Homework Answers
- Since the entire amount for 12 months have been received on February 1, we will an unearned income
- February 1 Cash 6000
- Unearned revenue 6000
- (Being advance received from customer)
As at the end of first quarter Assuming that the quarter is February to april, revenue would be recognised
- April 30 Unearned revenue 1500 (6000*3/12)
- Revenue 1500
- (being revenue recognised)
The adjusting entry for quarter 2 (May-July) will be same as of quarter 1
- May 30 Unearned revenue 1500 (6000*3/12)
- Revenue 1500
- (being revenue recognised)
Add Answer to:
A company sells advertising in a monthly minor for 12 months of the correct on a...
Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company...
Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry, 2. Employees are paid every other Monday for the previous 2 week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2- week period of January...
On Fridays, for all products sold on credit during the week, the company records the sales...
On Fridays, for all products sold on credit during the week, the company records the sales transactions and sends bills to customers, January 31 falls on a Thursday. Credit sales for January 26 through January 31 totaled $3,214. The company prepares financial statements on a monthly basis. Prepare the necessary adjusting entry. Instructions for Transaction Analysis and Journal Entries and Alphabetical List of Specific Account Names Step 1: Analyze the transaction Transaction Analysis Table Amount Date Debitor Credit Specific Account...
Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500...
Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry. 2. Employees are paid every other Monday for the previous 2-week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2 week period of January 12-25. Each employee...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $42,500 from a local bank. The note requires principal and...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. On December 1, 2017, the company paid its annual fire insurance premium of $5,600 for the year beginning December 1 and debited prepaid insurance. On August 31, 2017, the company borrowed $92,500 from a local bank. The note requires principal and interest at...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. On December 1, 2020, the company paid its annual fire insurance premium of $6,000 for the year beginning December 1 and debited prepaid insurance. On August 31, 2020, the company borrowed $80,000 from a local bank. The note requires principal and interest at...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. On December 1, 2020, the company paid its annual fire insurance premium of $5,600 for the year beginning December 1 and debited prepaid insurance. On August 31, 2020, the company borrowed $92,500 from a local bank. The note requires principal and interest at...
The Righter Shoe Store Company prepares monthly financial statements for Its bank. The November 30 and...
The Righter Shoe Store Company prepares monthly financial statements for Its bank. The November 30 and December 31, 2021, trial balances contalned the following account Information: Nov. 30 Dec. 31 Dr. Cr. Dr. Cr. Supplies Prepaid insurance Salaries payable 2,8ee 4, 300 7,30e 5,150 16,5ee 16, 300 Deferred rent revenue 2,300 4,600 The following Informatlon also is known: a. The December Income statement reported $3,300 in supplies expense. b. No Insurance payments were made in December. c. $16,500 was pald...
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and...
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2021, trial balances contained the following account information: CE. Supplies Prepaid insurance Salaries payable Deferred rent revenue Nov. 30 Dr. 2,000 6,500 12,500 3,000 Dec. 31 Dr. 3,500 4,750 15,500 1,500 The following information also is known: a. The December income statement reported $2,500 in supplies expense. b. No insurance payments were made in December c. $12,500 was paid to employees during...
The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below....
The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock's fiscal year-end is December 31 1. On July 1, 2021. Gamecock receives $5.900 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock's depreciable equipment has a cost of $34,500, a five-year life, and no salvage value. The equipment is depreciated evenly straight-line depreciation method) over...
Activity #3 Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry, 2. Employees are paid every other Monday for the previous 2 week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2- week period of January...
On Fridays, for all products sold on credit during the week, the company records the sales transactions and sends bills to customers, January 31 falls on a Thursday. Credit sales for January 26 through January 31 totaled $3,214. The company prepares financial statements on a monthly basis. Prepare the necessary adjusting entry. Instructions for Transaction Analysis and Journal Entries and Alphabetical List of Specific Account Names Step 1: Analyze the transaction Transaction Analysis Table Amount Date Debitor Credit Specific Account...
Part 1 Required: Analyze the transactions and prepare the journal entries 1. The company borrowed $8,500 on February 1. It is a 9-month note with a 6% interest rate. The company prepares financial statements on a quarterly basis. Prepare the necessary adjusting entry. 2. Employees are paid every other Monday for the previous 2-week pay period. January 31 is on a Saturday. The last pay day was Monday, January 26 for the 2 week period of January 12-25. Each employee...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $42,500 from a local bank. The note requires principal and...
The Righter Shoe Store Company prepares monthly financial statements for Its bank. The November 30 and December 31, 2021, trial balances contalned the following account Information: Nov. 30 Dec. 31 Dr. Cr. Dr. Cr. Supplies Prepaid insurance Salaries payable 2,8ee 4, 300 7,30e 5,150 16,5ee 16, 300 Deferred rent revenue 2,300 4,600 The following Informatlon also is known: a. The December Income statement reported $3,300 in supplies expense. b. No Insurance payments were made in December. c. $16,500 was pald...
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2021, trial balances contained the following account information: CE. Supplies Prepaid insurance Salaries payable Deferred rent revenue Nov. 30 Dr. 2,000 6,500 12,500 3,000 Dec. 31 Dr. 3,500 4,750 15,500 1,500 The following information also is known: a. The December income statement reported $2,500 in supplies expense. b. No insurance payments were made in December c. $12,500 was paid to employees during...
The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock's fiscal year-end is December 31 1. On July 1, 2021. Gamecock receives $5.900 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock's depreciable equipment has a cost of $34,500, a five-year life, and no salvage value. The equipment is depreciated evenly straight-line depreciation method) over...
Most questions answered within 3 hours.
-
Determine the heat of combustion (ΔH2) for propane
(C3H8) using the bond energy table. HINT: you’ll...
asked 1 minute ago -
1 Give the host id in binary for the following IP addresses
(assuming classful):
a) 130.11.6.9...
asked 3 minutes ago -
A concert loudspeaker suspended high off the ground emits 32 W
of sound power. A small...
asked 6 minutes ago -
WRITE A JAVA PROGRAM THAT READS DATA FROM A .CSV FILE
!!
PLEASE SEE INSTRUCTIONS BELOW...
asked 11 minutes ago -
Short essay, about 500 words that is structured like the
examples from the business world you...
asked 8 minutes ago -
A billiard ball moving at 6.00 m/s strikes a stationary ball of
the same mass. After...
asked 9 minutes ago -
From past history, the scores on a statistics test are normally
distributed with a mean of...
asked 42 minutes ago -
Calculate the gravitational field strength on the highest peak
of Everest (8848 m above the Earth).
asked 42 minutes ago -
the energy value of carbohydrates is 4.0 cal/g. calculate the
energy in 250 g of carbohydrates,...
asked 44 minutes ago -
i
need the summary of this article “Why I Don’t Trust The Video Games
Cause Violence”...
asked 1 hour ago -
Draw the reactants and products of the following
reaction:
3-ethyl-2-heptene + HOH → 3-ethyl-3-heptanol +
3-ethyl-2-heptanol...
asked 1 hour ago -
Determine the ratio of adipic acid and butylene glycol that
should be used to obtain a...
asked 1 hour ago