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During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2021, you discover the following: An insurance policy covering three years was purchased on January 1, 2021, for $3,300. The entire amount was debited to insurance expense and no adjusting entry was recorded for this item. During 2021, the company received a $600 cash advance from a customer for merchandise to be manufactured and shipped in 2022. The $600 was...
During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2021. you discover the following: a. An insurance policy covering three years was purchased on January 1, 2021, for $6,000. The entire amount was debited to insurance expense and no adjusting entry was recorded for this item. b. During 2021, the company received a $1.000 cash advance from a customer for merchandise to be manufactured and shipped in 2022. The...
Exercise 2-17 (Algo) Accrual accounting income determination (LO2-5, 2- During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2021, you discover the following: a. An insurance policy covering three years was purchased on January 1, 2021, for $5,400. The entire amount was debited to insurance expense and no adjusting entry was recorded for this item b. During 2021, the company received a $775 cash advance from a customer for...
Record journal entry for each.
During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2021, you discover the following: a. An insurance policy covering three years was purchased on January 1, 2021, for $3,000. The entire amount was debited to insurance expense and no adjusting entry was recorded for this item. b. During 2021, the company received a $575 cash advance from a customer for merchandise to be manufactured...
During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2021, you discover the following: a. An insurance policy covering three years was purchased on January 1, 2021, for $2,400. The entire amount was debited to insurance expense and no adjusting entry was recorded for this item. b. During 2021, the company received a $525 cash advance from a customer for merchandise to be manufactured and shipped in 2022. The...
a. An insurance policy covering three years was purchased on January 1, 2021, for $3,600. The entire amount was debited to insurance expense and no adjusting entry was recorded for this item. b. During 2021, the company received a $625 cash advance from a customer for merchandise to be manufactured and shipped in 2022. The $625 was credited to sales revenue. No entry was recorded for the cost of merchandise. c. There were no supplies listed in the balance sheet...
There were no supplies list in the balance sheet under assets.
however you discover that supplies costing $750 were on hand at
December 31?
E 2-16 External transactions and adjusting entries • LO2-3, LO2-6 In ad Res Dete The is the E2-20 Worksheet • Appendix 2A red rent revenue? The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on...
Homework Week 2 i Samed Help Save & Exit Submit Check my work 00. Exercise 2-16 (Algo) External transactions and adjusting entries (LO2-3, 2-6] The following transactions accurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $22,000 from a bank and signed a note. Principal and interest at 96 will be paid on January 31, 2022. Apr. Paid $5,600 to un insurance company for a two-year fire insurance policy. July 17 Purchased suppliey couting $3,800 un account. The...
vork Saved Help Save & Exit Check my Required information [The following information applies to the questions displayed below.) Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Credit Debit $ 47,400 11,400 440 650 16,700 8,800 10,660 2,390 Account Titles Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated...
While preparing the financial statements of Amazing Consulting Company (ACC) for the year ended December 31, 2018, you discover the following: An insurance policy covering four years was purchased on April 1, 2018, for 6,240. The entire amount was debited to insurance expense and no adjusting entry was recorded for this item. During November 2018, the company received a $4,100 cash advance from a customer for services to be rendered in 2019. The $4,100 advance was credited to sales revenue....