000i na55. Selected accounts of Farm Company are shown below as of January 31 of the current year, before anyadjusting entries have been made. Farm Company's accounting year begins on January 1DebitCreditPrepaid rent$12,600SuppliesOffice equipment9,90025,200Unearned service fees$18,000Wages expense24,000Use the following information to prepare the necessary January 31 adjusting entries:(6) Prepaid rent represents rent for January, February, March, and April.(7) January 31 supplies on hand total $3,900.(8) Office equipment is expected to last 12 years.(9) Last month the firm received $18,000 of service fees in advance. One-half of these fees wereearned during January.(10)Accrued wages not recorded at January 31 are $2,850.

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Answered: 000 i na 55. Selected accounts of Farm…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On the 1.7.2019 XY company received rental revenue in advance from customers of OMR 2400 for two years. in the journal entry, the credit side is: Select one: a. None of These b. Prepaid rent 2400 c. unearned revenue 2400 d. Accrued rent 2400.
Unearned rent has a credit balance of P240,000 composed of the following: January 1 balance of P45,000 representing advance rent for four months, January to April. A credit of P195,000 representing advance rental payment for twelve(12) months beginning May 1. The December 31 adjusting entry will require a debit to Unearned Rent and a credit to Rent Revenue of: P175,000 P45,000 P240,000 P191,250
On October 1, Vista View Company rented warehouse space to a tenant for $2,100 per month and received $10,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting perlod ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $10,500. $6,300. $2,100. $8,400. $4,200. MacBook Air
I am having trouble with my homework Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year: The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability $7,140 Long-term liability 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $70,000 Long-term liability 630,000 Kornett CompanyPost-Closing Trial BalanceDecember 31, 20Y8 DebitBalances CreditBalances Petty Cash 4,500 Cash 243,960 Notes Receivable 100,000 Accounts Receivable 470,000 Allowance for Doubtful Accounts 16,000 Merchandise Inventory 320,000 Interest Receivable 1,875 Prepaid Insurance 45,640 Office Supplies 13,390 Land 654,925 Buildings 900,000 Accumulated Depreciation—Buildings 36,000 Office…
On July 1, Orcas Lab issued a $200,000, 7%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?
The balance in the prepaid rent account before adjustment at the end of the year is $15,764, which represents 9 months' rent paid on December 1. The adjusting entry required on December 31 is Oa. debit Rent Expense, $1,752; credit Prepaid Rent, $1,752 Ob. debit Prepaid Rent, $14,012; credit Rent Expense, $1,752 Oc. debit Rent Expense, $14,012; credit Prepaid Rent, $1,752 Od. debit Prepaid Rent, $1,752; credit Rent Expense, $1,752
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
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On June 1, ACME Incorporated borrows $75,000 on a six-month, 4% note. Interest and principal are to be paid at maturity. Adjusting entries are prepared annually on the June 30 year end. Required: 1. Prepare the journal entry on issuance date. 2. Prepare the year end adjusting journal entry. 3. Prepare the journal entry at maturity date. BIU A Paragraph GENERAL JOURNAL Hº OREDIT
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Standard Direct Materials Cost Per Unit from Variance Data The following data relating to direct materials cost for August of the current year are taken from the records of Happy Tots Inc., a manufacturer of plastic toys: Quantity of direct materials used 7,500 lbs. Actual unit price of direct materials $4.10 per lb. Units of finished product manufactured 3,600 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance—unfavorable $1,260 Direct materials price variance—favorable $750 Determine the standard direct materials cost per unit of finished product, assuming that there was no work-in-process inventory at either the beginning or the end of the month. Round your answer to the nearest cent. $fill in the blank 1 per unit

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