Homework Answers
When interest is earned it should be recorded as revenue by crediting Interest Revenue and Interest receivable account should be debited as interest is not received yet.
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On December 31, Torres Company has earned interest revenue of $4,400 on outstanding notes, even though...
Rock Castle Construction has earned interest of $400 as of December 31, 2022. This interest has...
Rock Castle Construction has earned interest of $400 as of December 31, 2022. This interest has been earned, but not recorded or received. Interest of $400 needs to be recorded as an accrued revenue and Interest Receivable, an asset, recorded for the amount that Rock Castle Construction will receive in the future. An adjusting entry is needed to bring accounts up to date at December 31. Use Entry No. ADJ2022.5. Use the following accounts to make the adjusting entry: 11100...
Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes...
Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2012, Portland also had two notes payable outstanding (notes 3 and 4). These notes are described below. Principal Amount Interest Rate Number of Days Date of note December 31, 2011 Note 1 November 25, 2011 Note 2 December 16, 2011 December 31, 2012 Note 3 December 11, 2012 Note 4 December 07, 2012 $29,000 18,800 896 996 17,400...
The unadjusted trial balance for Fashion First as December 31 is provided on the trial balance...
The unadjusted trial balance for Fashion First as December 31 is provided on the trial balance tab. Information for adjustments is as follows: a. As of December 31, employees had earned $1,300 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,625 of salaries will be paid. b. The cost of supplies still available at December 31 is $1,500. c. The notes payable requires an interest payment to be made every three months. The amount...
Saved mework B 0 2. As of December 31, the company has earned, but not yet...
Saved mework B 0 2. As of December 31, the company has earned, but not yet recorded, $450 of interest revenu responsible bonds. The interest revenue is expected to be received on January 12 For each of the above separate cases, prepare the required December 31 year-end adjusting e View transaction list Journal entry worksheet 1 2 3 4 5 Depreciation on the company's wind turbine equipment for the year is $5,500. Note: Enter debits before credits. Transaction Credit General...
a. On December 31, 2019, the Notes Receivable account at P. Davis Materials Corporation had a...
a. On December 31, 2019, the Notes Receivable account at P. Davis Materials Corporation had a balance of $15,500, which represented a six-month, 12 percent note received from a customer on October 1 b. During the week'ended June 7, 2019, McCormick Media received $39,000 from customers for subscriptions to its magazine Modern Business On December 31, 2019, an analysis of the Unearned Subscription Revenue account showed that half of the subscriptions were earned in 2019. c. On November 1, 2019,...
Crane Company issues $2.2 million, 20-year, 9% bonds at 99, with interest payable on December 31....
Crane Company issues $2.2 million, 20-year, 9% bonds at 99, with interest payable on December 31. The straight-line method is used to amortize bond discount. Prepare the journal entry to record interest expense and bond discount amortization on December 31, 2022, assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title for the journal entry on December...
Laughton Landscaping has collected the following data for the December 31 adjusting entries Click the icon...
Laughton Landscaping has collected the following data for the December 31 adjusting entries Click the icon to view the independent cases) Read the ints Requirement 1. Journals the adjusting entry needed on December 31 for each of the tom fecting Laughton Landscaping Asune Laughton records justing entries only at the end of the yew (Records, then credits Select the explanation on the last line of the journal entry table) a. Each Friday, Laughton pays employees for the current week's work....
Garcia Distributors has the following transactions related to notes receivable during the last two months of...
Garcia Distributors has the following transactions related to notes receivable during the last two months of the year. Dec. 1 Loaned $25,000 cash to E. Kinder on a 1-year, 6% note. 16 Sold goods to J. Jones, receiving a $7,200, 60-day, 7% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Garcia Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Use 360 days for calculation. Record journal entries...
Wages of $8,000 are earned by workers but not paid as of December 31. Depreciation on...
Wages of $8,000 are earned by workers but not paid as of
December 31.
Depreciation on the company’s equipment for the year is
$10,840.
