On Dec. 15, 2018, Julia’s Service Station, an accrual-method taxpayer, prepaid $3,000 worth of deductible interest...
On Dec. 15, 2018, Julia’s Service Station, an accrual-method taxpayer, prepaid $3,000 worth of deductible interest on a business loan. The interest won’t accrue until 2019.
Julia’s Service Station will be displaying for the first time at a trade show in July 2019. On Dec. 16, 2018, Julia’s prepaid the $6,000 trade show booth rental expense. The payment isn’t due until May 2019, and use of the booth will occur in July 2019.
In addition, On Dec. 28, 2018, Ed’s Equipment repaired some equipment in Julia’s business and billed Julia’s $5,000. Julia’s received the invoice on Dec. 28, 2018 and paid the $5,000 invoice on Jan. 29, 2019.
How much of the $14,000 in deductible business expenses may Julia’s Service Station deduct in 2018?
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On Dec. 15, 2018,
Julia’s Service Station, an accrual-method taxpayer, prepaid $3,000
worth of deductible interest...
On Dec. 15, 2019, Julia’s Service Station, an accrual method taxpayer, prepaid $4,000 worth of deductible...
On Dec. 15, 2019, Julia’s Service Station, an accrual method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won’t accrue until 2020. Julia’s Service Station will be displayed for the first time at a trade show in July 2020. On Dec. 16, 2019, Julia’s prepaid the $8,000 trade show booth rental expense. The payment isn’t due until May 2020, and the use of the booth will occur in July 2020. In addition, On Dec. 28,...
On Dec. 15, 2019, Julia’s Service Station, an accrual-method taxpayer, prepaid $4,000 worth of deductible interest...
On Dec. 15, 2019, Julia’s Service Station, an accrual-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won’t accrue until 2020.Julia’s Service Station will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julia’s prepaid the $8,000 trade show booth rental expense. The paymentisn’t due until May 2020, and use of the booth will occur in July 2020.In addition, On Dec. 28, 2019, Ed’s Equipment repaired some...
On Dec. 15, 2018, Julie’s Tax Prep, a cash-method taxpayer, prepaid $3,000 worth of deductible interest on a business lo...
On Dec. 15, 2018, Julie’s Tax Prep, a cash-method taxpayer, prepaid $3,000 worth of deductible interest on a business loan. The interest won’t accrue until January 2019. Julie’s Tax Prep will be displaying for the first time at a trade show in July 2019. On Dec. 16, 2018, Julie’s prepaid the $6,000 trade show booth rental expense. The payment isn’t due until May 2019, and use of the booth will occur in July 2019. In addition, On Dec. 28, 2018,...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won’t accrue until January 2020. Julie’s Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie’s prepaid the $8,000 trade show booth rental expense. The payment isn’t due until May 2020, and the use of the booth will occur in July 2020. In addition, On Dec. 28,...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer,
prepaid $4,000 worth of deductible interest on a business loan. The
interest won’t accrue until January 2020.
Julie’s Tax Prep will be displaying for the first time at a
trade show in July 2020. On Dec. 16, 2019, Julie’s prepaid the
$8,000 trade show booth rental expense. The payment isn’t due until
May 2020, and use of the booth will occur in July 2020.
In addition, On Dec. 28, 2019,...
Questiul 3 On Dec. 15, 2019, Julia's Service Station, an accrual-method taxpayer, prepaid $4,000 worth of...
Questiul 3 On Dec. 15, 2019, Julia's Service Station, an accrual-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until 2020. Julia's Service Station will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julia's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition, On Dec. 28,...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth ofdeductible interest on...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth ofdeductible interest on a business loan. The interest won’t accrue until January 2020.Julie’s Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec.16, 2019, Julie’s prepaid the $8,000 trade show booth rental expense. The payment isn’tdue until May 2020, and use of the booth will occur in July 2020.In addition, On Dec. 28, 2019, Ed’s Equipment repaired some equipment...
On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest...
On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until January 2020. Julie's Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition, On Dec. 28, 2019,...
Question 2 0/0.3 pt On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000...
Question 2 0/0.3 pt On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until January 2020. Julie's Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition,...
The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and...
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.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer,
prepaid $4,000 worth of deductible interest on a business loan. The
interest won’t accrue until January 2020.
Julie’s Tax Prep will be displaying for the first time at a
trade show in July 2020. On Dec. 16, 2019, Julie’s prepaid the
$8,000 trade show booth rental expense. The payment isn’t due until
May 2020, and use of the booth will occur in July 2020.
In addition, On Dec. 28, 2019,...
Questiul 3 On Dec. 15, 2019, Julia's Service Station, an accrual-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until 2020. Julia's Service Station will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julia's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition, On Dec. 28,...
On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until January 2020. Julie's Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition, On Dec. 28, 2019,...
Question 2 0/0.3 pt On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until January 2020. Julie's Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition,...
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.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
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