Homework Answers
Journal entry
| Date | account and explanation | debit | credit |
| Dec 31 | Interest expense (36000*8%*4/12) | 960 | |
| Interest payable | 960 | ||
| (To record adjsuting entry) | |||
| Dec 31 | Income summary | 960 | |
| Interest Expense | 960 | ||
| (To record closing) | |||
| Mar 1 | Notes payable | 36000 | |
| Interest payable | 960 | ||
| Interest expense (36000*8%*2/12) | 480 | ||
| Cash | 37440 | ||
| (To record payment) | |||
| Mar 1 | Notes payable | 36000 | |
| Interest expense | 1440 | ||
| Cash | 37440 | ||
| (To record amount paid) | |||
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wrong if...
Fly Away Inc. borrowed $120,000 on October 1 by signing a note payable to Avenue One...
Fly Away Inc. borrowed $120,000 on October 1 by signing a note payable to Avenue One Bank. The interest expense for each month is $600. The loan agreement requires Fly Away Inc. to pay interest on December 31. 1. 2. Make Fly Away Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. Post all three entries to the Interest Payable account. You...
I. The Rau Co. closes its books once a year on Dec. 31. Required: (a) Make...
I. The Rau Co. closes its books once a year on Dec. 31. Required: (a) Make the necessary Dec. 31, 2000, adjusting entry for each of the following: (1) On Aug. 1, 2000, Rau received $2,800 in advance for seven months of consulting work. An income statement account was credited on Aug. 1st (2) On March 1, 2000, Rau paid $7,200 in advance for one year's rent. A balance sheet account was debited on March 1 st (3) On Nov....
Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro...
Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro One Bank. The interest expense for each month is $445. The loan agreement requires Quick Trips Cheap Inc. to pay interest on December 31. 1. Make Quick Trips Cheap Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. 2. Post all three entries to the Interest...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870 for salaries. On January 4 2022, it paid salaries of $3,140: $1,870 for December salaries and $1,270 for January salaries. port Your answer is correct. Prepare the December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account...
Can I get some help on the wrong ones please. Recording Purchase of Equipment through Debt...
Can I get some help on the wrong ones please.
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $14,000 cash payment and issuing a noninterset-bearing note for $48,000 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and...
Can I get some help with the wrong ones. Recording Purchase of Equipment through Debt and...
Can I get some help with the wrong ones.
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $5,600 cash payment and issuing a noninterset-bearing note for $19,200 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and the...
Could someone explain to me how they got the answers to questions I got wrong? Entries...
Could someone explain to me how they got the answers to
questions I got wrong?
Entries Related to Uncollectible Accounts
The following transactions were completed by The Wild Trout
Gallery during the current fiscal year ended December 31:
Jan. 19.
Reinstated the account of Arlene Gurley, which had been written
off in the preceding year as uncollectible. Journalized the receipt
of $2,440 cash in full payment of Arlene’s account.
Apr. 3.
Wrote off the $13,980 balance owed by Premier GS...
Thompson Inc. borrowed 199.000 on October 1 by signing ance payable to Neighbourhood One Bank. The...
Thompson Inc. borrowed 199.000 on October 1 by signing ance payable to Neighbourhood One Bank. The rest expense for each month is $330. The loan agreement s Thompson is to pay interest on December 31 1. 2. 3. Make Thompson 's adjusting entry to cou r t expense and interest gyobi Odober 31. November 30 and at December 31 Date each entry and includes explanation Post all three nines to the Payable account. You need to take the balance of...
I Dont know what journal entry I did wrong? Can someone please check over my work...
I
Dont know what journal entry I did wrong? Can someone please check
over my work so I can balance out the trial balance and post
closing trial balance. Thanks!
Weige Richard ACA Formulas Draw View Data Review Home Ensert Page Layout Tell me Α Α΄ = = = 25 Wrap Text Paste Merge & Center $ % 9 TU a. Av B Xfx Tonny's Lawn Service, Inc. - Transactions - Agarionarinformation July 2021 Transactions Date Description of the Transaction...
Please help me fix what I did wrong and please explain: Exercise 3-20A Record transactions and...
Please help me fix what I did wrong and please explain:
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) 4. October On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred Revenue, $6,300; Common Stock $63,000; and Retained Earnings, $38,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $33,000....
Fly Away Inc. borrowed $120,000 on October 1 by signing a note payable to Avenue One Bank. The interest expense for each month is $600. The loan agreement requires Fly Away Inc. to pay interest on December 31. 1. 2. Make Fly Away Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. Post all three entries to the Interest Payable account. You...
I. The Rau Co. closes its books once a year on Dec. 31. Required: (a) Make the necessary Dec. 31, 2000, adjusting entry for each of the following: (1) On Aug. 1, 2000, Rau received $2,800 in advance for seven months of consulting work. An income statement account was credited on Aug. 1st (2) On March 1, 2000, Rau paid $7,200 in advance for one year's rent. A balance sheet account was debited on March 1 st (3) On Nov....
Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro One Bank. The interest expense for each month is $445. The loan agreement requires Quick Trips Cheap Inc. to pay interest on December 31. 1. Make Quick Trips Cheap Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. 2. Post all three entries to the Interest...
pel Progress At December 31, 2021, Sheridan Company made an accrued expense adjusting entry of $1,870 for salaries. On January 4 2022, it paid salaries of $3,140: $1,870 for December salaries and $1,270 for January salaries. port Your answer is correct. Prepare the December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account...
Can I get some help on the wrong ones please.
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $14,000 cash payment and issuing a noninterset-bearing note for $48,000 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and...
Can I get some help with the wrong ones.
Recording Purchase of Equipment through Debt and Equity On January 1, 2020, Sidelines Company purchases equipment with an estimated 6-year useful life by making a $5,600 cash payment and issuing a noninterset-bearing note for $19,200 due in two years. The fair value of the the equipment is unknown. An 11% annual interest rate is typical of this transaction. The company uses the effective interest method to amortize interest expense and the...
Could someone explain to me how they got the answers to
questions I got wrong?
Entries Related to Uncollectible Accounts
The following transactions were completed by The Wild Trout
Gallery during the current fiscal year ended December 31:
Jan. 19.
Reinstated the account of Arlene Gurley, which had been written
off in the preceding year as uncollectible. Journalized the receipt
of $2,440 cash in full payment of Arlene’s account.
Apr. 3.
Wrote off the $13,980 balance owed by Premier GS...
Thompson Inc. borrowed 199.000 on October 1 by signing ance payable to Neighbourhood One Bank. The rest expense for each month is $330. The loan agreement s Thompson is to pay interest on December 31 1. 2. 3. Make Thompson 's adjusting entry to cou r t expense and interest gyobi Odober 31. November 30 and at December 31 Date each entry and includes explanation Post all three nines to the Payable account. You need to take the balance of...
I
Dont know what journal entry I did wrong? Can someone please check
over my work so I can balance out the trial balance and post
closing trial balance. Thanks!
Weige Richard ACA Formulas Draw View Data Review Home Ensert Page Layout Tell me Α Α΄ = = = 25 Wrap Text Paste Merge & Center $ % 9 TU a. Av B Xfx Tonny's Lawn Service, Inc. - Transactions - Agarionarinformation July 2021 Transactions Date Description of the Transaction...
Please help me fix what I did wrong and please explain:
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) 4. October On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,300; Land, $73,000; Deferred Revenue, $6,300; Common Stock $63,000; and Retained Earnings, $38,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $33,000....
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