Homework Answers
| Adjusting entry: | ||||
| Date | Account titles and explanation | Debit | Credit | |
| December 31 | Insurance Expense | $ 268.00 | ||
| Prepaid Insurance | $ 268.00 | |||
| (To record insurance expense of current year) | ||||
| Working; | ||||
| Monthly cost of insurance | = | Total insurance cost | / | Total months |
| = | $ 2,412.00 | / | 36 | |
| = | $ 67.00 | |||
| Insurance cost of current year | = | Number of months used in current year | * | Insurance cost per month |
| = | 4 | * | $ 67.00 | |
| = | $ 268.00 | |||
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Journal entry worksheet Record the adjusting entry for Insurance expense of $2,412 representing the cost of...
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Service Pro Corp. (SPC) is preparing adjustments for its September 30 year-end. For the following transactions and events, show the September 30 adjusting entries SPC would make. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Prepaid Insurance shows a balance of zero at September 30, but Insurance Expense shows a debit balance of $2,160, representing the cost of a three-year fire insurance policy that was purchased on September 1...
Service Pro Corp. (SPC) is preparing adjustments for its September 30 year-end. For the following transactions...
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3) Record the December 31 adjusting entries for the following transactions and events in general journal...
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2nd Journal entry: Record the adjusting entry for situation a. 3rd Journal entry: Record the entry...
2nd Journal entry: Record the adjusting entry for situation
a.
3rd Journal entry: Record the entry necessary as a direct result
of the change in situation b.
4th Journal entry: Record the adjusting entry for situation
b.
5th Journal entry: Record the entry necessary as a direct result
of the change in situation c.
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Record salaries and wages expense.
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Record salaries and wage expense for fringe benefits provided
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Service Pro Corp. (SPC) is preparing adjustments for its September 30 year-end. For the following transactions and events, show the September 30 adjusting entries SPC would make. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Prepaid Insurance shows a balance of zero at September 30, but Insurance Expense shows a debit balance of $2,160, representing the cost of a three-year fire insurance policy that was purchased on September 1...
Service Pro Corp. (SPC) is preparing adjustments for its September 30 year-end. For the following transactions and events, show the September 30 adjusting entries SPC would make. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Prepaid Insurance shows a balance of zero at September 30, but Insurance Expense shows a debit balance of $2,700, representing the cost of a three-year fire insurance policy that was purchased on September 1...
Service Pro Corp. (SPC) is preparing adjustments for its September 30 year-end. For the following transactions and events, show the September 30 adjusting entries SPC would make. (if no entry is required for a transaction/event, select "No Journal Entry Require in the first account field.) a. Prepaid Insurance shows a balance of zero at September 30, but Insurance Expense shows a debit balance of $2,160, representing the cost of a three-year fire insurance policy that was purchased on September 1...
3) Record the December 31 adjusting entries for the following transactions and events in general journal form. Assume that December 31 is the end of the annual accounting period a. The Prepaid Insurance account shows a debit balance of $2,340, representing the cost of a two-year fire insurance policy that was purchased on October 1 of the current year and has not been adjusted to date. Entry # Account Titles & explanationas Debits Credits 0 b. The Store Supplies account...
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2nd Journal entry: Record the adjusting entry for situation
a.
3rd Journal entry: Record the entry necessary as a direct result
of the change in situation b.
4th Journal entry: Record the adjusting entry for situation
b.
5th Journal entry: Record the entry necessary as a direct result
of the change in situation c.
Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries are prepared. a....
C. The company's income tax rate is 20%. After making all the
above adjustments, SPC's net income before taxes $10,000. No income
tax has been paid or recorded. Record at the adjusting entry for
income tax and 20% on that income before taxes of $10,000.
Fnewconnect.mheducation.com%252F#/activity/questi apter 4 HW 0 Saved wy 1. in the first account field.) 2 nts a. Prepaid Insurance shows a balance of zero at September 30, but Insurance Expense shows a debit balance of $2,340,...
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Journal entry worksheet
1
Record salaries and wages expense.
Record payroll tax expense.
Record salaries and wage expense for fringe benefits provided
by the employer.
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 85% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed...
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