Homework Answers
1. Option D prepaid revenue
(It is also known as unearned revenue as it is interest received)
2. Option D current asset
Prepaid insurance, prepaid rent, etc. Are examples of prepaid expenses. They stated in balance sheet on asset side under the category of current assets.
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At as the 31st March 2018, the balance of the interest received account showed an amount of $600. After reviewing a...
Assume the following information for company SDA on 31st December 2018, before the preparation of the...
Assume the following information for company SDA on 31st December 2018, before the preparation of the adjusted trial-balance: Machinery (€) 38,000 Wages payable 1,300 Accumulated depreciation: machinery 6,000 Bank deposits 12,000 Unearned revenue 2,100 Prepaid insurance 3,600 Accounts receivable 6,500 Advances from customers 1,800 Revenue 13,000 Inventory 3,000 Long-term loans 16,000 Accounts payable 4,500 Retained earnings 13,000 Rent expense 9,600 Share Capital 15,000 Required Prepare adjusting entries by taking into consideration the following information: a. The accrued interest on long-term...
Assume the following information for company SDA on 31st December 2018, before the preparation of the...
Assume the following information for company SDA on 31st December 2018, before the preparation of the adjusted trial-balance: Machinery (€) 38,000 Wages payable 1,300 Accumulated depreciation: machinery 6,000 Bank deposits 12,000 Unearned revenue 2,100 Prepaid insurance 3,600 Accounts receivable 6,500 Advances from customers 1,800 Revenue 13,000 Inventory 3,000 Long-term loans 16,000 Accounts payable 4,500 Retained earnings 13,000 Rent expense 9,600 Share Capital 15,000 Required Prepare adjusting entries by taking into consideration the following information: a. The accrued interest on long-term...
Assume the following information for company SDA on 31st December 2018, before the preparation of the adjusted trial-bal...
Assume the following information for company SDA on 31st December 2018, before the preparation of the adjusted trial-balance: Machinery (€) 38,000 Wages payable 1,300 Accumulated depreciation: machinery 6,000 Bank deposits 12,000 Unearned revenue 2,100 Prepaid insurance 3,600 Accounts receivable 6,500 Advances from customers 1,800 Revenue 13,000 Inventory 3,000 Long-term loans 16,000 Accounts payable 4,500 Retained earnings 13,000 Rent expense 9,600 Share Capital 15,000 Required Prepare adjusting entries by taking into consideration the following information: a. The accrued interest on long-term...
The financial statements for Delta Industries for the year ended December 31st, 2018 are as follows:...
The financial statements for Delta Industries for the year ended December 31st, 2018 are as follows: Delta Industries Statement of Income For the years ended December 31, 2018 and 2017 2018 2017 Sales revenue $351,500 $310,000 Cost of goods sold 201,000 155,000 Gross margin 150,500 155,000 Operating expenses: 65,000 71,000 Operating income 85,500 84,000 Interest expense 26,000 20,000 Income before income tax 59,500 64,000 Income tax expense 19,000 22,500 Operating income $40,500 $41,500 Delta Industries Statement of Financial Position December...
Baltic Supplies Unadjusted Trial Balance as at December 31st, 2018 is as follows: cash 620,000 Accounts receivable 410,0...
Baltic Supplies Unadjusted Trial Balance as at December 31st, 2018 is as follows: cash 620,000 Accounts receivable 410,000 Merchandise Inventory 480,000 Store Supplies 144,800 prepaid insurance expense 840,000 Building and equipment 2,000,000 Accumulated Depreciation-Building and Equipment 976,000 Accounts Payable 680,000 Travelling Expense Payable Unearned sales Revenue 450,000 Note Payable-Long Term 213,800 Baltic,Capital 1,700,000 Baltic withdrawal 35,000 Sales revenue earned 2,550,500 Sales discount 45,100 sales returns and allowances 62,500 cost of goods sold 401,000 salaries expense 430,000 telephone expense 85,000 Depreciation...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
Clipboard Office Supply's March 31, 2018, balance sheet follows: mm Click the loon to view the...
