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***Question #3*** • On November 1, 20X1, FSA Corp. paid $750 for 3 months of advertising...
Issue 3: Prepaid Advertising On November 1, 2018 ACE paid $30.000 in advance for eight months...
Issue 3: Prepaid Advertising On November 1, 2018 ACE paid $30.000 in advance for eight months of advertising on radio station N3WZ, a local news station. The entry was recorded with a debit to prepaid advertising and a credit to cash. At December 31, 2018 ACE expensed $7,500 (debit to advertising expense and credit to prepaid advertising for 2 of the 8 months). Earlier, on December 29, 2018 ACE received a letter from N3WZ indicating that the radio station was...
Issue 3: Prepaid Advertising On November 1, 2018 ACE paid $30.000 in advance for eight months...
Issue 3: Prepaid Advertising On November 1, 2018 ACE paid $30.000 in advance for eight months of advertising on radio station N3WZ, a local news station. The entry was recorded with a debit to prepaid advertising and a credit to cash. At December 31, 2018 ACE expensed $7,500 (debit to advertising expense and credit to prepaid advertising for 2 of the 8 months). Earlier, on December 29, 2018 ACE received a letter from N3WZ indicating that the radio station was...
1. ABC Co. borrowed $525,000 on July 1, 20X1 at a 4% annual interest rate. Principal...
1. ABC Co. borrowed $525,000 on July 1, 20X1 at a 4% annual interest rate. Principal and interest will be repaid to the lender in six months on December 31, 20X1. Interest expense is accrued monthly. What adjusting entry is needed on July 31, 20X1 to accrue interest expense? a. Debit: Interest expense……………...1,750 Credit: Cash………….…..………….1,750 b. Debit: Interest expense………………1,750 Credit: Interest payable……………...1,750 c. Debit: Interest payable……………..21,000 Credit: Cash………………..………21,000 d. Debit: Interest expense…………......21,000 Credit: Interest payable………….…21,000 2. On October 1, 20X7,...
Question 4 (30 marks) Golden Designs incurred the following 2018 transactions: November 01: Paid $ 60,000...
Question 4 (30 marks) Golden Designs incurred the following 2018 transactions: November 01: Paid $ 60,000 to place an ad for 4 months on the internet. December 01: Received $ 100,000 cash payment to produce a monthly coin for the next 5 months. Required: Open T-accounts for Prepaid Advertising, Advertising Expense, Unearned Revenue, and Revenue. Prepare a journal entry that would debit an asset account, Prepaid Advertising. Prepare a journal entry that would credit a liability account, Unearned Revenue. No...
Cuthill Corporation has 2 loans outstanding: $10398 taken on Feb 1, 20x1 at 8% interest •...
Cuthill Corporation has 2 loans outstanding: $10398 taken on Feb 1, 20x1 at 8% interest • $25497 taken on Nov 30, 20x1 at 12% interest. The final year-end adjusting entry for interest expense for the year 20x1 will be: Select one: O a. A debit to interest expense of $ 1017 O b. A debit to interest expense of $ 948 O C. A credit to interest expense of $ 1203 d. A credit to interest expense of $ 1272...
on December 1,paid cash for an internet advertising consultant for four months of work in advance.The...
on
December 1,paid cash for an internet advertising consultant for
four months of work in advance.The contract was for $3200 per
month.Work will begin on January 1,2018 -unadjusted balance
just send the 1-5 required info,just eed the answer,thanks
Problem 3-8B Paris Communications provides telecommunications consulting services. The business had the following account balances Prepare adjusting entries an adjusted trial balance and financial statements O PARIS COMMUNICATIONS Unadjusted Trial Balance December 1, 2017 $ 19.000 17,100 13,000 3.900 54,000 O 120,000...
Exercise 3-10A Record year-end adjusting entries (LO3-3) Consider the following situations for Shocker: 1. On November...
Exercise 3-10A Record year-end adjusting entries (LO3-3) Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $4,500 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited 2. On December 1, 2021, the company pays a local radio station $2,700 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the...
wywo Consider the following situations for Shocker: 16.66 points 1. On November 28, 2021, Shocker receives...
wywo Consider the following situations for Shocker: 16.66 points 1. On November 28, 2021, Shocker receives a $3,600 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,520 for 30 radio ads that were to be alred, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling...