The Office Supplies account had a $350 debit balance at the
beginning of the year. During the year, $4,791 of office supplies
are purchased. A physical count of supplies at December 31 shows
$529 of supplies available.
The Prepaid Insurance account had a $5,000 balance at the
beginning of the year. An analysis of insurance policies...
The following adjusting entries were journalized on December 31, 2017. If a reversing entry is needed,...
The following adjusting entries were journalized on December 31,
2017. If a reversing entry is needed, journalize the reversing
entry on January 1, 2018. Make sure to enter the day for each
separate transaction.
Date Account Title Debit Credit Dec. 31 Deferred Advertising 880 Advertising Revenue 880 31 Taxes Expense 1,750 Taxes Payable 1,750 31 Insurance Expense 890 Prepaid Insurance 890
Rock Castle Construction has earned interest of $400 as of December 31, 2022. This interest has been earned, but not recorded or received. Interest of $400 needs to be recorded as an accrued revenue and Interest Receivable, an asset, recorded for the amount that Rock Castle Construction will receive in the future. An adjusting entry is needed to bring accounts up to date at December 31. Use Entry No. ADJ2022.5. Use the following accounts to make the adjusting entry: 11100...
Adjusting Entries for Interest At December 31, 2011, Portland Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2012, Portland also had two notes payable outstanding (notes 3 and 4). These notes are described below. Principal Amount Interest Rate Number of Days Date of note December 31, 2011 Note 1 November 25, 2011 Note 2 December 16, 2011 December 31, 2012 Note 3 December 11, 2012 Note 4 December 07, 2012 $29,000 18,800 896 996 17,400...
The unadjusted trial balance for Fashion First as December 31 is provided on the trial balance tab. Information for adjustments is as follows: a. As of December 31, employees had earned $1,300 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,625 of salaries will be paid. b. The cost of supplies still available at December 31 is $1,500. c. The notes payable requires an interest payment to be made every three months. The amount...
Saved mework B 0 2. As of December 31, the company has earned, but not yet recorded, $450 of interest revenu responsible bonds. The interest revenue is expected to be received on January 12 For each of the above separate cases, prepare the required December 31 year-end adjusting e View transaction list Journal entry worksheet 1 2 3 4 5 Depreciation on the company's wind turbine equipment for the year is $5,500. Note: Enter debits before credits. Transaction Credit General...
a. On December 31, 2019, the Notes Receivable account at P. Davis Materials Corporation had a balance of $15,500, which represented a six-month, 12 percent note received from a customer on October 1 b. During the week'ended June 7, 2019, McCormick Media received $39,000 from customers for subscriptions to its magazine Modern Business On December 31, 2019, an analysis of the Unearned Subscription Revenue account showed that half of the subscriptions were earned in 2019. c. On November 1, 2019,...
Laughton Landscaping has collected the following data for the December 31 adjusting entries Click the icon to view the independent cases) Read the ints Requirement 1. Journals the adjusting entry needed on December 31 for each of the tom fecting Laughton Landscaping Asune Laughton records justing entries only at the end of the yew (Records, then credits Select the explanation on the last line of the journal entry table) a. Each Friday, Laughton pays employees for the current week's work....
Wages of $8,000 are earned by workers but not paid as of
December 31.
Depreciation on the company’s equipment for the year is
$10,840.
The Office Supplies account had a $350 debit balance at the
beginning of the year. During the year, $4,791 of office supplies
are purchased. A physical count of supplies at December 31 shows
$529 of supplies available.
The Prepaid Insurance account had a $5,000 balance at the
beginning of the year. An analysis of insurance policies...
The following adjusting entries were journalized on December 31,
2017. If a reversing entry is needed, journalize the reversing
entry on January 1, 2018. Make sure to enter the day for each
separate transaction.
Date Account Title Debit Credit Dec. 31 Deferred Advertising 880 Advertising Revenue 880 31 Taxes Expense 1,750 Taxes Payable 1,750 31 Insurance Expense 890 Prepaid Insurance 890
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