Homework Answers
| Date | Account titles and explanation | Debit | Credit | |||
| Nov-28 | Prepaid Insurance | $ 21,000 | ||||
| Bank/Cash | $ 21,000 | |||||
| (to insurance premium paid in advance for the year) | ||||||
| Then at the end of every month Dizzy shall recognize Inusrance expense by debiting the same and crediting Prepaid Insurance | ||||||
| There shall be NO ENTRY on the date on which agreement is entered, However on ebery 15th of the month when the rent liability is due | ||||||
| then the following journal entry shall be passed: | ||||||
| Date | Account titles and explanation | Debit | Credit | |||
| Dec-15 | Rent expense | $ 7,500 | ||||
| Rent Payable | $ 7,500 | |||||
| (to rent expense due for the month of December) | ||||||
Add Answer to:
c) On November 28, Dizzy Controls Inc. signed a contract with an insurance company for one-year...
e) On November 30, Dizzy Controls Inc. borrowed $600,000 cash from its bank and signed a...
e) On November 30, Dizzy Controls Inc. borrowed $600,000 cash from its bank and signed a two-year promissory note bearing 7.4% annual interest due on the last day of the month. DATE ACCOUNT NAMES DEBIT CREDIT On November 29, Dizzy Controls Inc. issued a check for $82,400 to its accountant, Cooper Lybrand, for accounting services used to setup the company. DATE ACCOUNT NAMES DEBIT CREDIT On December 1, Dizzy Controls Inc. signed a two-year contract with Deluca Fix-it Corp. for...
m) On December 17, Dizzy Controls Inc. paid $92,500 cash to its employees for the company...
m) On December 17, Dizzy Controls Inc. paid $92,500 cash to its employees for the company used during the first half of December. DATE ACCOUNT NAMES DEBIT CREDIT n) On December 18, Dizzy Controls Inc. issued a check for $96,000 as a partial payment on its account balance for the office equipment received on December 3. DEBIT CREDIT DATE ACCOUNT NAMES o) On December 19, Dizzy Controls Inc. paid $11,000 cash to its local newspaper for advertising that will run...
a) On December 23, Dizzy Controls Inc. received $28,500 cash from Lawrence Enterprises as a partial...
a) On December 23, Dizzy Controls Inc. received $28,500 cash from Lawrence Enterprises as a partial payment on its account from December 9. DEBIT ACCOUNT NAMES DATE CREDIT r) On December 29, Dizzy Controls Inc. received a bill in the amount of $3,750 from Inter-Ad for internet advertising used during December. DEBIT CREDIT DATE ACCOUNT NAMES s) On December 30, Dizzy Controls Inc. received a check for $62,700 from Luca Mfg. Company of which $25,900 was for services provided in...
u) On December 31, Dizzy Controls Inc. issued a check for $3,700 payable to its bank...
u) On December 31, Dizzy Controls Inc. issued a check for $3,700 payable to its bank for the interest incurred for using the proceeds of the loan during December. DATE ACCOUNT NAMES CREDIT DEBIT v) On December 31, Dizzy Controls Inc. paid $12,500 cash to its stockholders as distributions of a portion of its profits earned in December. DATE ACCOUNT NAMES CREDIT DEBIT
b) On November 25, Dizzy Controls Inc. exchanged 40,000 shares of its $1.25 par value common...
b) On November 25, Dizzy Controls Inc. exchanged 40,000 shares of its $1.25 par value common stock for a plot of land that the Company will eventually use as the site for an office building. The Company and the original land owner agreed that the common shares and the land had a total fair value of $270,000 on November 25. DEBIT ACCOUNT NAMES DATE CREDIT Supporting Computations Required:
Q3 .On April 28, Carpenter Printing signed a 1 year rental contract for office space, beginning...
Q3 .On April 28, Carpenter Printing signed a 1 year rental contract for office space, beginning May 1, and paid $9,140 for 2 months’ rent in advance. On April 29, Carpenter Printing signed a 1 year insurance contract for a comprehensive insurance policy with coverage beginning May 1. The full amount, $786, of the annual insurance policy is paid on April 29. On May 5, Carpenter Printing’s application for credit with a printing supplies vendor was approved and Carpenter Printing...
QUESTION 4 On April 28, Carpenter Printing signed a 1 year rental contract for office space,...
QUESTION 4 On April 28, Carpenter Printing signed a 1 year rental contract for office space, beginning May 1, and paid $9,553for 2 months’ rent in advance. On April 29, Carpenter Printing signed a 1 year insurance contract for a comprehensive insurance policy with coverage beginning May 1. The full amount, $792, of the annual insurance policy is paid on April 29. Based on these transactions alone, what are the Total Prepaid Expenses on the Balance Sheet on May 31?
Among other items, the partial unadjusted trail balance of Filmblaster, Inc., a movie rental company at...
Among other items, the partial unadjusted trail balance of Filmblaster, Inc., a movie rental company at December 31 of the current year includes the following unadjusted account balances: Filmblaster, Inc. Partial Unadjusted Account Balance December 31 Accounts Balance Prepaid Insurance $19800 Prepaid Rent $1632 Supplies $4020 Equipment $17000 Accumulated Depreciation - Equipment $1700 Examination of the records shows that adjustments should be made for the following items, Prepare the annual year end adjusting journal entries at December 31: a) of...
Vator 10 puntos) agreement for equipment. Annual payments are 1, 2017, XYZ Company signed an 8-year...
