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Adjusting entries. Reed Co. wishes to enter receipts and payments in such a manner that adjustments...
Pharoah Co. wishes to enter receipts and payments in such a manner that adjustments at the...
Pharoah Co. wishes to enter receipts and payments in such a
manner that adjustments at the end of the period will not require
reversing entries at the beginning of the next period. Record the
following transactions in the indicated manner and give the
adjusting entry on December 31, 2020. (Two entries for each part.)
(Credit account titles are automatically indented when the amount
is entered. Do not indent manually.) 1. An insurance policy for two
years was acquired on April...
Reed Co. records accounting transactions and events during the period and makes adjustments at the end...
Reed Co. records accounting transactions and events during the period and makes adjustments at the end of the period. Record the following transactions in the indicated manner and give the adjusting entry on December 31, 2019. (Two entries for each question.) 1) An insurance policy for two years was acquired on April 1, 2019 for $18,000. 2) Rent of $12,000 for six months for a portion of the building was received on November 1, 2019.
C riod will not wishes to enter receipts and payments in all not require reversing entries...
C riod will not wishes to enter receipts and payments in all not require reversing entries the Cated manner and give the d ons in the entries for each part auch a manner thaiments at the end of The next period. Record the 1. An insuran insurance policy for years was acquired on April 1, 2017 for $24.00 Rent of $15.000 for six months for a par t e b ine was received the next r y Dec 1.2017 1....
The following two events occurred for Trey Co. on October 31, 2017, the end of its...
The following two events occurred for Trey Co. on October 31, 2017, the end of its fiscal year. Trey rents a building from its owner for $2,700 per month. By a prearrangement, the company delayed paying October's rent until November 5. On this date, the company paid the rent for both October and November. Trey rents space in a building it owns to a tenant for $950 per month. By prearrangement, the tenant delayed paying the October rent until November...
Record adjusting journal entries for each of the following for year ended December 31.
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 $15,000 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 $150 per insect treatment. A customer paid $600 on October 1 in advance for four treatments, which...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja (Sole Proprietor) leased a portion of its building for a monthly rental fee of P20,000. On the same day, Borja received a three-month advance rental of P60,000 from a tenant. The entry made upon receipt of payment from tenant was debit to Cash and credit to Unearned Rent Revenue amounting to P60,000. What is the adjusting entry needed on December 31, 2019? Answer: Debit...
Accounting. Adjusting entries. Could you explain how you get the answer? Transaction B: Arnez Company's annual...
Accounting. Adjusting entries. Could you explain how you get the
answer?
Transaction B:
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,000 balance. During 2019, the company purchased supplies for $13,400, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,554. b. An analysis of...
Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1 Arnez Company's annual accounting...
Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1 Arnez Company's annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,375 balance. During 2017, the company purchased supplies for $18,069, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $3,850. b. An analysis of the...
The information necessary for preparing the 2018 year end adjusting entries for Vito's Pizza Parlor appears...
The information necessary for preparing the 2018 year end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year end is December 31 a. On July 1, 2018, purchased $12.000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 11%. b. Vito's depreciable equipment has a cost of $38.400, a sikyear life, and no salvage value. The equipment was purchased in 2016. The...
The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito's Pizza Parlor...
The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year-end is December 31. a. On July 1 2021, purchased $15,000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 11% b. Vito's depreciable equipment has a cost of $42.000, a six-year life, and no salvage value. The equipment was purchased in 2019 The...
Pharoah Co. wishes to enter receipts and payments in such a
manner that adjustments at the end of the period will not require
reversing entries at the beginning of the next period. Record the
following transactions in the indicated manner and give the
adjusting entry on December 31, 2020. (Two entries for each part.)
(Credit account titles are automatically indented when the amount
is entered. Do not indent manually.) 1. An insurance policy for two
years was acquired on April...
C riod will not wishes to enter receipts and payments in all not require reversing entries the Cated manner and give the d ons in the entries for each part auch a manner thaiments at the end of The next period. Record the 1. An insuran insurance policy for years was acquired on April 1, 2017 for $24.00 Rent of $15.000 for six months for a par t e b ine was received the next r y Dec 1.2017 1....
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja (Sole Proprietor) leased a portion of its building for a monthly rental fee of P20,000. On the same day, Borja received a three-month advance rental of P60,000 from a tenant. The entry made upon receipt of payment from tenant was debit to Cash and credit to Unearned Rent Revenue amounting to P60,000. What is the adjusting entry needed on December 31, 2019? Answer: Debit...
Accounting. Adjusting entries. Could you explain how you get the
answer?
Transaction B:
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,000 balance. During 2019, the company purchased supplies for $13,400, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,554. b. An analysis of...
Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1 Arnez Company's annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,375 balance. During 2017, the company purchased supplies for $18,069, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $3,850. b. An analysis of the...
The information necessary for preparing the 2018 year end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year end is December 31 a. On July 1, 2018, purchased $12.000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 11%. b. Vito's depreciable equipment has a cost of $38.400, a sikyear life, and no salvage value. The equipment was purchased in 2016. The...
The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year-end is December 31. a. On July 1 2021, purchased $15,000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 11% b. Vito's depreciable equipment has a cost of $42.000, a six-year life, and no salvage value. The equipment was purchased in 2019 The...
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