. in Company has a Supplies account balance of $6.600 at the beginning of the year During the year, it purchased $2,800 of supplies...
a. Barga Company purchases $30,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,000 at the end of that time b. Welch Company purchases $11,000 of land on January 1, 2017. The land is expected to last indefinitely. Prepare the entries to record one year's depreciation expense of $5,200 for the equipment and what depreciation adjustment, if any should be made with respect to the Land account as of December 31,...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,200 at the end of that time. b. Welch Company purchases $11,100 of land on January 1, 2017. The land is expected to last indefinitely. Prepare the entries to record one year's depreciation expense of $5,360 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31,...
a. Barga Company purchases $31,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $4,200 at the end of that time. b. Welch Company purchases $11,100 of land on January 1, 2017. The land is expected to last indefinitely Prepare the entries to record one year's depreciation expense of $5,360 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31,...
Help 5 7 For each separate case, record the necessary adjusting entry. 1 a. On July 1, Lopez Company paid $2,300 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $7.200 at the beginning of the year. During the year, it purchased $3,100 of supplies. As of December 31, a physical count of supplies shows $1,350 of supplies...
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