Homework Answers
Answer -
Journal entries
| Date | Account Titles and Explanation | Debit ($) | Credit ($) |
| April 1 |
Prepaid Rent Cash (Record prepayment for rent) |
6564 - |
- 6564 |
| Oct. 1 |
Prepaid Insurance Cash (Record the prepayment of insurance) |
3984 - |
- 3984 |
| Oct. 15 |
Supplies Cash (Record the purchase of supplies) |
5500 - |
- 5500 |
| Nov. 1 |
Prepaid Repairs and Maintenance Cash (Record prepayment of repairs and maintenance) |
492 - |
- 492 |
Add Answer to:
Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments for expense items during...
please do question 3 Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments...
please do question 3
Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments for expense items during 2019: a. Prepaid building rent for 1 year on April 1 by paying $5,940. Prepaid rent was debited for the amount paid. b. Prepaid 12 months' insurance on October 1 by paying $4,032. Prepaid insurance was debited. C. Purchased $4,380 of office supplies on October 15, debiting supplies for the full amount. There were no office supplies on hand as...
please do question 3 Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a...
please do question 3
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties paid $9,240 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of the prepayment was debited to prepaid insurance, b. On May 1, Greensboro Properties received $32,280 for...
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it...
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties pald $10,560 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of ti prepayment was debited to prepaid insurance. b. On May 1, Greensboro Properties received $35,640 for 1 year's rent from...
ter 3 Exercise 3-48 (Algorithmic) Expense Adjustments Faraday Electronic Service repairs stereos and DVD players. During...
ter 3 Exercise 3-48 (Algorithmic) Expense Adjustments Faraday Electronic Service repairs stereos and DVD players. During 2019, Faraday engaged in the following activities: On September 1, Feady paid Wausau Insurance $6,000 for its ability insurance for the next 12 months. The full amount of the prepayment was debited to prepaid insurance b. At December 31, wady estimates that $1.490 oftlity costs are recorded and road c. Faraday rents its testing equipment from JVC. Equipment rent in the amount of $3,300...
Consider the following independent situations at December 31:
Consider the following independent situations at December 31: Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $6,900 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent...
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021 1....
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021 1. On December 1, 2021, Wolverine receives $2,200 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 $11,040. The payment is debited to Prepaid Insurance for the entire amount. 3. Employee salaries of $1,200 for the...
Need help recording the adjustment entry for all of these transactions B (of 12) 8.33 points...
Need help recording the adjustment entry for all of these
transactions
B (of 12) 8.33 points a. On December 1, 2018, Wolverine receives $3,700 cash trom a company that is renting office space from Wolverine. The payment, representing rent for December and January, is purchases a oneyear property insurance policy on July 1, 2018, for $12.840. The payment is debited to Prepaid Insurance for the entire amount salaries of $2.700 for the month of December will be paid in early...
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue....
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. At December 31, the business must account for the amount of rent it has earned. a.On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned....
Cornerstone Exercise 3-20 (Algorithmic) Deferred Expense Adjusting Entries Best Company had the following items that require...
Cornerstone Exercise 3-20 (Algorithmic) Deferred Expense Adjusting Entries Best Company had the following items that require adjustment at year end. a. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent when paid. At year end, $2,270 of the prepaid rent had expired. b. Cash for insurance in the amount of $8,700 was paid in advance. The $8,700 was debited to prepaid insurance when paid. At year end, $1,900 of...
Below are transactions for Wolverine Company during 2021. 1. On December 1, 2021, Wolverine receives $2,800...
Below are transactions for Wolverine Company during 2021. 1. On December 1, 2021, Wolverine receives $2,800 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 $11,760. The payment is debited to Prepaid Insurance for the entire amount. 3. Employee salaries of $1,800 for the month of December will be paid in early January 2022. 4. On November...
please do question 3
Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments for expense items during 2019: a. Prepaid building rent for 1 year on April 1 by paying $5,940. Prepaid rent was debited for the amount paid. b. Prepaid 12 months' insurance on October 1 by paying $4,032. Prepaid insurance was debited. C. Purchased $4,380 of office supplies on October 15, debiting supplies for the full amount. There were no office supplies on hand as...
please do question 3
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties paid $9,240 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of the prepayment was debited to prepaid insurance, b. On May 1, Greensboro Properties received $32,280 for...
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties pald $10,560 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of ti prepayment was debited to prepaid insurance. b. On May 1, Greensboro Properties received $35,640 for 1 year's rent from...
ter 3 Exercise 3-48 (Algorithmic) Expense Adjustments Faraday Electronic Service repairs stereos and DVD players. During 2019, Faraday engaged in the following activities: On September 1, Feady paid Wausau Insurance $6,000 for its ability insurance for the next 12 months. The full amount of the prepayment was debited to prepaid insurance b. At December 31, wady estimates that $1.490 oftlity costs are recorded and road c. Faraday rents its testing equipment from JVC. Equipment rent in the amount of $3,300...
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021 1. On December 1, 2021, Wolverine receives $2,200 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 $11,040. The payment is debited to Prepaid Insurance for the entire amount. 3. Employee salaries of $1,200 for the...
Need help recording the adjustment entry for all of these
transactions
B (of 12) 8.33 points a. On December 1, 2018, Wolverine receives $3,700 cash trom a company that is renting office space from Wolverine. The payment, representing rent for December and January, is purchases a oneyear property insurance policy on July 1, 2018, for $12.840. The payment is debited to Prepaid Insurance for the entire amount salaries of $2.700 for the month of December will be paid in early...
Cornerstone Exercise 3-20 (Algorithmic) Deferred Expense Adjusting Entries Best Company had the following items that require adjustment at year end. a. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent when paid. At year end, $2,270 of the prepaid rent had expired. b. Cash for insurance in the amount of $8,700 was paid in advance. The $8,700 was debited to prepaid insurance when paid. At year end, $1,900 of...
Most questions answered within 3 hours.
-
Determine the pHpH of an HFHF solution of each of the following
concentrations. The KAKA value...
asked 1 minute ago -
Two point charges of 7.0mL are initially 11.5m apart. What is
the change in potential energy...
asked 3 minutes ago -
It is possible to iterate through an array quickly and easily
using a loop?
asked 6 minutes ago -
Please write as a short answer
You have heartburn and a two hour working session on...
asked 7 minutes ago -
Please solve with excel and mention the excel function.
Thanks
Kevin deposits $10,000 in a savings...
asked 9 minutes ago -
Which Special Journal would the following transaction be
journalized in?
Sold merchandise on account to Customer...
asked 21 minutes ago -
Assuming 100% dissociation, calculate the freezing point (?fTf)
and boiling point (?bTb) of 1.45 ? K3PO4(aq)1.45...
asked 23 minutes ago -
An inflated helium balloon with a volume of 0.35L at
sea level (1.0 atm) was allowed...
asked 25 minutes ago -
Python 3.0 Please
Write a function that takes, as arguments, a binary string, a
list of...
asked 53 minutes ago -
(a) Calculate the momentum of a 2150 kg elephant charging a
hunter at a speed of...
asked 40 minutes ago -
all the following is an example of a fixed cost except: any cost
that changes in...
asked 42 minutes ago -
Briefly describe the changes in pupil diameter that occur with
changes in light intensity or distance...
asked 42 minutes ago