Homework Answers
| The Accounting Equation | |||||||||
| Event / Adjustments | Total Assets | Liabilities | Stockholders Equity | ||||||
| Cash | + | Other Assets | = | + | Common Stock | + | Retained earnings | ||
| a. | 6,400 | + | 6,400 | ||||||
| a. Adj. | + | (4,800) | (4,800) | ||||||
| b. | 14,700 | + | 14,700 | ||||||
| b. Adj. | + | (4,900) | 4,900 | ||||||
| c. | -1,800 | + | 1,800 | ||||||
| c. Adj. | + | (1,660) | (1,660) | ||||||
| d. | -5,400 | + | 5,400 | ||||||
| d. Adj. | + | (4,500) | (4,500) | ||||||
b.
Service revenue for 1 year = $14,700
service revenue for 4 months ( September to December) = 14,700 x 4/12
= $4,900
c.
Supplies expense = Supplies purchased - Ending supplies
= 1,800-140
= $1,660
d.
Rent expense for 1 year = $5,400
Rent expense for 10 months (March to December ) = 5,400 x 10/12
= $4,500
Kindly comment if you need further assistance.
Thanks‼!
Add Answer to:
a. Paid $6,400 cash in advance on April 1 for a one-year insurance policy. b. Received...
Required Each of the following independent events requires a year-end adjusting entry. Show how each event...
Required Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing date. The first event is recorded as an example. (Do not round intermediate calculations & Round your final answer to nearest whole dollar.) a. Paid $6,200 cash in advance on October 1 for a one-year insurance policy. b. Received an $5,000 cash advance for a contract to provide services in...
Required Each of the following independent events requires a year-end adjusting entry. Show how each event...
Required Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing date. The first event is recorded as an example. (Do not round intermediate calculations & Round your final answer to nearest whole dollar.) a. Paid $6,200 cash in advance on October 1 for a one-year insurance policy. b. Received an $5,000 cash advance for a contract to provide services in...
On April 1, Year 1, Maine Corporation paid $9,700 cash in advance for a one-year lease...
On April 1, Year 1, Maine Corporation paid $9,700 cash in
advance for a one-year lease on an office building. Assume that
Maine records the prepaid rent as an asset and that the books are
closed on December 31. Required a. Show the payment for the
one-year lease and the related adjusting entry to recognize rent
expense in the accounting equation. (Do not round intermediate
calculations. Enter any decreases to account balances with a minus
sign.)
MAINE CORPORATION Accounting Equations...
00 3aveu Required Each of the following independent events requires a year-end adjusting entry. Show how...
00 3aveu Required Each of the following independent events requires a year-end adjusting entry. Show how each event and its relates affect the accounting equation. Assume a December 31 closing date. The first event is recorded as an example. (D intermediate calculations & Round your final answer to nearest whole dollar.) a. Paid $5,100 cash in advance on October 1 for a one-year insurance policy. b. Received an $3,900 cash advance for a contract to provide services in the future....
Each of the following independent events requires a year-end adjusting entry. Paid $9,400 cash in advance...
Each of the following independent events requires a year-end adjusting entry. Paid $9,400 cash in advance on July 1 for a one-year lease on office space. Purchased $2,700 of supplies on account on April 15. At year-end, $250 of supplies remained on hand. Received a $10,300 cash advance on July 1 for a contract to provide services for one year beginning immediately. Paid $4,400 cash in advance on February 1 for a one-year insurance policy. Required Record each event and...
Each of the following independent events requires a year-end adjusting entry. Paid $9,100 cash in advance...
Each of the following independent events requires a year-end adjusting entry. Paid $9,100 cash in advance on July 1 for a one-year lease on office space. Purchased $3,300 of supplies on account on April 15. At year-end, $330 of supplies remained on hand. Received a $10,400 cash advance on July 1 for a contract to provide services for one year beginning immediately. Paid $3,100 cash in advance on February 1 for a one-year insurance policy. Required Record each event and...
Each of the following independent events requires a year-end adjusting entry. Paid $9,900 cash in advance...
Each of the following independent events requires a year-end adjusting entry. Paid $9,900 cash in advance on July 1 for a one-year lease on office space. Purchased $3,400 of supplies on account on April 15. At year-end, $270 of supplies remained on hand. Received a $8,800 cash advance on July 1 for a contract to provide services for one year beginning immediately. Paid $3,800 cash in advance on February 1 for a one-year insurance policy. Required Record each event and...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 5,400 Interest Revenue ..... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? a. Cash .1,800 Interest Revenue 1,800 b. Cash 5,400 Interest Receivable 5,400 c. Cash 7,200 Interest Receivable 5,400 Interest Revenue...
