Question 1
Consumption |
Dr |
19,019 |
Office supplies |
Cr |
19,019 |
(4475+18482-3938) |
Policy A (expense for 2019 = |
15,840*3/12 |
$ |
Insurance |
Dr |
1,980 |
Prepaid insurance |
Cr |
1,980 |
Policy B (expense for 2019 = |
14,616*12/36 |
$ |
Insurance |
Dr |
4,872 |
Prepaid Insurance |
Cr |
4,872 |
Policy C (expense for 2019 = |
13,440*5/12 |
$ |
Insurance |
Dr |
5,600 |
Prepaid Insurance |
Cr |
5,600 |
(2,950*15*2days) |
$ |
|
Salaries |
Dr |
88,500 |
Salaries payable |
Cr |
88,500 |
Depreciation |
Dr |
30,667 |
Building |
Cr |
30,667 |
Depreciation = (965,000-45,000)/30 |
Rent receivable |
Dr |
2,200 |
Rental income |
Cr |
2,200 |
Rent receivable for December |
Unearned rent |
Dr |
3,986 |
Rental income |
Cr |
3,986 |
2 months rent earned |
Question 2
Salaries payable (2 days 2019) |
Dr |
88,500 |
Salaries (3 days 2020) |
Dr |
1,32,750 |
Cash |
Cr |
2,21,250 |
cash |
Dr |
4,400 |
Rent receivable (Dec 2019) |
Cr |
2,200 |
Rental income (Jan 2020) |
Cr |
2,200 |
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
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 $4,475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. b. An analysis of the company's insurance policies provided the following Policy Months of Coverage Date of...
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 $3.950 balance. During 2019, the company purchased supplies for $16,314, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,476. b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage Date...
Screen Shot 2020-09-14 at 4.13.35 PM.pngHI there i will copy and paste the details for this problem but i was hoping someone could explain to me where the 3, 12, and 6 come from when calculating the prepaid insurance.15840/24*314616/36*1213440/12*5= 12, 452I know the answer -- i just want to understand where the 3, 12, and 6 come from in this equation"here are more details:Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to...
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 $3,200 balance. During 2019, the company purchased supplies for $13,216, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,816. b. An analysis of the company's insurance policies provided the following facts. Policy A Months of Coverage...
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 $4,500 balance. During 2019, the company purchased supplies for $18,585, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,960. b. An analysis of the company's insurance policies provided the following facts. Policy A B Date of...
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 $3,850 balance. During 2019, the company purchased supplies for $15,901, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,388 b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage Date...
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 $2,675 balance. During 2019, the company purchased supplies for $11,048, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,354 b. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase April...
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 $4,225 balance. During 2019, the company purchased supplies for $17,449, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,718. B) An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase Months...
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. The Office Supplies account started the year with a $3,075 balance. During 2019, the company purchased supplies for $12,700, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,706. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase Months of Coverage...
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. The Office Supplies account started the year with a $2,875 balance. During 2019, the company purchased supplies for $11,874, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,530. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase Months of Coverage...