Homework Answers
| 3) | Activity | Operating | ||
| Accounts | Insurance Expense Increase, Prepaid Insurance Decrease | |||
| Statement(s) | Income Statement and Balance Sheet | |||
| Assets | Liabilities | Equity | Revenue | Expenses | Net Income | ||||
| Prepaid Insurance | $(27,000.00) | No entry | $(27,000.00) | No entry | Insurance Expense | $ 27,000.00 | $(27,000.00) | ||
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Prepaid Insurance-Annual Adjustments On April 1, 2017, Briggs Corp. purchases a 24-month property insurance policy for...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for $96,000. The policy is effective immediately. Assume that Stratton prepares adjustments only once a year, on December 31. Required: 1. Compute the monthly cost of the insurance policy. per month 2. Identify and analyze the transaction to record the purchase of the policy on April 1, 2017 Activity Accounts Statement(s) Financing Investing Operating How does this entry affect the accounting equatid If a financial...
repaid Insurance—Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for...
repaid Insurance—Annual Adjustments
On April 1, 2017, Stratton, Inc., purchases a 24-month property
insurance policy for $79,200. The policy is effective immediately.
Assume that Stratton prepares adjustments only once a year, on
December 31.
Required:
1. Compute the monthly cost of the insurance
policy.
$per month
2. Identify and analyze the transaction to
record the purchase of the policy on April 1, 2017.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is...
Activity: financing, investing, operatin Accounts: increase or decrease in prepaid rent and rent expense Statement(s): balance...
Activity: financing, investing, operatin
Accounts: increase or decrease in prepaid rent and rent
expense
Statement(s): balance sheet, income sheet, or both
Pamer Indus anal statement and and prepares December 31, 2017: justits counts only at the end of the year. The following information is available for the year and is the end For each of the following stations, Identity and analyze the adjust to be recorded on December 31, 2017. Do not found intermediate c lation freed, round your Palmer...
On July 1, 2017, Kamer's Trinkets borrowed $39,000 from the bank. Kamer signed a ten-month, 8%...
On July 1, 2017, Kamer's Trinkets borrowed $39,000 from the bank. Kamer signed a ten-month, 8% promissory note for the entire amount. Kamer's uses a calendar year-end. Required: 1. Identify and analyze the effect of the issuance of the promissory note. Activity Investing in Accounts Cash Increase, Notes Payable Decrease Statement(s) Balance Sheet only How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount item is negative,...
Depreciation On July 1, 2017, Dexter Corp. buys a computer system for $144,800 in cash. Assume...
Depreciation
On July 1, 2017, Dexter Corp. buys a computer system for
$144,800 in cash. Assume that the computer is expected to have a
four-year life and an estimated salvage value of $20,000 at the end
of that time.
Required:
1. Identify and analyze the transaction to
record the purchase of the computer on July 1, 2017.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is not affected, select "No Entry"
and...
Notes Receivable On September 1, 2017, Seacrest Inc, accepted a six-month, $48,600 interest-bearing note from Delgado...
Notes Receivable On September 1, 2017, Seacrest Inc, accepted a six-month, $48,600 interest-bearing note from Delgado Enterprises in payment of an account receivable. Seacrest's year-end is December 31. Delgado paid the note and interest on the due date. Assume 360 days in the year, Required: 1. Who is the maker and who is the payee of the note? The makers Seacrest Inc. and the payee is Delgado Enterprises 2. What is the maturity date of the note> March 1, 2018...
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy...
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy for $2,400. Required: Record the entry to purchase the insurance ra the entry to purchase the insurance policy on Aprill. Also, recorded the adjusting required at December 31, 2017 12. On, September 1, 2018 JHJ Rental Car Company renewed its insurance coverage at a cost of $2,400. Required: Record the entry to renew the policy on September 1,2018 and adjusting entry required on December...
Notes Receivable On September 1, 2017, Seacrest Inc. accepted a six-month, 7%, $37,800 interest-bearing note from...
Notes Receivable
On September 1, 2017, Seacrest Inc. accepted a six-month, 7%,
$37,800 interest-bearing note from Delgado Enterprises in payment
of an account receivable. Seacrest's year-end is December 31.
Delgado paid the note and interest on the due date. Assume 360 days
in the year.
Required:
1. Who is the maker and who is the payee of the
note?
The maker is and the payee is .
2. What is the maturity date of the
note?
3. Identify and analyze the effect...
Prepaidant-Quarterly ments On September 1, Northampton Industries signed a mothes forces on September 1. Assume tha...
Prepaidant-Quarterly ments On September 1, Northampton Industries signed a mothes forces on September 1. Assume tha N a moto prepares adjustments only for me , which setective September ampton agreed to prepay the rent and make a check for $12,000 to the landlord art on March 31, June 30 September 30, and December 31 Required: month 1. Compute the rental cost for each $2,000 per month > 2. Identity and analyze the effect of the transaction for the payment of...