After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 3...
After the success of the company’s first two months, Santana Rey
continues to operate Business Solutions. The November 30, 2017,
unadjusted trial balance of Business Solutions (reflecting its
transactions for October and November of 2017) follows.
Even though it's filled out in places they are probably not the
right answer.
No.
Account Title
Debit
Credit
101
Cash
$
38,964
106
Accounts receivable
12,818
126
Computer supplies
2,645
128
Prepaid insurance
1,920
131
Prepaid rent
2,920
163
Office equipment
8,700
164...
OLU 5 IULIS. 1) Prepaid professional liability insurance was purchased for $3,200 on December 1, 20X1,...
OLU 5 IULIS. 1) Prepaid professional liability insurance was purchased for $3,200 on December 1, 20X1, and provides insurance coverage from December 1, 20X1, through March 31, 20X2 2) Prepaid rent was paid on December 1, 20X1, in the amount of $30,000 for the six- month period December 1, 20X1, through May 31, 20X2. 3) Equipment was purchased on December 1, 20X1, for $100,000 which is being depreciated monthly based on an estimated life of 8 years. The estimated salvage...
Issue 3: Prepaid Advertising On November 1, 2018 ACE paid $30.000 in advance for eight months of advertising on radio station N3WZ, a local news station. The entry was recorded with a debit to prepaid advertising and a credit to cash. At December 31, 2018 ACE expensed $7,500 (debit to advertising expense and credit to prepaid advertising for 2 of the 8 months). Earlier, on December 29, 2018 ACE received a letter from N3WZ indicating that the radio station was...
Issue 3: Prepaid Advertising On November 1, 2018 ACE paid $30.000 in advance for eight months of advertising on radio station N3WZ, a local news station. The entry was recorded with a debit to prepaid advertising and a credit to cash. At December 31, 2018 ACE expensed $7,500 (debit to advertising expense and credit to prepaid advertising for 2 of the 8 months). Earlier, on December 29, 2018 ACE received a letter from N3WZ indicating that the radio station was...
Cuthill Corporation has 2 loans outstanding: $10398 taken on Feb 1, 20x1 at 8% interest • $25497 taken on Nov 30, 20x1 at 12% interest. The final year-end adjusting entry for interest expense for the year 20x1 will be: Select one: O a. A debit to interest expense of $ 1017 O b. A debit to interest expense of $ 948 O C. A credit to interest expense of $ 1203 d. A credit to interest expense of $ 1272...
on
December 1,paid cash for an internet advertising consultant for
four months of work in advance.The contract was for $3200 per
month.Work will begin on January 1,2018 -unadjusted balance
just send the 1-5 required info,just eed the answer,thanks
Problem 3-8B Paris Communications provides telecommunications consulting services. The business had the following account balances Prepare adjusting entries an adjusted trial balance and financial statements O PARIS COMMUNICATIONS Unadjusted Trial Balance December 1, 2017 $ 19.000 17,100 13,000 3.900 54,000 O 120,000...
Exercise 3-10A Record year-end adjusting entries (LO3-3) Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $4,500 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited 2. On December 1, 2021, the company pays a local radio station $2,700 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the...
wywo Consider the following situations for Shocker: 16.66 points 1. On November 28, 2021, Shocker receives a $3,600 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,520 for 30 radio ads that were to be alred, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling...
After the success of the company’s first two months, Santana Rey
continues to operate Business Solutions. The November 30, 2017,
unadjusted trial balance of Business Solutions (reflecting its
transactions for October and November of 2017) follows.
Even though it's filled out in places they are probably not the
right answer.
No.
Account Title
Debit
Credit
101
Cash
$
38,964
106
Accounts receivable
12,818
126
Computer supplies
2,645
128
Prepaid insurance
1,920
131
Prepaid rent
2,920
163
Office equipment
8,700
164...
OLU 5 IULIS. 1) Prepaid professional liability insurance was purchased for $3,200 on December 1, 20X1, and provides insurance coverage from December 1, 20X1, through March 31, 20X2 2) Prepaid rent was paid on December 1, 20X1, in the amount of $30,000 for the six- month period December 1, 20X1, through May 31, 20X2. 3) Equipment was purchased on December 1, 20X1, for $100,000 which is being depreciated monthly based on an estimated life of 8 years. The estimated salvage...
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