Homework Answers
Adjusting entry , Dec 31 2020.
Rent expense.... Dr... $ 91000
To Prepaid Rent ... $91000
Answer : Option B
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View Policies Current Attempt in Progress Crane Company paid cash of $156000 on June 1, 2020...
View Policies Current Attempt in Progress On July 1, Swifty's Sports Store paid $14600 to Blossom...
View Policies Current Attempt in Progress On July 1, Swifty's Sports Store paid $14600 to Blossom Realty for 4 months rent beginning July 1. Prepaid Rent was debitec full amount. If financial statements are prepared on July 31, the adjusting entry to be made by Swifty's Sports Store is O Debit Rent Expense. $14600; Credit Prepaid Rent, $14600. O Debit Rent Expense, $14600: Credit Prepaid Rent. $3650. Debit Prepaid Rent, $3650; Cred Rent Expense, $3650. Debit Rent Expense. $3650: Credit...
Question 10 of 1B 72 View Policies Current Attempt in Progress On July 7, 2020, Sheffield...
Question 10 of 1B 72 View Policies Current Attempt in Progress On July 7, 2020, Sheffield Realty Co performed cash services of $1710 The entry to record this transaction would include O a credit to Accounts Payable of $1710, O a debit to Service Revenue of $1710 O a credit to Accounts Receivable of $1710 a debit to Cash of $1710 Save for Attempts: 0 of 1 used
< Prev Next > Question 19 --/1 View Policies Current Attempt in Progress Crane Company's account...
< Prev Next > Question 19 --/1 View Policies Current Attempt in Progress Crane Company's account balances at December 31 for Accounts Receivable and Allowance for Doubtful Accounts were $2140000 and $48000 (Cr.), respectively. An aging of accounts receivable indicated that $171000 are expected to become uncollectible. The amount of the adjusting entry for bad debts at December 31 is $214000. O $171000. O $123000. $219000. Attempts: 0 of 1 used Save for Later Submit Answer Send to Gradebook
View Policies Current Attempt in Progress Splish Brothers Company was organized on April 1, 2020. The...
View Policies Current Attempt in Progress Splish Brothers Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Debit $7,000 580 600 900 12,500 500 7,600 1,800 700 100 400 80 $32,760 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable...
Question 4 of 5 -/1 View Policies Current Attempt in Progress Pharoah Corporation loaned $550000 to...
Question 4 of 5 -/1 View Policies Current Attempt in Progress Pharoah Corporation loaned $550000 to another corporation on December 1, 2020 and received a 3-manth, 9% interest-bearing note with a face value of $550000. What adjusting entry should Pharoah make on December 31, 2020? Debit Cash and credit Interest Receivable, $12375. O Debit Casi and credit Interest Revenue, $4125. Debit Interest Receivable and credit Interest Revenue, $12375. Debit Inarest Receivable and credit Interest Revenue $4125 Save for Later Attempts:...
Question 3 of 5 -/1 View Policies Current Attempt in Progress Vaughn Manufacturing had revenues of...
Question 3 of 5 -/1 View Policies Current Attempt in Progress Vaughn Manufacturing had revenues of $343000, expenses of $206000, and dividends of $46000. When Income Summary is closed to Retained Earnings, the amount of the debitor credit to Retained Earnings is a O credit of $137000 O debit of $91000 O credit of $91000 O debit of $137000.
View Policies Show Attempt History Current Attempt in Progress Crane Company sells tablet PCs combined with...
View Policies Show Attempt History Current Attempt in Progress Crane Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Crane Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $494. The standalone selling price of the tablet is $225 (the...
Question 4 of 10 -/5 View Policies Current Attempt in Progress At January 1, 2020. Crane...
Question 4 of 10 -/5 View Policies Current Attempt in Progress At January 1, 2020. Crane Corporation had plan assets of $256.500 and a defined benefit obligation of the same amount based on projected costs. During 2020, the current service cost was $28.550, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $31,500, contributions by Crane were $21,050, benefits paid were $17.500, and the cost of past service benefits granted effective December...
