Homework Answers
| Working Notes: | |||
| CALCULTION OF MONTHLY RENTAL REVENUE | |||
| Total Amount Paid | $ 3,300 | ||
| Divide By | "/" By | ||
| No of Months Payment | $ 3 | ||
| Monthly Rent | $ 1,100 | ||
| Solution: | |||
| Journal entry of the same is as below, | |||
| Date | Account Title | Debit | Credit |
| November. 01 | Cash | 3,300 | |
| Unearned Revenue | 3,300 | ||
| November. 30 | Unearned Revenue | 1,100 | |
| Rental Revenue | 1,100 | ||
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Required information The following information applies to the questions displayed below) Suppose a customer rents a...
Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying...
Suppose a customer rents a vehicle for three months from
Commodores Rental on November 1, paying $5,700
($1,900/month).
Required:
1.&2. Record the necessary entries in the Journal
Entry Worksheet below.
3. Calculate the year-end adjusted balances of the
Deferred Revenue and Service Revenue accounts (assuming the balance
of Deferred Revenue at the beginning of the year is
$0).
Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal...
Required information The following information applies to the questions displayed below.) Suppose Hoosiers, a specialty clothing...
Required information The following information applies to the questions displayed below.) Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $19,200 ($1,600/month) in advance on October 1. -34 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the payment of rent...
Brief Exercise 3-10 Record the adjusting entry for deferred revenue (LO3-3) Suppose a customer rents a...
Brief Exercise 3-10 Record the adjusting entry for deferred revenue (LO3-3) Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,550 ($1,850/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). Journal entry worksheet 1 2 > Record the vehicle rental from...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, Gundy...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, Gundy Enterprises purchases an office building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage. Installment payments of $1,455.93 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1. Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No...
Required information The following information applies to the questions displayed below.) The following transactions occur for...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). 3 Credit Sales for 2021 $260,000 55,000 1,100 (Credit Accounts Receivable, December 31, 2021 Allovance for Uncollectible Accounts, December 31, 2021 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12 % of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal...
thank you Required information The following information applies to the questions displayed below.] On January 1,...
thank you
Required information The following information applies to the questions displayed below.] On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $470,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 8%, the bonds will issue at $470,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on...
Quiz i Saved Required information [The following information applies to the questions displayed below On January...
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Required information [The following information applies to the questions displayed below.) California Surf Clothing Company issues...
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Required information [The following information applies to the questions displayed below.) Apple Inc. is the number...
Required information [The following information applies to the questions displayed below.) Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.0 million in iTunes gift cards in November, and customers redeem $13.0 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular...
Suppose a customer rents a vehicle for three months from
Commodores Rental on November 1, paying $5,700
($1,900/month).
Required:
1.&2. Record the necessary entries in the Journal
Entry Worksheet below.
3. Calculate the year-end adjusted balances of the
Deferred Revenue and Service Revenue accounts (assuming the balance
of Deferred Revenue at the beginning of the year is
$0).
Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal...
Required information The following information applies to the questions displayed below.) Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $19,200 ($1,600/month) in advance on October 1. -34 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the payment of rent...
Brief Exercise 3-10 Record the adjusting entry for deferred revenue (LO3-3) Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,550 ($1,850/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). Journal entry worksheet 1 2 > Record the vehicle rental from...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, Gundy Enterprises purchases an office building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage. Installment payments of $1,455.93 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1. Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Required information The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). 3 Credit Sales for 2021 $260,000 55,000 1,100 (Credit Accounts Receivable, December 31, 2021 Allovance for Uncollectible Accounts, December 31, 2021 Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12 % of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal...
thank you
Required information The following information applies to the questions displayed below.] On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $470,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: 1. If the market interest rate is 8%, the bonds will issue at $470,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on...
Quiz i Saved Required information [The following information applies to the questions displayed below On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $410,000 of 6 % bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year Required: 1. If the market interest rate is 6 % , the bonds will issue at $410,000. Record the bond issue on January 1, 2021, and the first two...
Required information [The following information applies to the questions displayed below.) California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $35 per share. Later in the year, the company decides to Purchase 100 shares at a cost of $38 per share. Record the purchase of treasury stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the purchase...
Required information [The following information applies to the questions displayed below.) Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20.0 million in iTunes gift cards in November, and customers redeem $13.0 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular...
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