Clipboard Office Supply's March 31, 2018, balance sheet follows: mm Click the loon to view the balance sheet) The budget committee of Cipboard Office Supply has assembled the following data Click the icon to view the data) Read the requirements Requirement 1. Prepare Clipboard's sales budget for April and May 2018. Round all amounts to the nearest dolar Clipboard Office Supply Sales Budget April and May, 2018 1 April May Tow budgeted as Requirement 2. Prepare Clourd's inventory, purchases, and...
Integrative Exercise 01 The Accounting Cycle Begin with the following account balances for University Street Parking...
Integrative Exercise 01 The Accounting Cycle Begin with the following account balances for University Street Parking Garage (assume all accounts have normal balances) at December 31, 2019 Accounts payable $16,700 Accounts receivable 39,200 Accumulated depreciation (equipment) 36,800 Cash 6,700 Common stock (20,000 shares) 100,000 Depreciation expense (equipment) 12,300 Dividends 6,300 Equipment 269,500 Income taxes expense 2,700 Income taxes payable 1,100 Interest expense 16,500 Interest payable 0 Interest income 4,100 Inventory 4,900 Investments 35,000 Notes payable (due May 2, 2025) 160,000...
It said determine the amount of the adjustment given the trial balance ( prepare before any adjus...
it said determine the amount of the adjustment given
the trial balance ( prepare before any adjusting entire bare made)
and facts below
Instructions: Determine the amount of the adjustment given the trial balance (prepared BEFORE any adjusting entries are made) and facts below Supplies 2,400 18,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable 12,000 Unearned Service Revenue Wages Payable Owner's Capital Owner's Drawing Service Revenue Supplies Expense Insurance Expense 8800 4,000 19,000 200 Depreciation Expense Interest Expense...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned buition and Fees The term spans four months beginning on January 2 and the college spread the revenue evenly over the months of the term Asuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on February 28? AP 300,000 BP 600,000 C.P 800,000 D.P 900,000 E.P 1.200.000 15. Unpaid water bill was not recorded. Which of the following...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
Clipboard Office Supply's March 31, 2018, balance sheet follows: mm Click the loon to view the balance sheet) The budget committee of Cipboard Office Supply has assembled the following data Click the icon to view the data) Read the requirements Requirement 1. Prepare Clipboard's sales budget for April and May 2018. Round all amounts to the nearest dolar Clipboard Office Supply Sales Budget April and May, 2018 1 April May Tow budgeted as Requirement 2. Prepare Clourd's inventory, purchases, and...
Integrative Exercise 01 The Accounting Cycle Begin with the following account balances for University Street Parking Garage (assume all accounts have normal balances) at December 31, 2019 Accounts payable $16,700 Accounts receivable 39,200 Accumulated depreciation (equipment) 36,800 Cash 6,700 Common stock (20,000 shares) 100,000 Depreciation expense (equipment) 12,300 Dividends 6,300 Equipment 269,500 Income taxes expense 2,700 Income taxes payable 1,100 Interest expense 16,500 Interest payable 0 Interest income 4,100 Inventory 4,900 Investments 35,000 Notes payable (due May 2, 2025) 160,000...
it said determine the amount of the adjustment given
the trial balance ( prepare before any adjusting entire bare made)
and facts below
Instructions: Determine the amount of the adjustment given the trial balance (prepared BEFORE any adjusting entries are made) and facts below Supplies 2,400 18,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable 12,000 Unearned Service Revenue Wages Payable Owner's Capital Owner's Drawing Service Revenue Supplies Expense Insurance Expense 8800 4,000 19,000 200 Depreciation Expense Interest Expense...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned buition and Fees The term spans four months beginning on January 2 and the college spread the revenue evenly over the months of the term Asuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on February 28? AP 300,000 BP 600,000 C.P 800,000 D.P 900,000 E.P 1.200.000 15. Unpaid water bill was not recorded. Which of the following...
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