Homework Answers
| Date | Account | Debit | Credit |
| Dec 31 | Insurance expense | 32,000 | |
| Prepaid Insurance | 32,000 |
(4,000*8 months)
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A company purchases one year of flood insurance in advance on May 1, paying $48.000 ($4,000/month)....
Suppose a company rents office space for one year, paying $39,000 ($3,250/month) in advance on September...
Suppose a company rents office space for one year, paying $39,000 ($3,250/month) in advance on September 1 Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) N View transaction list Journal entry worksheet < 1 > Record the adjusting entry on December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal
Suppose a company rents office space for one year, paying $27.000 (52.250/month) in advance on September...
Suppose a company rents office space for one year, paying $27.000 (52.250/month) in advance on September 1. Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date December 31 Debit 9,000 Rent expense Prepaid rent 9,000
Suppose a company rents office space for one year, paying $27,000 ($2,250/month) in advance on September...
Suppose a company rents office space for one year, paying $27,000 ($2,250/month) in advance on September 1. Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal Entry Worksheet Record the adjusting entry on December 31.
Suppose a customer rents a vehicle for four months from Rent-A-Car on October 1, paying $4,300...
Suppose a customer rents a vehicle for four months from Rent-A-Car on October 1, paying $4,300 ($1,075/month). Record Rent-A-Car's adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record Rent-A-Car's adjusting entry on December 31. Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
A company purchases new equipment for $54,000 cash on August 1, 2021. At the time of...
A company purchases new equipment for $54,000 cash on August 1, 2021. At the time of purchase, the equipment is expected to be used in operations for four years (48 months) and have no resale or scrap value at the end of the four years. The company depreciates the equipment evenly over the 48 months ($1,125/month). Record the adjusting entry for depreciation on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal entry required" In...
6. At the beginning of the period, a company reports a balance in office supplies of $500. During the period, the compan...
6. At the beginning of the period, a company reports a balance in office supplies of $500. During the period, the company purchases an additional $3,500 of office supplies for cash. By the end of the period, only $700 of office supplies remains. RECORD THE PERIOD END ADJUSTING ENTRY 7.A company purchases one year of flood insurance in advance on May 1, paying $24,000 ($2,000/month). Record the adjusting entry on December 31. Record the adjusting entry on December 31. Note:...
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31...
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information: November 30 December 31 Credit Supplies Prepaid Insurance Salaries Payable Deferred Revenue Debit Credit Debit 1,200 2,700 4.800 3,600 9,400 1.400 14,400 700 The following information also is known: a. Purchases of supplies in December total $2,900. b. No insurance payments are made in December. c. $9.400 is paid to employees during December for November salaries....
A company is in its first month of operations. On January 1, the company pays 3...
A company is in its first month of operations. On January 1, the company pays 3 months of rent in advance for $200. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. Of no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the $2,100 rent paid for 3 months on January 1. Debit Credit Note:...
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...
2-Week 1 Saved A company lends $30,000 with 10% interest on May 1, 2021. This amount...
2-Week 1 Saved A company lends $30,000 with 10% interest on May 1, 2021. This amount plus interest is due on April 30, 2022. Record the adjusting entry on December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry rec in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 Record the adjusting entry on December 31, 2021. Note: Enter debits before credits Date General Journal Debit...
Suppose a company rents office space for one year, paying $39,000 ($3,250/month) in advance on September 1 Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) N View transaction list Journal entry worksheet < 1 > Record the adjusting entry on December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal
Suppose a company rents office space for one year, paying $27.000 (52.250/month) in advance on September 1. Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date December 31 Debit 9,000 Rent expense Prepaid rent 9,000
Suppose a customer rents a vehicle for four months from Rent-A-Car on October 1, paying $4,300 ($1,075/month). Record Rent-A-Car's adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record Rent-A-Car's adjusting entry on December 31. Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
A company purchases new equipment for $54,000 cash on August 1, 2021. At the time of purchase, the equipment is expected to be used in operations for four years (48 months) and have no resale or scrap value at the end of the four years. The company depreciates the equipment evenly over the 48 months ($1,125/month). Record the adjusting entry for depreciation on December 31, 2021. (If no entry is required for a transaction/event, select "No Journal entry required" In...
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information: November 30 December 31 Credit Supplies Prepaid Insurance Salaries Payable Deferred Revenue Debit Credit Debit 1,200 2,700 4.800 3,600 9,400 1.400 14,400 700 The following information also is known: a. Purchases of supplies in December total $2,900. b. No insurance payments are made in December. c. $9.400 is paid to employees during December for November salaries....
A company is in its first month of operations. On January 1, the company pays 3 months of rent in advance for $200. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. Of no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the $2,100 rent paid for 3 months on January 1. Debit Credit Note:...
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...
2-Week 1 Saved A company lends $30,000 with 10% interest on May 1, 2021. This amount plus interest is due on April 30, 2022. Record the adjusting entry on December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry rec in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 Record the adjusting entry on December 31, 2021. Note: Enter debits before credits Date General Journal Debit...
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