Homework - Correcting Other Period Deferral Errors

What would the journal entries look like for these adjusting entries?

8) Rent Income account has a credit balance of 240,000 composed of the following: Rental for three months ending March 31, 2020, 45000 A credit of 195,000 representing advance rental payment for one year beginning April 1 The December 31 adjusting entry will require a debit to rent income and a credit to Unearned Rent of? A 45000 B 191250 C 48750 D 195000

Future Tech borrows $18,000 on August 1 from the bank by signing a $18,000, 6%, 1-year note payable. Adjusting entries are made only at the end of the year a. Prepare the entry to record the proceeds of the note. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entryfor the account titles and enter for the amounts.)

Amez Company's annual accounting perlod ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,325 balance. During 2019, the company purchased supplies for $17,862, which was added to the Office Supplies account. The Inventory of supplies avallable at December 31, 2019, totaled $3.806. b. An analysis of the company's Insurance policles provided the following facts. Months of Policy Date of Purchase Coverage 24 Cost A April 1, 2017 April 1, 2018 August 1, 2019 $11,640 10,440 9,248 36 12 The total premlum for each policy was pald in full (for all months) at the purchase date, and the Prepald Insurance account was debited for the full cost. (Year-end adjusting entries for Prepald Insurance were properly recorded in all prior years.) c. The company has 15 employees, who earn a total of $2.100 In salarles each working day. They are pald each Monday for their work In the…

Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $15,600, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $6,500 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $3,400. Demello billed the customer on January 7, 2022, and collected the full amount on 3. January 18, 2022. 4. Demello received the $480 December utility bill on January 10, 2022.…

On September 15, 2024, Oliver's Mortuary received a $6,000 note from the estate of Jay Hendrix in exchange for services rendered. Terms of the note call for the payment of principal, and interest at 10% in nine months. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2024? Multiple Choice Account Title Interest receivable Interest revenue Account Title Interest receivable Interest revenue Cash Debit Credit 230 Debit 600 230 Credit 175 425

I. On November 1, 20X3, your calendar year company receives $40,000 for space it is subletting for 5 months at $8,000 a month from Nov 1 20X3 through March 31, 20X4 and books the amount as rent Revenue. On December 31 20X3 you discover the following adjusting entry. Rent Revenue 32,000 Rent Receive in Advance 32,000 To correct this error you must II. Your calendar year company completes a $6,000 job, of which $1,000 has been received by year end and credited to revenue. If you discover before the books are closed that no adjusting entry was made, your correcting entry will

Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1.   Demello has a $ 14,400, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2.   Demello pays its employees a total of $ 6,900 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. 3.   Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $ 3,490. Demello billed the customer on January 7, 2022, and collected the full amount on January 18, 2022. 4.   Demello received the $ 495 December utility…

Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1.   Demello has a $ 14,400, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2.   Demello pays its employees a total of $ 6,900 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. 3.   Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $ 3,490. Demello billed the customer on January 7, 2022, and collected the full amount on January 18, 2022. 4.   Demello received the $ 495 December utility…

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During the year ended December 31, 2021 the following transactions occurred: The table is in the pictures  Prepare all the journal entries necessary to record the above transactions and any necessary December 31 year end adjusting entries. No need to provide closing entries. Ignore income and sales taxes . Clearly label of the number is credited or debited

On November 1, Duane paid $12,000 in advance for a year's rent. The November 30 adjusting entry for rent expense should include a credit Prepaid Rent, 512,000 a credit Cash, $1,000. a debit Rent Expense, S1,000. a debit Rent Expense, $12.000.

On September 15, 2024, Oliver's Mortuary received a $6,000 note from the estate of Jay Hendrix in exchange for services rendered. Terms of the note call for the payment of principal, and interest at 10% in nine months. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2024? Multiple Choice O Account Title Interest receivable Interest revenue Account Title Interest receivable Interest revenue Cash Debit 230 Debit 600 Credit 230 Credit 175 425

Please help me . Thankyou.

Rahul

Following are transactions of Danica Company 13 Accepted a $9,500, 45-day, 81 note in granting Miranda Lee a extension on her past-due account receivable. Prepared an adjusting entry to record accrued interest the Lee note. Complete the table to calculate the Interest amounts at Dexember 31^ \st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.)

ABC Company collected 30,000 on August 31 representing 6 months rent. The Comapany is using the Liability method on advance payment. determine the following: 1. What account was credited on august 31,2020? _________ 2. What is the account to be credited on the adjusting entry on Dec 31, 2020 _________ 3. how much is the amount to be credited on dec 31, 2020 ________________ INSTRUCTIONS: choose from the following accounts for the journal entries: deferred revenue rent income cash

On April 5, Jessica had a balance due on her credit card of $927.85. From April 5 through May 4, Jessica charged an additional $335.66 and made a payment of $700. Find her new balance due on May 5 assuming the previous balance method is used and the interest rate is 1.8% per month. O A. $580.21 B. $1305.79 C. $227.85 D. $16.70

Marin Family Importers sold goods to Tung Decorators for $ 31,800 on November 1, 2022, accepting Tung's $ 31,800, 6-month, 6% note. Prepare Marin's November 1 entry, December 31 annual adjusting entry, and May 1, 2023, entry for the collection of the note and interest. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit >