Answer-
DR | CR | |
Insurance expense | 204 | |
Prepaid insurance | 204 | |
Insurance expense 816/2 years *6/12 | ||
Supplies expense(1000-390) | 610 | |
Supplies | 610 | |
Repairs and maintenance expense | 890 | |
. Accrued liabilities | 890 | |
Accounts receivable | 8400 | |
Service revenue | 8400 | |
Depreciation expense | 3200 | |
Accumulated depreciation | 3200 | |
Interest expense | 590 | |
Interest payable | 590 | |
. | ||
Income tax expense (39000*.25) | 9750 | |
Tax Payavle |
9750 |
2-
Expenses not recorded | 15244 | =204+610+890+3200+590+9750 | ||
Less: Revenue not recorded | 8400 | |||
Brokeback's net income overstated by | 6844 |
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
need answers and explanation asap 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: a. On July 1, 2018, a two-year Insurance premium on equipment in the amount of $576 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2018, the unadjusted balance in the Supplies...
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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: a. On July 1, 2018, a two-year insurance premium on equipment in the amount of $480 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical...
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I need to find Brokeback's net income. Check my B. . 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: a. On July 1, 2018, a two-year insurance premium on equipment in the amount of $456 was paid and debited in full to Prepaid b. At the end of 2018, the unadjusted balance in the Supplies account was $1,000....
PA4-2 Analyzing and Recording Adjusting Journal Entries (LO 4-1, LO 4-6] 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: a. On July 1, 2018, a two-year insurance premium on equipment in the amount of $744 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2018,...
journal entries financial accounting Check my work 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: a On July 1, 2018, a two-year insurance premium on equipment in the amount of $480 was paid and debted in to Prepaid Insurance on that date Coverage began on July 1 At the end of 2018. the unadjusted balance in the Supplies...