Concert Tickets Sold in Advance The Bard produces an outdoor concert festival that runs from June...
Concert Tickets Sold in Advance The Bard produces an outdoor concert festival that runs from June 28, 2017, through July 1, 2017. Concertgoers pay $80 for a four-day pass to the festival, and all 36,000 tickets are sold out by the May 1, 2017, deadline to buy tickets. Assume that the Bard prepares adjustments at the end of each month. Required: 1. Identify and analyze the transaction on May 1, 2017, assuming that all 36,000 tickets are sold on this...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for $96,000. The policy is effective immediately. Assume that Stratton prepares adjustments only once a year, on December 31. Required: 1. Compute the monthly cost of the insurance policy. per month 2. Identify and analyze the transaction to record the purchase of the policy on April 1, 2017 Activity Accounts Statement(s) Financing Investing Operating How does this entry affect the accounting equatid If a financial...
repaid Insurance—Annual Adjustments
On April 1, 2017, Stratton, Inc., purchases a 24-month property
insurance policy for $79,200. The policy is effective immediately.
Assume that Stratton prepares adjustments only once a year, on
December 31.
Required:
1. Compute the monthly cost of the insurance
policy.
$per month
2. Identify and analyze the transaction to
record the purchase of the policy on April 1, 2017.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is...
Activity: financing, investing, operatin
Accounts: increase or decrease in prepaid rent and rent
expense
Statement(s): balance sheet, income sheet, or both
Pamer Indus anal statement and and prepares December 31, 2017: justits counts only at the end of the year. The following information is available for the year and is the end For each of the following stations, Identity and analyze the adjust to be recorded on December 31, 2017. Do not found intermediate c lation freed, round your Palmer...
On July 1, 2017, Kamer's Trinkets borrowed $39,000 from the bank. Kamer signed a ten-month, 8% promissory note for the entire amount. Kamer's uses a calendar year-end. Required: 1. Identify and analyze the effect of the issuance of the promissory note. Activity Investing in Accounts Cash Increase, Notes Payable Decrease Statement(s) Balance Sheet only How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount item is negative,...
Depreciation
On July 1, 2017, Dexter Corp. buys a computer system for
$144,800 in cash. Assume that the computer is expected to have a
four-year life and an estimated salvage value of $20,000 at the end
of that time.
Required:
1. Identify and analyze the transaction to
record the purchase of the computer on July 1, 2017.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is not affected, select "No Entry"
and...
Notes Receivable On September 1, 2017, Seacrest Inc, accepted a six-month, $48,600 interest-bearing note from Delgado Enterprises in payment of an account receivable. Seacrest's year-end is December 31. Delgado paid the note and interest on the due date. Assume 360 days in the year, Required: 1. Who is the maker and who is the payee of the note? The makers Seacrest Inc. and the payee is Delgado Enterprises 2. What is the maturity date of the note> March 1, 2018...
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy for $2,400. Required: Record the entry to purchase the insurance ra the entry to purchase the insurance policy on Aprill. Also, recorded the adjusting required at December 31, 2017 12. On, September 1, 2018 JHJ Rental Car Company renewed its insurance coverage at a cost of $2,400. Required: Record the entry to renew the policy on September 1,2018 and adjusting entry required on December...
Notes Receivable
On September 1, 2017, Seacrest Inc. accepted a six-month, 7%,
$37,800 interest-bearing note from Delgado Enterprises in payment
of an account receivable. Seacrest's year-end is December 31.
Delgado paid the note and interest on the due date. Assume 360 days
in the year.
Required:
1. Who is the maker and who is the payee of the
note?
The maker is and the payee is .
2. What is the maturity date of the
note?
3. Identify and analyze the effect...
Prepaidant-Quarterly ments On September 1, Northampton Industries signed a mothes forces on September 1. Assume tha N a moto prepares adjustments only for me , which setective September ampton agreed to prepay the rent and make a check for $12,000 to the landlord art on March 31, June 30 September 30, and December 31 Required: month 1. Compute the rental cost for each $2,000 per month > 2. Identity and analyze the effect of the transaction for the payment of...
Concert Tickets Sold in Advance The Bard produces an outdoor concert festival that runs from June 28, 2017, through July 1, 2017. Concertgoers pay $80 for a four-day pass to the festival, and all 36,000 tickets are sold out by the May 1, 2017, deadline to buy tickets. Assume that the Bard prepares adjustments at the end of each month. Required: 1. Identify and analyze the transaction on May 1, 2017, assuming that all 36,000 tickets are sold on this...
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