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Assume a company receives an advance payment on 10-1 from a customer in the amount of...
Two Ways of Recording Prepaid Expenses Unearned Revenue 1. Assume a company pays a full year...
Two Ways of Recording Prepaid Expenses Unearned Revenue 1. Assume a company pays a full year of property insurance in advance on September 1 in the amount of $4800. Prepare the TRANSACTION ENTRY on 9-1 and the ADJUSTING ENTRY on 12-31. Follow the regular approach first and the alternative way second. Regular Approach 9-1: DR: DR: CR: CR: 12-31: DR: DR: CR: CR: "T" Accounts: Prepaid Insurance Prepaid Insurance Insurance Expense Insurance Expense
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to...
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,130 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6,100 will be paid on January 7, 2022 4....
Jerry’s Window Service received $14,000 from a client on February 20. This payment was an advance...
Jerry’s Window Service received $14,000 from a client on February 20. This payment was an advance payment for 7 months of window cleaning starting March 1. The window cleaning services are provided equally over the 7 months. At May 31, calculate the balance in the unearned revenue account assuming that all adjusting entries have been properly recorded. Select one: $14,000 $ 6,000 $10,000 $ 8,000 On December 1, Optima Corp. paid $6,000 for rent expense covering December, January and February...
Steelar company received $ 9,000 as an advance payment from a customer on june 1. At...
Steelar company received $ 9,000 as an advance payment from a customer on june 1. At Sept 30, management indicates that 60% of the services have been rendered to date on the job. For the adjusting entry on Sept 30, which statement is correct? 1 Unearned revenue is debited for $5,400 2 Unearned revenue is credited for $ 5,400 3 Revenue earned is credited for $ 4,600 4 Revenue earned is debited for $ 4,600
1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be...
1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock's depreciable equipment has a cost of $28,000, a four-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the four years. 3. On May 1, 2021, the company pays $4,800 for a two-year fire and liability insurance policy and debits...
Consider the following situations for Shocker: On November 28, 2021, Shocker receives a $1,800 payment from...
Consider the following situations for Shocker:
On November 28, 2021, Shocker receives a $1,800 payment from a
customer for services to be rendered evenly over the next three
months. Deferred Revenue is credited.
On December 1, 2021, the company pays a local radio station
$2,160 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising is
debited.
Employee salaries for the month of December totaling $6,200 will
be paid on January...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer....
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
17)A company receives a $95,000 cash deposit from a customer on October 15 but will not...
17)A company receives a $95,000 cash deposit from a customer on October 15 but will not provide services until November 20. Which of the following statements is true? Group of answer choices The company records service revenue on October 15. 18) Question 183 pts Carrier Rent-to-Own, a furniture rental and sales company, records annual depreciation expense on December 31 each year. Which account will Carrier credit when they record their depreciation on December 31st? Group of answer choices Equipment Depreciation...
Record adjusting journal entries for each of the following for year ended December 31 Assume no...
Record adjusting journal entries for each of the following for year ended December 31 Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $7.800 rent in advance on November 1. debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $90 per insect treatment. A customer paid $360 on October 1 in advance...
Consider the following situations for Shocker: 1. On November 28, 2021. Shocker receives a $3.750 payment...
Consider the following situations for Shocker: 1. On November 28, 2021. Shocker receives a $3.750 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2.550 for 30 radio ads that were to be aired. 10 per month. throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $7,500 will be...
Two Ways of Recording Prepaid Expenses Unearned Revenue 1. Assume a company pays a full year of property insurance in advance on September 1 in the amount of $4800. Prepare the TRANSACTION ENTRY on 9-1 and the ADJUSTING ENTRY on 12-31. Follow the regular approach first and the alternative way second. Regular Approach 9-1: DR: DR: CR: CR: 12-31: DR: DR: CR: CR: "T" Accounts: Prepaid Insurance Prepaid Insurance Insurance Expense Insurance Expense
1. On November 28, 2021, Shocker receives a $1,650 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,130 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6,100 will be paid on January 7, 2022 4....
1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock's depreciable equipment has a cost of $28,000, a four-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the four years. 3. On May 1, 2021, the company pays $4,800 for a two-year fire and liability insurance policy and debits...
Consider the following situations for Shocker:
On November 28, 2021, Shocker receives a $1,800 payment from a
customer for services to be rendered evenly over the next three
months. Deferred Revenue is credited.
On December 1, 2021, the company pays a local radio station
$2,160 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising is
debited.
Employee salaries for the month of December totaling $6,200 will
be paid on January...
On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uņearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the...
Record adjusting journal entries for each of the following for year ended December 31 Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $7.800 rent in advance on November 1. debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $90 per insect treatment. A customer paid $360 on October 1 in advance...
Consider the following situations for Shocker: 1. On November 28, 2021. Shocker receives a $3.750 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2.550 for 30 radio ads that were to be aired. 10 per month. throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $7,500 will be...
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