Homework Answers
Journal entries
| No | Transaction | General Journal | Debit | Credit |
| 1 | a | Supplies expense | 2000 | |
| Cash | 2000 | |||
| 2 | b | Insurance expense | 1540 | |
| Cash | 1540 | |||
| 3 | c | Cash | 13000 | |
| Fees earned | 13000 | |||
| 4 | d | Cash | 3700 | |
| Fees earned | 3700 | |||
| 5 | e | Supplies | 1840 | |
| Supplies expense | 1840 | |||
| 6 | f | Prepaid insurance | 1200 | |
| Insurance expense | 1200 | |||
| 7 | g | Fees earned (13000+3700-5570) | 11130 | |
| Unearned revenue | 11130 | |||
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Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided...
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided...
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays Its expenses and to credit revenue accounts when customers pay for services in advance. Prepare Journal entries for items a through d and the adjusting entries as of its December 31 perlod-end for items e through g. a. Supplies are purchased on December 1 for $2,000 cash. b. The company prepaid its Insurance premiums for $1,540 cash...
Ricardo Construction began operations on December 1 in setting up its accounting procedures, the company decided...
Ricardo Construction began operations on December 1 in setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance Prepare journal entries for items a through d and the adjusting entries as of its December 31 period end for items e through g. a. Supplies are purchased on December 1 for $2,000 cash b. The company prepaid its Insurance premiums for $1,540...
Exercise 3-12A Adjusting for prepaids recorded as expenses and unearned revenues recorded as revenues LO P6...
Exercise 3-12A Adjusting for prepaids recorded as expenses and unearned revenues recorded as revenues LO P6 10 Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. Prepare journal entries for items a through dand the adjusting entries as of its December 31 period-end for iten e through g Hint a. Supplies are...
Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting...
Requirement 1. Journalize the adjusting entry needed on December
31, the end of the current accounting period, for each of the
following independent cases affecting Tiger Corporation. Include an
explanation for each entry.
Details of the Prepaid Insurance account reveal a January 1
(beginning of the year) debit balance of $2,700 and a debit to the
account on March 31 for $3,700to record the payment of an annual
insurance premium. At December 31, $2,000 is still prepaid.
(Record debits first,...
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Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during its first month of operations. The company uses the calendar year as its reporting period. During December, the company completed the following transactions. Summary of Transactions: Dec. 1 Stockholders invested $14,000 cash in the business in exchange for common stock. Dec. 2 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account Dec. 3 Dec. 5 Dec. 12 Purchased cleaning...
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Brokeback Towing Company is at the end of its accounting year, December 31, 2016. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2015, a two-year insurance premium on equipment in the amount of $408 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2015, the unadjusted balance in the Supplies account was $1,000. A physical...
balance of the erchandising company. The Balances from the trial company as of December 31, 2017...
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For each separate case, record the necessary adjusting entry, a. On July 1, Lopez Company paid...
For each separate case, record the necessary adjusting entry, a. On July 1, Lopez Company paid $1.200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31 b. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchases $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. 11111111 points awarded...
1. Dodie Company completed its first year of operations on December 31. All of the year's...
.1. Dodie Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: a. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. b. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of the next year. 2. A+T Williamson Company is making adjusting entries for the year ended December 31 of...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company’s records and related documents: On July 1, 2018, a two-year insurance premium on equipment in the amount of $740 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. At the end of 2018, the unadjusted balance in the Supplies account was $1,140. A physical count of...
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays Its expenses and to credit revenue accounts when customers pay for services in advance. Prepare Journal entries for items a through d and the adjusting entries as of its December 31 perlod-end for items e through g. a. Supplies are purchased on December 1 for $2,000 cash. b. The company prepaid its Insurance premiums for $1,540 cash...
Ricardo Construction began operations on December 1 in setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance Prepare journal entries for items a through d and the adjusting entries as of its December 31 period end for items e through g. a. Supplies are purchased on December 1 for $2,000 cash b. The company prepaid its Insurance premiums for $1,540...
Exercise 3-12A Adjusting for prepaids recorded as expenses and unearned revenues recorded as revenues LO P6 10 Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. Prepare journal entries for items a through dand the adjusting entries as of its December 31 period-end for iten e through g Hint a. Supplies are...
Requirement 1. Journalize the adjusting entry needed on December
31, the end of the current accounting period, for each of the
following independent cases affecting Tiger Corporation. Include an
explanation for each entry.
Details of the Prepaid Insurance account reveal a January 1
(beginning of the year) debit balance of $2,700 and a debit to the
account on March 31 for $3,700to record the payment of an annual
insurance premium. At December 31, $2,000 is still prepaid.
(Record debits first,...
Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during its first month of operations. The company uses the calendar year as its reporting period. During December, the company completed the following transactions. Summary of Transactions: Dec. 1 Stockholders invested $14,000 cash in the business in exchange for common stock. Dec. 2 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account Dec. 3 Dec. 5 Dec. 12 Purchased cleaning...
Brokeback Towing Company is at the end of its accounting year, December 31, 2016. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2015, a two-year insurance premium on equipment in the amount of $408 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2015, the unadjusted balance in the Supplies account was $1,000. A physical...
balance of the erchandising company. The Balances from the trial company as of December 31, 2017 is given below. Hudson Co. Balances from the Trial Balance December 31.2011 Accounts Payable Customer Deposits Received Accumulated Depreciation, Office Equipment Prepaid Rent Long-term Notes Payable Merchandise Inventory Advertising Expense Sales Returns&Allowances Office Supplies Expense Interest Payable $13,000 1.400 12,000 1,800 9,500 2.800 6,000 3,400 1,800 Insurance Expense Sales Office Equipment 300,000 62,000 Rent Expense Withdrawals Cost of Goods Sold Capital 6,000 3,500 149,000...
For each separate case, record the necessary adjusting entry, a. On July 1, Lopez Company paid $1.200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31 b. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchases $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. 11111111 points awarded...
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