16. Jack's Snow Removal Company received a cash advance of $12,900 on December 1, Year 1...
16. Jack's Snow Removal Company received a cash advance of $12,900 on December 1, Year 1 to provide services during the months of December, January, and February. The year-end adjustment on December 31, Year 1, to recognize the partial expiration of the contract will A) increase assets by $4300 and increase equity by $4300 B) increase equity by $4300 C) increase liabilities by $4300 D) increase assets by $4300
15 Jason Company paid $5,400 for one year's rent in advance beginning on October 1, Year...
15 Jason Company paid $5,400 for one year's rent in advance beginning on October 1, Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outflow for rent, respectively, of
Required Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing date. The first event is recorded as an example. (Do not round intermediate calculations & Round your final answer to nearest whole dollar.) a. Paid $6,200 cash in advance on October 1 for a one-year insurance policy. b. Received an $5,000 cash advance for a contract to provide services in...
Required Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing date. The first event is recorded as an example. (Do not round intermediate calculations & Round your final answer to nearest whole dollar.) a. Paid $6,200 cash in advance on October 1 for a one-year insurance policy. b. Received an $5,000 cash advance for a contract to provide services in...
On April 1, Year 1, Maine Corporation paid $9,700 cash in
advance for a one-year lease on an office building. Assume that
Maine records the prepaid rent as an asset and that the books are
closed on December 31. Required a. Show the payment for the
one-year lease and the related adjusting entry to recognize rent
expense in the accounting equation. (Do not round intermediate
calculations. Enter any decreases to account balances with a minus
sign.)
MAINE CORPORATION Accounting Equations...
00 3aveu Required Each of the following independent events requires a year-end adjusting entry. Show how each event and its relates affect the accounting equation. Assume a December 31 closing date. The first event is recorded as an example. (D intermediate calculations & Round your final answer to nearest whole dollar.) a. Paid $5,100 cash in advance on October 1 for a one-year insurance policy. b. Received an $3,900 cash advance for a contract to provide services in the future....
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 5,400 Interest Revenue ..... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? a. Cash .1,800 Interest Revenue 1,800 b. Cash 5,400 Interest Receivable 5,400 c. Cash 7,200 Interest Receivable 5,400 Interest Revenue...
16. Jack's Snow Removal Company received a cash advance of $12,900 on December 1, Year 1 to provide services during the months of December, January, and February. The year-end adjustment on December 31, Year 1, to recognize the partial expiration of the contract will A) increase assets by $4300 and increase equity by $4300 B) increase equity by $4300 C) increase liabilities by $4300 D) increase assets by $4300
15 Jason Company paid $5,400 for one year's rent in advance beginning on October 1, Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outflow for rent, respectively, of
Most questions answered within 3 hours.
-
Bob is gambling in the casino. The probability that he will win
nothing is 0.2. The...
asked 22 minutes ago -
A free electron and a free proton are exactly 0.70 cm apart.
A)
Find the magnitude...
asked 29 minutes ago -
Identify and Describe the major sources of U.S law. Provide a
sport-related example of each.
asked 1 hour ago -
NASA's Ames Research Center in Mountain View, California, houses
a 20g centrifuge used to conduct research...
asked 1 hour ago -
I want a python code using recursion ONLY.
I cannot use any loops, dictionaries or modules....
asked 1 hour ago -
Tobin Supplies Company expects sales next year to be $450,000.
Inventory and accounts receivable will increase...
asked 2 hours ago -
Give the relative rates for the following with a neighbor at your
desk
PH3(g) to P4(g)...
asked 3 hours ago -
Suppose Acap Corporation will pay a dividend of $2.87 per share
at the end of this...
asked 3 hours ago -
Scientists make earthquake forecasts using data from:
A.
geodesy
B.
seismology
C.
geology
D.
paleoseismology
E....
asked 3 hours ago -
Employee training can
be defined as planned organizational efforts to help employees
learn job-related knowledge, skills,...
asked 4 hours ago -
Which for loop is implemented correctly in Java?
Group of answer choices
for (i = 0...
asked 5 hours ago -
Required information
[The following information applies to the questions
displayed below.]
In 2019, Alliant Corporation acquired...
asked 5 hours ago