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1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance policy...
QUESTION 3 For each of the following transactions for the Banner Company, mark the account that...
QUESTION 3 For each of the following transactions for the Banner Company, mark the account that is debited, the account that is credited, and the amount for each. Choose from the following account names AND PLEASE SPELL THEM CORRECTLY IN YOUR ANSWER or Blackboard will mark your answer wrong. Note: Accounts: Cash, Prepaid Insurance, Equipment, Accumulated Depreciation, Unearned Revenue, Service Revenue, Insurance expense, Depreciation expense. 1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance...
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy...
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy for $2,400. Required: Record the entry to purchase the insurance ra the entry to purchase the insurance policy on Aprill. Also, recorded the adjusting required at December 31, 2017 12. On, September 1, 2018 JHJ Rental Car Company renewed its insurance coverage at a cost of $2,400. Required: Record the entry to renew the policy on September 1,2018 and adjusting entry required on December...
Warren Inc. purchased a $400,000 life insurance policy on the company president on January 1, 2017....
Warren Inc. purchased a $400,000 life insurance policy on the company president on January 1, 2017. The premium that was paid on January 1 amount to $11,60. In the first year, cash surrender value increased by $900 and dividends received by Warren from the insurance company for the year amount to $300. What was Warren's insurance expense for 2017? Select one: a. $12,500 b. $12,800 c. $10,400 d. $11,000
1. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. The company...
1. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $14,750 for the year. 3. Employee salaries of $22,000 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $300,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2022. 5. On December 1, 2021, the company received...
Grade: Chapter 3: Accrual Basis of Accounting 1. Fred Company paid $48,000 for a two-year insurance...
Grade: Chapter 3: Accrual Basis of Accounting 1. Fred Company paid $48,000 for a two-year insurance policy on October 1 and recorded the $48,000 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Fred make on December 31, the end of the accounting period (no previous adjustment has been made)? 2. As of the beginning of 2016, the Let's Move Company had equipment totaling $1,800,000 which was depreciated at $150,000 per year. If Let's...
QUESTION 2 Each of the following items for the Blythe Company may require an adjusting entry....
QUESTION 2 Each of the following items for the Blythe Company may require an adjusting entry. If so, determine the effect the adjustment has on net income for the quarter ended March 31, 2019 (i.e., January 1 through March 31). Note: Enter your answers in digits without $ signs or commas, entering 0 (zero) if no adjustment is necessary. Use a minus sign (-) for negative income effects (i.e., all expenses should be of the form -xxx). 1. Blythe purchased...
On February 1, 2015, a company paid an $18,900 premium on a 36-month insurance policy for...
On February 1, 2015, a company paid an $18,900 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. Income Statement Insurance Expense Accrual Basis Cash Basis Balance Sheet Prepaid Insurance Accrual Basis Cash Basis Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 2015 2016 2017 2018 Total 0 $
Journalize the following: On the books & records of Company A On May 2nd, Company A...
Journalize the following: On the books & records of Company A On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April Dr. Interest Receivable Cr. Interest Income May Cash Cr. Interest Receivable On the books & records of Company A In January, Company A purchased Investment in XYZ for $100. Payment was made...
Question 1: The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1,...
Question 1:
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018. In Blank [1] enter the account to be debited. In
Blank [2] enter the amount to be debited. In Blank [3] enter the
account to be credited. In Blank [4] enter the amount to be
credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________...
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors...
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors for $16,500 cash. c. Purchased $15,300 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,100 cash for consulting services to be performed in February e. Bought and received $1,030 of supplies on account. Received utility bill for January for $2,190, due February 15. g. Consulted for customers in January for fees totaling...
QUESTION 3 For each of the following transactions for the Banner Company, mark the account that is debited, the account that is credited, and the amount for each. Choose from the following account names AND PLEASE SPELL THEM CORRECTLY IN YOUR ANSWER or Blackboard will mark your answer wrong. Note: Accounts: Cash, Prepaid Insurance, Equipment, Accumulated Depreciation, Unearned Revenue, Service Revenue, Insurance expense, Depreciation expense. 1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance...
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy for $2,400. Required: Record the entry to purchase the insurance ra the entry to purchase the insurance policy on Aprill. Also, recorded the adjusting required at December 31, 2017 12. On, September 1, 2018 JHJ Rental Car Company renewed its insurance coverage at a cost of $2,400. Required: Record the entry to renew the policy on September 1,2018 and adjusting entry required on December...
Grade: Chapter 3: Accrual Basis of Accounting 1. Fred Company paid $48,000 for a two-year insurance policy on October 1 and recorded the $48,000 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Fred make on December 31, the end of the accounting period (no previous adjustment has been made)? 2. As of the beginning of 2016, the Let's Move Company had equipment totaling $1,800,000 which was depreciated at $150,000 per year. If Let's...
QUESTION 2 Each of the following items for the Blythe Company may require an adjusting entry. If so, determine the effect the adjustment has on net income for the quarter ended March 31, 2019 (i.e., January 1 through March 31). Note: Enter your answers in digits without $ signs or commas, entering 0 (zero) if no adjustment is necessary. Use a minus sign (-) for negative income effects (i.e., all expenses should be of the form -xxx). 1. Blythe purchased...
On February 1, 2015, a company paid an $18,900 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. Income Statement Insurance Expense Accrual Basis Cash Basis Balance Sheet Prepaid Insurance Accrual Basis Cash Basis Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017 Dec. 31, 2018 2015 2016 2017 2018 Total 0 $
Journalize the following: On the books & records of Company A On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April Dr. Interest Receivable Cr. Interest Income May Cash Cr. Interest Receivable On the books & records of Company A In January, Company A purchased Investment in XYZ for $100. Payment was made...
Question 1:
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018. In Blank [1] enter the account to be debited. In
Blank [2] enter the amount to be debited. In Blank [3] enter the
account to be credited. In Blank [4] enter the amount to be
credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________...
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors for $16,500 cash. c. Purchased $15,300 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,100 cash for consulting services to be performed in February e. Bought and received $1,030 of supplies on account. Received utility bill for January for $2,190, due February 15. g. Consulted for customers in January for fees totaling...
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