Homework Answers
The entry would be
| Interest receivable | 10565 | |
| Interest revenue | 10565 |
(1584807*4%*2/12)
Option D
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On October 31, 20x4, you lend $ 1584804 to another company for one year. At October...
On October 31, 20x4, you lend $ 1004772 to another company for one year. At October...
On October 31, 20x4, you lend $ 1004772 to another company for one year. At October 31, 20x5, you will receive the $1004772 plus 7% interest. The December 31, 20x4 adjusting entry will include a credit to: Select one: O a. Interest receivable in the amount of $11722 O b. Interest revenue in the amount of $17584 O c. Interest receivable in the amount of $17584 O d. Interest revenue in the amount of $11722
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire...
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Prepaid insurance in the amount of $13180 b. Insurance expense in the amount of $13180 c. Insurance expense in the amount of $4393 d. Prepaid insurance in the amount of $4393 Check
On April 1, 20x4, a company paid $19385 for a three year insurance policy. The entire...
On April 1, 20x4, a company paid $19385 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Insurance expense in the amount of $4846 o b. Insurance expense in the amount of $14539 c. Prepaid insurance in the amount of $4846 O d. Prepaid insurance in the amount of $14539
of Accounting Errors terest Payable Interest Expense 200 On November 1 20 200 November 1, 20X4,...
of Accounting Errors terest Payable Interest Expense 200 On November 1 20 200 November 1, 20X4, DumpCo debits Cash and credits Notes Payable for $200 te maturing on May 1, 20X5, when principal and accrued interest of 6% ay on December 31, 20X4, you discover that no adiusting entry was made to a 20X4, you will record an entry that includes: a. a debit to Interest Payable for $400 b. a debit to Interest Expense for $200 c. a credit...
A company takes out a two year fire insurance policy costing $25772 on May 1, 20x4....
A company takes out a two year fire insurance policy costing $25772 on May 1, 20x4. The cost of the policy was debited to the Prepaid Insurance account. At Det ember 31, 20x4, the adjusting entry will include which of the following: Select one: a. A credit to prepaid insurance of $15034 b. A debit to insurance expense of $17181 c. A credit to prepaid insurance of $7517 d. A debit to insurance expense of $8591 Check
On October 31 of the current year, a contract was signed and achegue received for services...
On October 31 of the current year, a contract was signed and achegue received for services to be performed by October 31 of the following year. The neared Service Revenue account was credited for $4,500. Assuming services were performed evenly during the remainder of the sea the adjusting entry on December 31 will involve a: A) credit to Unearned Service Revenue 5800 B) credit to Service Revenue for $4,000 C) credit to Service Revenue 5800 D) debit to Unearned Service...
On August 31, 20x5, you receive $ 28698 in advance for rental income on a property...
On August 31, 20x5, you receive $ 28698 in advance for rental income on a property for the period August 31, 20x5 to February 28, 20x6. The entire amount was credited to unearned rental income. The December 31 adjusting entry will include a debit to: Select one: a. Unearned rental income in the amount of $9566 b. Rental income in the amount of $19132 c. Unearned rental income in the amount of $19132 d. Rental income in the amount of...
A company takes out a two year fire insurance policy costing $12018 on May 1, 20x4....
A company takes out a two year fire insurance policy costing $12018 on May 1, 20x4. The cost of the policy was debited to the Insurance Expense account 20x4, the adjusting entry will include which of the following: or follows Select one: a. A credit to prepaid insurance of $8012 b. A credit to insurance expense of $8012 © C. A debit to insurance expense of $400 d. A credit to insurance expense of Check
A loan was made to another business on May 1, 20x1 in the amount of $3132...
A loan was made to another business on May 1, 20x1 in the amount of $3132 at 5% interest. The adjusting entry made at year end (December 31, 20x1) by the accountant was to increase both interest receivable and revenue by $156.6. Which of the following statements is true: ES Select one: a. The accountant incorrectly debited interest receivable too much in the amount of $ 52.20 b. To correct the error the accountant must debit interest receivable and credit...
On November 1, Jasper Company loaned another company $100.000 at a 6.0% interest rate. The note...
