44. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers February1, 2019 through January 31, 2021. Urban Pro's year-end is March 31, 2019a. What entry is made on January 18, 2019?b. What adjusting entry should be made on March 31, 2019 before the financial statements areprepared for the year ending March 31, 2019?

Answered: 44. On January 18, 2019, Big City Co,…

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 October 1, 2019, Muscat Company borrowed OMR 8,000 cash by signing a note payable due in one year at 8% interest. Interest is due when the principal is paid. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: Select one: O a. Interest Expense 160 Interest Payable 160 O b. Interest Expense . 8,000 Interest Payable 8,000 O c. Interest Expense. .640 Interest Payable 640 O d. None of the answers are correct O e. Cash 8,000 Notes Payable 8,000
Included in Bonita Company’s December 31, 2020, trial balance are the following accounts: Accounts Payable $243,100, Pension Liability $378,400, Discount on Bonds Payable $34,200, Unearned Rent Revenue $50,800, Bonds Payable $406,100, Salaries and Wages Payable $28,700, Interest Payable $13,060, and Income Taxes Payable $37,400.Prepare the long-term liabilities section of the balance sheet.
F
99) On November 1, Casey's Snowboards signed a $12,000, 90-day, 5% note payable to cover a past due account payable. a. What amount of interest expense on this note should Casey's Snowboards report on year-end December 31? b. Prepare Casey's journal entry to record the issuance of the note payable. c. Prepare Casey's adjusting journal entry at the end of the year December 31. d. Prepare Casey's journal entry to record the payment of the note on January 30 of the following year.
PART - E Toner Limited (“Toner") borrows $180,000 on 1 July 2020 from Lighthouse Bank and signs a $180,000, 5%, 1-year promissory note. Assuming yearly accounting periods and a financial year end balance date of 31 December. Required: (i) Prepare the general journal entries to record the issuance of the promissory note. (ii) Prepare the general journal entries to record the adjusting journal entries as at 31 December 2020. (iii) Prepare the general journal entries to record the repayment on 1 July of 2021.
rescue sequences llc purchased inventory by issuing a $45,000, 10%, 60-day note on october 1, 2019. what amount of interest expense should be recorded for 2019?
On 1/4/2021, Europa Insurance Limited entered into an insurance contract with a customer who paid the annual premium of $300,000 on that date. State, to the nearest whole dollar, the amount Europa Insurance Ltd would report as a liability at 30 June 2021.

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