Homework Answers
| Date | Account | Debit | Credit |
| Dec 1 | Cash | 11,550 | |
| Unearned fees | 11,550 | ||
| Dec 31 | Unearned fees | 2310 | |
| Fee earned (11,550/5 months) | 2310 |
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Record journal entries for the following transactions. a. On December 1, $11,550 was received for a...
Record journal entries for the following transactions. a. On December 1, $11,450 was received for a...
Record journal entries for the following transactions. a. On December 1, $11,450 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank. Dec. 1 b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Accounts Payable Accounts Receivable Cash Fees...
alon December 1. S11.750 was received for a service contract to be performed from December 1...
alon December 1. S11.750 was received for a service contract to be performed from December 1 through April 30 bassuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31 Required: Record journal entries for the above transactions. Refer to the Chart of Accounts for exact wording of account titles
Journalizing Adjusting Entries Journalize the following adjusting entries in the general journal below. 1. The supplies...
Journalizing Adjusting Entries
Journalize the following adjusting entries in the general journal
below. 1. The supplies expense for the month is $730. 2. The
insurance expense for the month is $680. 3. The depreciation
expense for delivery equipment is $200. 4. At the end of the month
$100 of wages is payable. If an amount box does not require an
entry, leave it blank.
If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, it was estimated that goodwill of $6,000,000 was Impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. If an amount box does not require...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $72,000. In addition, on December 31, it was estimated that goodwill of $59,000 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an...
please answer boxes Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees...
please answer boxes
Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $110,730. Of these fees, $68,655 have been earned. In addition, $13,290 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. Unearned Fees Fees Earned ✓ Feedback Check My Work Consider...
The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000
Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the 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 $20,250. If an amount box does not require an entry, leave it blank. b. The amount of unexpired insurance applicable to future periods is $6,750. If an amount box does not require an...
Entries for Bad Debt Expense under the Direct Write-Off and Allowance Methods The following selected transactions...
Entries for Bad Debt Expense under the Direct Write-Off and Allowance Methods The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: Apr. 13. Wrote off account of Dean Sheppard, $8,450. May 15. Received $500 as partial payment on the $7,100 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27. Received $8,450 from Dean Sheppard, whose account had been written off on April 13....
Will upvote! a. Received $18,000 from sale of common stock. If an amount box does not...
Will upvote!
a. Received $18,000 from sale of common stock. If an amount box does not require an entry, leave it blank. b. Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. If an amount box does not require an entry, leave it blank. Paid $2,300 for rent for April. If an amount box does not require an entry, leave it blank. d. Purchased $1,500 of supplies on account. If an amount box...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that goodwill of $45,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. Patents April 1 43,200 0 Cash 43,200 Feedback Check My Work Recall that goodwill is not amortized because its useful life is indefinite. b....
Record journal entries for the following transactions. a. On December 1, $11,450 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank. Dec. 1 b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Accounts Payable Accounts Receivable Cash Fees...
alon December 1. S11.750 was received for a service contract to be performed from December 1 through April 30 bassuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31 Required: Record journal entries for the above transactions. Refer to the Chart of Accounts for exact wording of account titles
Journalizing Adjusting Entries
Journalize the following adjusting entries in the general journal
below. 1. The supplies expense for the month is $730. 2. The
insurance expense for the month is $680. 3. The depreciation
expense for delivery equipment is $200. 4. At the end of the month
$100 of wages is payable. If an amount box does not require an
entry, leave it blank.
If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, it was estimated that goodwill of $6,000,000 was Impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. If an amount box does not require...
please answer boxes
Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $110,730. Of these fees, $68,655 have been earned. In addition, $13,290 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. Unearned Fees Fees Earned ✓ Feedback Check My Work Consider...
Will upvote!
a. Received $18,000 from sale of common stock. If an amount box does not require an entry, leave it blank. b. Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. If an amount box does not require an entry, leave it blank. Paid $2,300 for rent for April. If an amount box does not require an entry, leave it blank. d. Purchased $1,500 of supplies on account. If an amount box...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that goodwill of $45,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. Patents April 1 43,200 0 Cash 43,200 Feedback Check My Work Recall that goodwill is not amortized because its useful life is indefinite. b....
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