Homework Answers
| Adjusting Entry | |||
| Date | General Journal | Debit | Credit |
| Dec. 31 | Insurance Expense ($3,480/12 months * 7 months) | $2,030 | |
| Prepaid Insurance | $2,030 | ||
| (To record the adjusting entry for expiration of 7 months insurance) | |||
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Instruction A one-year insurance policy was purchased on June 1 for $3,480. Required: Prepare the adjusting...
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Gizmo Inc. purchased a one-year insurance policy on October 1 for $5,520. Required: Prepare the adjusting entry on December 31. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Gizmo Inc. General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 16 Office Building 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 17 Accumulated Depreciation Office Building 54 Wages Expense LIABILITIES 55 Supplies Expense 21...
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A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: (If an amount box does not require an entry, leave it blank.) Dec. 31 Accounts Payable Cash Insurance Expense Insurance Payable Prepaid Insurance
Calculator A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on...
Calculator A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: (If an amount box does not require an entry, leave it blank.) Dec. 31
The prepaid insurance account had a beginning balance of $11,500 and was debited for $18,000 of premiums paid during the year.
The prepaid insurance account had a beginning balance of $11,500 and was debited for $18,000 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $13,000. Refer to the Chart of Accounts for exact wording of account titles.Journal Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unexpired insurance related to future periods is $13,000....
On June 1, 20Y2, Herbal Co. received $18.900 for the rent of land for 12 months.
On June 1, 20Y2, Herbal Co. received $18.900 for the rent of land for 12 months. Journalize the acusting entry required for neamed rent on December 31, 20Y2. Refer to the Chart of Accounts for exact wording of account titles.Journalize the adjusting entry required for unearned rent on December 31, 2072. Refer to the Chart of Accounts for exact wording of account titles.
The balance in the prepaid insurance account, before adjustment at the end of the year, is...
The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,420. The year end is March 31. Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $15,780; (b) the amount of unexpired insurance applicable to future periods is $2,640. Refer to the Chart of Accounts for exact wording of account titles. CHART OF...
The estimated amount of depreciation on equipment for the current year is $10,700. Journalize the adjusting...
The estimated amount of depreciation on equipment for the current year is $10,700. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. Journalize the adusting entry on December 31 to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DESCRIPTION POSTER DERIT CREDIT DATE ASSETS UABILITIES EQUITY 1 Adjusting Entries 2
On June 1, 20Y2, Herbal Co. received $18,300 for the rent of land for 12 months...
On June 1, 20Y2, Herbal Co. received $18,300 for the rent of land for 12 months Journalize the adjusting entry required for unearned rent on December 31, 2012. Refer to the Chart of Accounts for exact wording of account titles.
The prepaid insurance account had a balance of $7.000 at the beginning of the year. The...
The prepaid insurance account had a balance of $7.000 at the beginning of the year. The account was debited for $24,000 for premiums on policies purchased during the year ending on March 31 Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of unexpired insurance applicable to future periods is $8,500, (b) the amount of insurance expired during the year is $22.500 Refer to the Chart of Accounts...
(2) Willow Creek Company purchased and installed carpet in its new general offices on April 30...
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Gizmo Inc. purchased a one-year insurance policy on October 1 for $5,520. Required: Prepare the adjusting entry on December 31. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Gizmo Inc. General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 16 Office Building 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 17 Accumulated Depreciation Office Building 54 Wages Expense LIABILITIES 55 Supplies Expense 21...
A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: (If an amount box does not require an entry, leave it blank.) Dec. 31 Accounts Payable Cash Insurance Expense Insurance Payable Prepaid Insurance
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The estimated amount of depreciation on equipment for the current year is $10,700. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. Journalize the adusting entry on December 31 to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DESCRIPTION POSTER DERIT CREDIT DATE ASSETS UABILITIES EQUITY 1 Adjusting Entries 2
On June 1, 20Y2, Herbal Co. received $18,300 for the rent of land for 12 months Journalize the adjusting entry required for unearned rent on December 31, 2012. Refer to the Chart of Accounts for exact wording of account titles.
The prepaid insurance account had a balance of $7.000 at the beginning of the year. The account was debited for $24,000 for premiums on policies purchased during the year ending on March 31 Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of unexpired insurance applicable to future periods is $8,500, (b) the amount of insurance expired during the year is $22.500 Refer to the Chart of Accounts...
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