On November 1, Jasper Company loaned another company $100.000 at a 6.0% interest rate. The note receivable plus interest will not be collected until March of the following year. The company's annual accounting period ends on December 31, and adjustments are only made at year-end. The adjusting entry needed on December 31 is: Multiple Choice No entry required Debit interest Expense,55,000 credit Interest Payable, $5,000 Debit interest Expense, $1000; credit Note Payable, $1,000, Debit interest Receivable, 5500 credit interest Revenue,...
On October 31, 20x4, you lend $ 1004772 to another company for one year. At October 31, 20x5, you will receive the $1004772 plus 7% interest. The December 31, 20x4 adjusting entry will include a credit to: Select one: O a. Interest receivable in the amount of $11722 O b. Interest revenue in the amount of $17584 O c. Interest receivable in the amount of $17584 O d. Interest revenue in the amount of $11722
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Prepaid insurance in the amount of $13180 b. Insurance expense in the amount of $13180 c. Insurance expense in the amount of $4393 d. Prepaid insurance in the amount of $4393 Check
On April 1, 20x4, a company paid $19385 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Insurance expense in the amount of $4846 o b. Insurance expense in the amount of $14539 c. Prepaid insurance in the amount of $4846 O d. Prepaid insurance in the amount of $14539
of Accounting Errors terest Payable Interest Expense 200 On November 1 20 200 November 1, 20X4, DumpCo debits Cash and credits Notes Payable for $200 te maturing on May 1, 20X5, when principal and accrued interest of 6% ay on December 31, 20X4, you discover that no adiusting entry was made to a 20X4, you will record an entry that includes: a. a debit to Interest Payable for $400 b. a debit to Interest Expense for $200 c. a credit...
A company takes out a two year fire insurance policy costing $25772 on May 1, 20x4. The cost of the policy was debited to the Prepaid Insurance account. At Det ember 31, 20x4, the adjusting entry will include which of the following: Select one: a. A credit to prepaid insurance of $15034 b. A debit to insurance expense of $17181 c. A credit to prepaid insurance of $7517 d. A debit to insurance expense of $8591 Check
On October 31 of the current year, a contract was signed and achegue received for services to be performed by October 31 of the following year. The neared Service Revenue account was credited for $4,500. Assuming services were performed evenly during the remainder of the sea the adjusting entry on December 31 will involve a: A) credit to Unearned Service Revenue 5800 B) credit to Service Revenue for $4,000 C) credit to Service Revenue 5800 D) debit to Unearned Service...
On August 31, 20x5, you receive $ 28698 in advance for rental income on a property for the period August 31, 20x5 to February 28, 20x6. The entire amount was credited to unearned rental income. The December 31 adjusting entry will include a debit to: Select one: a. Unearned rental income in the amount of $9566 b. Rental income in the amount of $19132 c. Unearned rental income in the amount of $19132 d. Rental income in the amount of...
A company takes out a two year fire insurance policy costing $12018 on May 1, 20x4. The cost of the policy was debited to the Insurance Expense account 20x4, the adjusting entry will include which of the following: or follows Select one: a. A credit to prepaid insurance of $8012 b. A credit to insurance expense of $8012 © C. A debit to insurance expense of $400 d. A credit to insurance expense of Check
A loan was made to another business on May 1, 20x1 in the amount of $3132 at 5% interest. The adjusting entry made at year end (December 31, 20x1) by the accountant was to increase both interest receivable and revenue by $156.6. Which of the following statements is true: ES Select one: a. The accountant incorrectly debited interest receivable too much in the amount of $ 52.20 b. To correct the error the accountant must debit interest receivable and credit...
On November 1, Jasper Company loaned another company $100.000 at a 6.0% interest rate. The note receivable plus interest will not be collected until March of the following year. The company's annual accounting period ends on December 31, and adjustments are only made at year-end. The adjusting entry needed on December 31 is: Multiple Choice No entry required Debit interest Expense,55,000 credit Interest Payable, $5,000 Debit interest Expense, $1000; credit Note Payable, $1,000, Debit interest Receivable, 5500 credit interest Revenue,...
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