Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Dec 31 | Interest Receivable | $1,800 | |
| Interest Revenue | $1,800 | ||
| ($90,000 x 8% x 3/12) |
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2. On September 30, 2021. Eugene Corp. lent $90,000 to another company. A note was singed...
Johnstone Controls had the following situations on December 2021. 1. On March 31, 2021, the company...
Johnstone Controls had the following situations on December 2021. 1. On March 31, 2021, the company lent $32,000 to another company. A note was signed with principal and interest at 8% payable on March 31, 2022. 2. On September 30, 2021, the company paid its landlord $22,000 representing rent for the period September 30, 2021, to September 30, 2022. Johnstone debited prepaid rent. 3. Supplies on hand at the end of 2020 totaled $2,570. Additional supplies costing $5,770 were purchased...
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021,...
The following transactions occurred during December 31, 2021, for the Microchip Company. 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. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s...
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021,...
The following transactions occurred during December 31, 2021, for the Microchip Company. 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. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1,...
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...
Below are transactions for Hurricane Company during 2021 1. On October 1, 2021, Hurricane lends $8.100...
Below are transactions for Hurricane Company during 2021 1. On October 1, 2021, Hurricane lends $8.100 to another company. The other company signs a note indicating principal and 1235 interest will be paid to Hurricane on September 30, 2022 2. On November 1, 2021, Hurricane pays its landlord $3,150 representing rent for the months of November through January. The payment is debited to Prepaid Rent for the entire amount. 3. On August 1, 2021, Hurricane collects $12,120 in advance from...
Check my work Exercise 2-9 (Algo) Adjusting entries (LO2-6] The following transactions occurred during December 31,...
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. On October 1, 2021,...
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $87,500 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $3,400 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $6,800 in advance rent from another company that is renting a portion of Microchip’s...
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021,...
The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $117,500 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $5,600 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $11,200 in advance rent from another company that is renting a portion of Microchip’s...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1,...
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...
3. The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1,...
3. The following transactions occurred during December 31, 2021, for the Microchip Company. On October 1, 2021, Microchip lent $85,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $3,200 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $6,400 in advance rent from another company that is renting a portion of...
Johnstone Controls had the following situations on December 2021. 1. On March 31, 2021, the company lent $32,000 to another company. A note was signed with principal and interest at 8% payable on March 31, 2022. 2. On September 30, 2021, the company paid its landlord $22,000 representing rent for the period September 30, 2021, to September 30, 2022. Johnstone debited prepaid rent. 3. Supplies on hand at the end of 2020 totaled $2,570. Additional supplies costing $5,770 were purchased...
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...
Below are transactions for Hurricane Company during 2021 1. On October 1, 2021, Hurricane lends $8.100 to another company. The other company signs a note indicating principal and 1235 interest will be paid to Hurricane on September 30, 2022 2. On November 1, 2021, Hurricane pays its landlord $3,150 representing rent for the months of November through January. The payment is debited to Prepaid Rent for the entire amount. 3. On August 1, 2021, Hurricane collects $12,120 in advance from...
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...
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