Current Attempt in Progress At the end of 2020, Concord Corporation made four adjusting entries for...
Current Attempt in Progress
At the end of 2020, Concord Corporation made four adjusting
entries for the following items:
1. Depreciation expense, $25500.
2. Expired insurance, $2230 (originally recorded as prepaid
insurance.)
3. Interest payable, $5700.
4. Rent receivable, $10100.
In the normal situation, to facilitate subsequent entries, the
adjusting entry or entries that may be reversed is (are)
Entry No. 2, No. 3 and No. 4.
Entry No. 3 and No. 4.
Entry No. 3 only.
Entry No. 4 only.
Homework Answers
Option - 'B'
In the normal situation, to facilitate subsequent entries, the adjusting entry or entries that may be reversed are Entry No. 3 and No. 4.
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Current Attempt in Progress
At the end of 2020, Concord Corporation made four adjusting
entries for...
Current Attempt in Progress Concord Corporation, opened a dental practice on January 1, 2020. During the...
Current Attempt in Progress Concord Corporation, opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. 2. 3. Performed services for patients who had dental plan insurance. At January 31, $890 of such services were performed but not Utility expenses incurred but not paid prior to January 31 totaled $690. Purchased dental equipment on January 1 for $86,000, paying $21,000 in cash and signing a $65,000, 3-year note payable. TI Purchased...
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Current Attempt in Progress Concord Corporation purchased a truck at the beginning of 2020 for $109800....
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Certain adjusting entries made at the end of an accounting period are reversed at the beginning...
Certain adjusting entries made at the end of an accounting
period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31,
and determine whether a reversing entry is needed.
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View Policies Current Attempt in Progress Presented below is the adjusted trial balance of Concord Corporation at December 31, 2020, Debit Credit $ ? 1,490 1,290 48,290 $ 4,290 1.240 Do Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 10,290 790 2,290 9.290 10.290 25.290 10,290 9.290 1,690 1,490 1.190 $...
prepare adjusting entries at March 31, assuming that adjusting entries are made quarterly. Disaussions View Policies...
prepare adjusting entries at March 31, assuming that
adjusting entries are made quarterly.
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Current Attempt in Progress These items are taken from the financial statements of Concord Corporation at...
Current Attempt in Progress These items are taken from the financial statements of Concord Corporation at December 31, 2017 Building $90,988 Accounts receivable 10,836 Prepaid insurance 2.752 Cash 10.182 Equipment 70,864 Land 52632 Insurance expense Depreciation experne Interest expense Common stock 51400 Retained earnings (January 1, 2017) 34400 Accumulated deprecation-building 39216 Accounts payable Notes payable Accumulated depreciation equipment 16.099 Interest payable Service revenue the $11.696 of the bote payableware paid in 2010 st current sets in order of liquidity and...
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Current Attempt in Progress Elizabeth Brown, D.D.S. opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. 2. 3. Performed services for patients who had dental plan insurance. At January 31, $820 of such services were performed but not yet recorded Utility expenses incurred but not paid prior to January 31 totaled $680. Purchased dental equipment on January 1 for $84,000, paying $30,000 in cash and signing a $54.000.0, 3-year note...
Current Attempt in Progress Concord Corporation, opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. 2. 3. Performed services for patients who had dental plan insurance. At January 31, $890 of such services were performed but not Utility expenses incurred but not paid prior to January 31 totaled $690. Purchased dental equipment on January 1 for $86,000, paying $21,000 in cash and signing a $65,000, 3-year note payable. TI Purchased...
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Current Attempt in Progress Concord Corporation purchased a truck at the beginning of 2020 for $109800. The truck is estimated to have a salvage value of $3200 and auveure of 116000 miles. It was driven 24000 miles in 2020 and 32000 miles in 2021. What is the depreciation expense for 2020? $23379 $51464 $22056 $29408
Certain adjusting entries made at the end of an accounting
period are reversed at the beginning of the following period.
Required:
Analyze the following four adjusting entries made on December 31,
and determine whether a reversing entry is needed.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit...
View Policies Current Attempt in Progress Presented below is the adjusted trial balance of Concord Corporation at December 31, 2020, Debit Credit $ ? 1,490 1,290 48,290 $ 4,290 1.240 Do Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 10,290 790 2,290 9.290 10.290 25.290 10,290 9.290 1,690 1,490 1.190 $...
prepare adjusting entries at March 31, assuming that
adjusting entries are made quarterly.
Disaussions View Policies Current Attempt in Progress Conferences Collaborations The ledger of Carla Vista Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. WileyPLUS Support Debit Credit Prepaid Insurance $12,600 Supplies 2,700 Equipment 31,250 Accumulated Depreciation-Equipment $8,000 Notes Payable 21,000 Unearned Rent Revenue 9,600 Rent Revenue 61,000 Interest Expense Salaries and Wages Expense 13,000 An...
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