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The following transactions occurred during December 31, 2021, for the Folwell Company, entire amount 1. A...
The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $9,360. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $10,250 for the year. 3. Employee salaries of $12,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $110,000 from a bank. The note requires principal and interest at...
The following transactions occurred during December 31, 2021, for the Folwell Company 1. A three-year fire insurance policy was purchased on July 1, 2021, for $9,720. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $10,500 for the year. 3. Employee salaries of $13,000 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $120,000 from a bank. The note requires principal and interest at...
The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $11,520. The company debited insurance expense for the entire amount 2. Depreciation on equipment totaled $11,750 for the year, 3. Employee salaries of $15,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $170,000 from a bank. The note requires principal and interest at...
Exercise 2-8 (Algo) Adjusting entries (LO2-6] The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $10,800. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $11,250 for the year. 3. Employee salaries of $14,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $150,000 from a bank. The...
The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $12,960. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $12,750 for the year. 3. Employee salaries of $17,500 for the month of December will be paid in early January 2022 4. On November 1, 2021, the company borrowed $220,000 from a bank. The note requires principal and interest at...
The following transactions occurred during December 31, 2021, for the Falwell Company. A three-year fire insurance policy was purchased on July 1, 2021, for $14,040. The company debited insurance expense for the entire amount. Depreciation on equipment totaled $13,500 for the year. Employee salaries of $19,500 for the month of December will be paid in early January 2022. On November 1, 2021, the company borrowed $250,000 from a bank. The note requires principal and interest at 12% to be paid...
The following transactions occurred during December 31, 2021, for the Falwell Company. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. The company debited insurance expense for the entire amount. Depreciation on equipment totaled $15,000 for the year. Employee salaries of $18,000 for the month of December will be paid in early January 2022. On November 1, 2021, the company borrowed $200,000 from a bank. The note requires principal and interest at 12% to be paid...
Exercise 2-8 (Algo) Adjusting entries (LO2-6) The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $10,800. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $11,250 for the year. 3. Employee salaries of $14,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $150,000 from a bank. The...
1. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $14,750 for the year. 3. Employee salaries of $22,000 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $300,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2022. 5. On December 1, 2021, the company received...
Below are transactions for Wolverine Company during 2021. 1. On December 1, 2021, Wolverine receives $4,000 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue. 2. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $13,200. The payment is debited to Prepaid Insurance for the entire amount 3. Employee salaries of $3,000 for the month of December will be paid in early...