Question 7 View Policies Current Attempt in Progress On June 1, Cullumber Company issues 2,500 shares...
Question 7 View Policies Current Attempt in Progress On June 1, Cullumber Company issues 2,500 shares of no-par common stock at a cash price of $5 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles...
Question 2 View Policies Current Attempt in Progress At the end of its first year, the...
Question 2 View Policies Current Attempt in Progress At the end of its first year, the trial balance of Crane Company shows Equipment $22.400 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,400. Prepare the adjusting entry for depreciation at December 31. Of no entry is required, select 'No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
View Policies Current Attempt in Progress On July 1, Swifty's Sports Store paid $14600 to Blossom Realty for 4 months rent beginning July 1. Prepaid Rent was debitec full amount. If financial statements are prepared on July 31, the adjusting entry to be made by Swifty's Sports Store is O Debit Rent Expense. $14600; Credit Prepaid Rent, $14600. O Debit Rent Expense, $14600: Credit Prepaid Rent. $3650. Debit Prepaid Rent, $3650; Cred Rent Expense, $3650. Debit Rent Expense. $3650: Credit...
Question 10 of 1B 72 View Policies Current Attempt in Progress On July 7, 2020, Sheffield Realty Co performed cash services of $1710 The entry to record this transaction would include O a credit to Accounts Payable of $1710, O a debit to Service Revenue of $1710 O a credit to Accounts Receivable of $1710 a debit to Cash of $1710 Save for Attempts: 0 of 1 used
< Prev Next > Question 19 --/1 View Policies Current Attempt in Progress Crane Company's account balances at December 31 for Accounts Receivable and Allowance for Doubtful Accounts were $2140000 and $48000 (Cr.), respectively. An aging of accounts receivable indicated that $171000 are expected to become uncollectible. The amount of the adjusting entry for bad debts at December 31 is $214000. O $171000. O $123000. $219000. Attempts: 0 of 1 used Save for Later Submit Answer Send to Gradebook
View Policies Current Attempt in Progress Splish Brothers Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Debit $7,000 580 600 900 12,500 500 7,600 1,800 700 100 400 80 $32,760 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable...
Question 4 of 5 -/1 View Policies Current Attempt in Progress Pharoah Corporation loaned $550000 to another corporation on December 1, 2020 and received a 3-manth, 9% interest-bearing note with a face value of $550000. What adjusting entry should Pharoah make on December 31, 2020? Debit Cash and credit Interest Receivable, $12375. O Debit Casi and credit Interest Revenue, $4125. Debit Interest Receivable and credit Interest Revenue, $12375. Debit Inarest Receivable and credit Interest Revenue $4125 Save for Later Attempts:...
Question 3 of 5 -/1 View Policies Current Attempt in Progress Vaughn Manufacturing had revenues of $343000, expenses of $206000, and dividends of $46000. When Income Summary is closed to Retained Earnings, the amount of the debitor credit to Retained Earnings is a O credit of $137000 O debit of $91000 O credit of $91000 O debit of $137000.
View Policies Show Attempt History Current Attempt in Progress Crane Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Crane Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $494. The standalone selling price of the tablet is $225 (the...
Question 4 of 10 -/5 View Policies Current Attempt in Progress At January 1, 2020. Crane Corporation had plan assets of $256.500 and a defined benefit obligation of the same amount based on projected costs. During 2020, the current service cost was $28.550, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $31,500, contributions by Crane were $21,050, benefits paid were $17.500, and the cost of past service benefits granted effective December...
Question 7 View Policies Current Attempt in Progress On June 1, Cullumber Company issues 2,500 shares of no-par common stock at a cash price of $5 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles...
Question 2 View Policies Current Attempt in Progress At the end of its first year, the trial balance of Crane Company shows Equipment $22.400 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,400. Prepare the adjusting entry for depreciation at December 31. Of no entry is required, select 'No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
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