Can you please help me fix what I did wrong in red? Also, please help me understand why we put "deferred revenue" and "service revenue" - Thanks!
Homework Answers
Answer
· Incorrect journal entry corrected below
|
Date |
General Journal |
Debit |
Credit |
|
Nov-01 |
Cash [because advance is received in cash] |
$5,400 |
|
|
Deferred Revenue [because revenue is not yet earned] |
$5,400 |
||
|
(to record advance cash received) |
· Deferred revenue is used to record
revenue received in advance that is not yet earned.
It is credited when cash is received in advance, and debited as the
revenue gets earned.
· Service revenue is used to record revenue earned, by crediting the account.
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Can you please help me fix what I did wrong in red? Also, please
help me...
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...
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...
Please help me fix what I did wrong and please explain: Exercise 3-20A Record transactions and...
Please help me fix what I did wrong and please explain:
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) 4. October On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred Revenue, $6,300; Common Stock $63,000; and Retained Earnings, $38,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $33,000....
Required information The following information applies to the questions displayed below) Suppose a customer rents a...
Required information The following information applies to the questions displayed below) Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $3,300 ($1,100/month). 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular contraction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the rental for Commodores on November 1. Note: Enter...
Please explain and answer this problem in detail - Thanks! Brief Exercise 3-12 Record the adjusting...
Please explain and answer this problem in detail - Thanks!
Brief Exercise 3-12 Record the adjusting entry for interest payable (L03-3) Midshipmen Company borrows $18.500 from Falcan Company on July 1, 2021. Midshipmen repays the amount barrowed and pays Interest of 12% 7%/month) on June 30, 2022 Required: 1.82. Record the necessary entries in the Joumal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of interest Payable and interest Expense (assuming the balance of Interest Payable at the...
Midshipmen Company borrows $20.000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed...
Midshipmen Company borrows $20.000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays Interest of 12% (1%/month) on June 30, 2022 Required: 1.82 Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of interest Payable and interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0) Complete this question by entering your answers in the tabs below. Required 1 and 2...
The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below. Debit Credit...
The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below. Debit Credit Cash Accounts Recelvable Prepaid Rent S 9,600 14,600 6,720 3,600 Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 2,600 10,000 5,600 49,320 33,000 $67,520 $67,520 At year-end, the following additional information is available a. The balance of Prepaid Rent, $6,720, represents payment on October 31, 2018, for rent from November 1, 2018, to April 30, 2019. b. The balance of Deferred...
The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below Debit Credit...
The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below Debit Credit Accounts Cash $9,600 4,600 6,720 3,500 Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earmings Service Revenue Salarles Expense $2,600 10,000 5.600 49,320 33,000 $67,520 $67,520 At year-end, the following additional information is available: a. The balance of Prepaid Rent, $6,720, represents payment on October 31, 2018, for rent from November 1, 2018, to April 30, 2019. b. The balance of Deferred Revenue, $2,600,...
please help me configure the correct amount for salaries expense. thank you The unadjusted trial balance...
please help me configure the correct amount for salaries
expense. thank you
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company's reporting year-end. Credits Debits 10,250 6,250 2.500 180,000 42,500 75,000 30.000 26,750 Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries payable Deferred rent revenue Common stock Retained earnings Service revenue Interest revenue Rent revenue Salaries expense...
please explain how you get depreciation expense and accumulated depreciation Beaver Construction purchases new equipment for...
please explain how you get depreciation expense and accumulated
depreciation
Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below, 3. Calculate the year-end adjusted balances of Accumulated...
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...
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...
Please help me fix what I did wrong and please explain:
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) 4. October On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred Revenue, $6,300; Common Stock $63,000; and Retained Earnings, $38,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $33,000....
Required information The following information applies to the questions displayed below) Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $3,300 ($1,100/month). 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular contraction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the rental for Commodores on November 1. Note: Enter...
Please explain and answer this problem in detail - Thanks!
Brief Exercise 3-12 Record the adjusting entry for interest payable (L03-3) Midshipmen Company borrows $18.500 from Falcan Company on July 1, 2021. Midshipmen repays the amount barrowed and pays Interest of 12% 7%/month) on June 30, 2022 Required: 1.82. Record the necessary entries in the Joumal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of interest Payable and interest Expense (assuming the balance of Interest Payable at the...
Midshipmen Company borrows $20.000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays Interest of 12% (1%/month) on June 30, 2022 Required: 1.82 Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of interest Payable and interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0) Complete this question by entering your answers in the tabs below. Required 1 and 2...
The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below. Debit Credit Cash Accounts Recelvable Prepaid Rent S 9,600 14,600 6,720 3,600 Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 2,600 10,000 5,600 49,320 33,000 $67,520 $67,520 At year-end, the following additional information is available a. The balance of Prepaid Rent, $6,720, represents payment on October 31, 2018, for rent from November 1, 2018, to April 30, 2019. b. The balance of Deferred...
The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below Debit Credit Accounts Cash $9,600 4,600 6,720 3,500 Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earmings Service Revenue Salarles Expense $2,600 10,000 5.600 49,320 33,000 $67,520 $67,520 At year-end, the following additional information is available: a. The balance of Prepaid Rent, $6,720, represents payment on October 31, 2018, for rent from November 1, 2018, to April 30, 2019. b. The balance of Deferred Revenue, $2,600,...
please help me configure the correct amount for salaries
expense. thank you
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company's reporting year-end. Credits Debits 10,250 6,250 2.500 180,000 42,500 75,000 30.000 26,750 Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries payable Deferred rent revenue Common stock Retained earnings Service revenue Interest revenue Rent revenue Salaries expense...
please explain how you get depreciation expense and accumulated
depreciation
Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no resale or scrap value at the end. Beaver depreciates equipment evenly over the 84 months ($600/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below, 3. Calculate the year-end adjusted balances of Accumulated...
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