Vator 10 puntos) agreement for equipment. Annual payments are 1, 2017, XYZ Company signed an 8-year lease 1 2017 XYZ Company signed an of equipment. Annual payments are $28 500 to be made at the beginning of year. At the end of the lease the inment will revert to the lessor. The equipment has a useful life of 8 years and has no sul life of 8 years and has no residual value. At the time of the lease agreement...
Book On December 1, the company paid $12,000 for 12 months of Insurance coverage beginning on...
Book On December 1, the company paid $12,000 for 12 months of Insurance coverage beginning on that date. The payment was recorded with a debit in that amount to the Insurance Expense account. Print Complete the necessary adjusting entry by selecting the account names from the pull-down menus and entering dollar amounts in th debit and credit columns
e) On November 30, Dizzy Controls Inc. borrowed $600,000 cash from its bank and signed a two-year promissory note bearing 7.4% annual interest due on the last day of the month. DATE ACCOUNT NAMES DEBIT CREDIT On November 29, Dizzy Controls Inc. issued a check for $82,400 to its accountant, Cooper Lybrand, for accounting services used to setup the company. DATE ACCOUNT NAMES DEBIT CREDIT On December 1, Dizzy Controls Inc. signed a two-year contract with Deluca Fix-it Corp. for...
m) On December 17, Dizzy Controls Inc. paid $92,500 cash to its employees for the company used during the first half of December. DATE ACCOUNT NAMES DEBIT CREDIT n) On December 18, Dizzy Controls Inc. issued a check for $96,000 as a partial payment on its account balance for the office equipment received on December 3. DEBIT CREDIT DATE ACCOUNT NAMES o) On December 19, Dizzy Controls Inc. paid $11,000 cash to its local newspaper for advertising that will run...
a) On December 23, Dizzy Controls Inc. received $28,500 cash from Lawrence Enterprises as a partial payment on its account from December 9. DEBIT ACCOUNT NAMES DATE CREDIT r) On December 29, Dizzy Controls Inc. received a bill in the amount of $3,750 from Inter-Ad for internet advertising used during December. DEBIT CREDIT DATE ACCOUNT NAMES s) On December 30, Dizzy Controls Inc. received a check for $62,700 from Luca Mfg. Company of which $25,900 was for services provided in...
u) On December 31, Dizzy Controls Inc. issued a check for $3,700 payable to its bank for the interest incurred for using the proceeds of the loan during December. DATE ACCOUNT NAMES CREDIT DEBIT v) On December 31, Dizzy Controls Inc. paid $12,500 cash to its stockholders as distributions of a portion of its profits earned in December. DATE ACCOUNT NAMES CREDIT DEBIT
b) On November 25, Dizzy Controls Inc. exchanged 40,000 shares of its $1.25 par value common stock for a plot of land that the Company will eventually use as the site for an office building. The Company and the original land owner agreed that the common shares and the land had a total fair value of $270,000 on November 25. DEBIT ACCOUNT NAMES DATE CREDIT Supporting Computations Required:
Among other items, the partial unadjusted trail balance of Filmblaster, Inc., a movie rental company at December 31 of the current year includes the following unadjusted account balances: Filmblaster, Inc. Partial Unadjusted Account Balance December 31 Accounts Balance Prepaid Insurance $19800 Prepaid Rent $1632 Supplies $4020 Equipment $17000 Accumulated Depreciation - Equipment $1700 Examination of the records shows that adjustments should be made for the following items, Prepare the annual year end adjusting journal entries at December 31: a) of...
Vator 10 puntos) agreement for equipment. Annual payments are 1, 2017, XYZ Company signed an 8-year lease 1 2017 XYZ Company signed an of equipment. Annual payments are $28 500 to be made at the beginning of year. At the end of the lease the inment will revert to the lessor. The equipment has a useful life of 8 years and has no sul life of 8 years and has no residual value. At the time of the lease agreement...
Book On December 1, the company paid $12,000 for 12 months of Insurance coverage beginning on that date. The payment was recorded with a debit in that amount to the Insurance Expense account. Print Complete the necessary adjusting entry by selecting the account names from the pull-down menus and entering dollar amounts in th debit and credit columns
Most questions answered within 3 hours.
-
A 0.0510 M solution of an organic acid has an
[H+] of 7.50×10-4M .
What is...
asked 1 minute from now -
The completed Lewis structure of CO2 contains a total
of 0,1,2,3,4,5,6,7,8 covalent bonds
and 0,1,2,3,4,5,6,7,8 lone pairs.
NOTE:...
asked 1 minute ago -
what is the profit-maximizing output condition that a
monopolistically competitive firm must satisfy? a) price charged...
asked 3 minutes ago -
Consider the set of ordered pairs shown below. Assuming that the
regression equation is y=3.513+0.429x and...
asked 24 minutes ago -
1. (A) Write two
structural (constitutional)
isomers of C4H8F2?
Please show all of
the
asked 26 minutes ago -
Objective: Practice converting a Boolean logic
expression into it’s truth table and to show the implementation...
asked 23 minutes ago -
1) Name the three holes located in the greater wing of the
sphenoid bone in order...
asked 27 minutes ago -
For the following reaction set-up, which type of hydrocarbon
product would form? 1,4-hexadiene + two Cl2...
asked 29 minutes ago -
Consider the following method that is intended to determine if
the double values d1 and d2...
asked 42 minutes ago -
could someone please post clear drawings of the three structures
in the equilibrium mixture of D-glucose...
asked 49 minutes ago -
Using the Properties of Order show that 5n5 +
4n4 + 6n3 + 2n2+ n +...
asked 52 minutes ago -
What is experiential learning and how is it helpful for teaching
leadership, and interpreting group dynamics?...
asked 52 minutes ago