Underwater Corp. started the year with a balance of $5,500 on Prepaid Insurance and ending the...
- Underwater Corp. started the year with a balance of $5,500 on Prepaid Insurance and ending the year with a balance of $6,200. If Underwater paid $8,000 of insurance premiums during the period, what is the amount of insurance expense for the period?
- Uphill Industries started the year with Unearned Service Revenue of $30,000 and ended the year with a balance of $10,000. If Uphill collected $830,000 for services during the year, what was Uphill’s revenue for the year? (Assume no A/R)
- Going Under Inc. started the year with $200,000 in Accounts Receivable and ended the year with $700,000 of Accounts Receivable. During the year, Going Under had revenue of $1,200,000. What is Going Under’s cash collections on revenue for the year?
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Underwater Corp. started the year with a balance of $5,500 on
Prepaid Insurance and ending the...
The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
Novak Corp. had a beginning balance in accounts receivable of $69,770 and an ending balance of...
Novak Corp. had a beginning balance in accounts receivable of $69,770 and an ending balance of $82,510. Credit sales during the period were $623,320. Determine cash collections. Cash collections $
Unadjusted Trial Balance Debit Credit 23,000 35,000 3,600 1,400 185,000 160,000 Cash Accounts Receivable Prepaid Insurance...
Unadjusted Trial Balance Debit Credit 23,000 35,000 3,600 1,400 185,000 160,000 Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation building Accounts Payable Wages Payable Unearned revenue Notes Payable Capital Drawing Service fees earned Supplies (e) Insurance Wages Telephone Depreciation Miscellaneous TOTALS 83,000 32,000 1,000 16,700 31,000 190,000 4,000 119,000 1,300 2,400 14,500 400 42,000 1001 472,700 472,700 Adjusting journal entries 1. Supplies used during the period were $400. 2. Insurance premiums expired during the period were $300. 3....
The prepaid insurance account had a balance of $7.000 at the beginning of the year. The...
The prepaid insurance account had a balance of $7.000 at the beginning of the year. The account was debited for $24,000 for premiums on policies purchased during the year ending on March 31 Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of unexpired insurance applicable to future periods is $8,500, (b) the amount of insurance expired during the year is $22.500 Refer to the Chart of Accounts...
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year....
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
Assume the following information for Halloween Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts...
Assume the following information for Halloween Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts (beginning balance) 11,470 Net credit sales 950,000 Collections 902,000 Write-offs of accounts receivable 5,500 Collections of accounts previously written off 2,300 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. a) Prepare the entries to record sales and collections during the period, a separate entry to record the write-off of uncollectible accounts during the period, and another separate entry...
7. The prepaid insurance account has a $8,000 beginning balance. Additional insurance premiums in the amount...
7. The prepaid insurance account has a $8,000 beginning balance. Additional insurance premiums in the amount of $12,000 were paid during the year. At year-end, there is $3,000 of insurance coverage remaining. The entry needed to adjust the account is: A. Prepaid Insurance 12,000 Cash 12,000 B. Insurance Expense 17,000 Prepaid Insurance 17,000 C. Insurance Expense 3,000 Prepaid Insurance 3,000 D. Prepaid Insurance 17,000 Insurance Expense 17,000...
Sheffield Corp. had a beginning balance in accounts receivable of $67,410 and an ending balance of $90,960. Credit sales...
Sheffield Corp. had a beginning balance in accounts receivable of $67,410 and an ending balance of $90,960. Credit sales during the period were $571,370. Determine cash collections.
a. Details of Prepaid Insurance are shown in the account: Prepaid Insurance Jan 1 Bal. 1,200...
a. Details of Prepaid Insurance are shown in the account: Prepaid Insurance Jan 1 Bal. 1,200 Mar 31 3,500 Jackson prepays insurance on March 31 each year. At December 31, $875 is still prepaid. b. Jackson pays employees each Friday. The amount of the weekly payroll is $6,000 for a five-day work week. The current accounting period ends on Monday. C. Jackson has a note receivable. During the current year, the company has earned accrued interest revenue of $510 that...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
Novak Corp. had a beginning balance in accounts receivable of $69,770 and an ending balance of $82,510. Credit sales during the period were $623,320. Determine cash collections. Cash collections $
Unadjusted Trial Balance Debit Credit 23,000 35,000 3,600 1,400 185,000 160,000 Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation building Accounts Payable Wages Payable Unearned revenue Notes Payable Capital Drawing Service fees earned Supplies (e) Insurance Wages Telephone Depreciation Miscellaneous TOTALS 83,000 32,000 1,000 16,700 31,000 190,000 4,000 119,000 1,300 2,400 14,500 400 42,000 1001 472,700 472,700 Adjusting journal entries 1. Supplies used during the period were $400. 2. Insurance premiums expired during the period were $300. 3....
The prepaid insurance account had a balance of $7.000 at the beginning of the year. The account was debited for $24,000 for premiums on policies purchased during the year ending on March 31 Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of unexpired insurance applicable to future periods is $8,500, (b) the amount of insurance expired during the year is $22.500 Refer to the Chart of Accounts...
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
a. Details of Prepaid Insurance are shown in the account: Prepaid Insurance Jan 1 Bal. 1,200 Mar 31 3,500 Jackson prepays insurance on March 31 each year. At December 31, $875 is still prepaid. b. Jackson pays employees each Friday. The amount of the weekly payroll is $6,000 for a five-day work week. The current accounting period ends on Monday. C. Jackson has a note receivable. During the current year, the company has earned accrued interest revenue of $510 that...
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