on dec 1 clark company paid $19200 for two years of insuance in advance. clark debited...
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dec 1 clark company paid $19200 for two years of insuance in
advance. clark debited...
On September 1, Rivera Company paid $21,600 for two years of insurance in advance. On September...
On September 1, Rivera Company paid $21,600 for two years of insurance in advance. On September 1, Rivera Company debited Insurance Expense, which is an alternate way of recording the initial expenditure. Journalize the adjusting entry on December 31.
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...
Cornerstone Exercise 3-21 Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during...
Cornerstone Exercise 3-21 Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand. Required: 1. Prepare the adjusting entry needed at the end of the year. Dec. 31 (Record the use of supplies) 2. What is the amount of supplies reported on Pain-Free's balance sheet at the end of the year? What is the amount of supplies expense...
Garden Hospital paid a three-year insurance premium of $3,600 in advance on January 1
Garden Hospital paid a three-year insurance premium of $3,600 in advance on January 1, 20x1, debiting the $3,600 to the prepaid account. At the end of the year, the necessary adjusting entry was not made, and the omission was not discovered. What effect would this error have on total assets, total liabilities, and hospital net assets, as reported in the hospital's balance sheet for December 31, 20X1?
In each of the following transaction (a) through (c) the Catena’s Marketing Company indicated the amount and the direction of effects
In each of the following transaction (a) through (c) the Catena’s Marketing Company indicated the amount and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement indicate + for increase. -for decrease (Reductions in account balance should be indicated with a minus sign)Collected $1,200 rent for the period December 1 of the current year to April 1 of next year, which was credit to Unearned Rent on December 1.Purchased a machine...
Week 4 – Assignment Question A: 1] Collected $1,000 rent for the period December 1, 2012,...
Week 4 – Assignment Question A: 1] Collected $1,000 rent for the period December 1, 2012, to April 1, 2013, which was credited to Unearned Rent Revenue on December 1, 2012. 2] Purchased a machine for $32,000 cash on January 1, 2008. The company estimates annual depreciation at $3,000. 3] Paid $4,200 for a two-year insurance premium on July 1, 2012; debited Prepaid Insurance for that amount. Instruction: Please make and adjusted transactions Questions B: Determining Financial Statement Effects of...
1. Our company has a Dec. 31, 2020 fiscal year end. Prepare adjusting entries: A. Depreciation...
1. Our company has a Dec. 31, 2020 fiscal year end. Prepare adjusting entries: A. Depreciation on the company's equipment for the year. We bought the equipment for $60,000. It has a 4 year life, and we expect the salvage value to be $20,000. B. We bought a two year insurance policy on Jan. 1,2020 for $4,800. We debited Prepaid insurance. There ha been no adjusting entry for the year. C. Our company borrowed $80,000 at a 4% interest rate...
The prepaid insurance account had a beginning balance of $11,500 and was debited for $18,000 of premiums paid during the year.
The prepaid insurance account had a beginning balance of $11,500 and was debited for $18,000 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $13,000. Refer to the Chart of Accounts for exact wording of account titles.Journal Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unexpired insurance related to future periods is $13,000....
In each of the following transactions (a) through (C) for Catena's Marketing Company, indicate the amounts...
In each of the following transactions (a) through (C) for Catena's Marketing Company, indicate the amounts and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Indicate + for increase, – for decrease. (Reductions in account balances should be indicated with a minus sign.) a. Collected $2,000 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on...
Each of the following independent events requires a year-end adjusting entry. Paid $9,900 cash in advance...
Each of the following independent events requires a year-end adjusting entry. Paid $9,900 cash in advance on July 1 for a one-year lease on office space. Purchased $3,400 of supplies on account on April 15. At year-end, $270 of supplies remained on hand. Received a $8,800 cash advance on July 1 for a contract to provide services for one year beginning immediately. Paid $3,800 cash in advance on February 1 for a one-year insurance policy. Required Record each event and...
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...
Cornerstone Exercise 3-21 Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand. Required: 1. Prepare the adjusting entry needed at the end of the year. Dec. 31 (Record the use of supplies) 2. What is the amount of supplies reported on Pain-Free's balance sheet at the end of the year? What is the amount of supplies expense...
1. Our company has a Dec. 31, 2020 fiscal year end. Prepare adjusting entries: A. Depreciation on the company's equipment for the year. We bought the equipment for $60,000. It has a 4 year life, and we expect the salvage value to be $20,000. B. We bought a two year insurance policy on Jan. 1,2020 for $4,800. We debited Prepaid insurance. There ha been no adjusting entry for the year. C. Our company borrowed $80,000 at a 4% interest rate...
In each of the following transactions (a) through (C) for Catena's Marketing Company, indicate the amounts and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Indicate + for increase, – for decrease. (Reductions in account balances should be indicated with a minus sign.) a. Collected $2,000 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on...
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