A chef started a catering business on 1st March 2023. The business requires a food service permit that will expire after 3 years. The cost of the permit is $21,000. Calculate the amount of permit expense to be included in the income statement for the 9 months ended 31st December 2023.
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- Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2023 year-end. On October 1, 2023, Dr. Chan prepaid $10, 200 for four months of rent. On November 1, 2023, Dr. Chan prepaid $120 to renew the clinic's magazine subscriptions. The subscription is for one year. On December 1, 2023, Dr. Chan pays $1,800 for supplies. At the end of the year, $1, 200 of supplies had not been used. Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2023. a. b. c.Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2023 year-end. On October 1, 2023, Dr. Chan prepaid $5,700 for four months of rent. On November 1, 2023, Dr. Chan prepaid $264 to renew the clinic’s magazine subscriptions. The subscription is for one year. On December 1, 2023, Dr. Chan pays $2,700 for supplies. At the end of the year, $1,800 of supplies had not been used. Required:For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2023.The Mazzanti Wholesale Food Company's fiscal year-end is June 30, 2024, for the following situations. 1. On December 1, 2023, the company paid its annual fire insurance premium of $6,000 for the year beginning December 1 and debited insurance expense at the time of payment. 2. On November 1, 2023, Mazzanti purchased an advertising campaign to occur evenly over the next year. The company paid $9,600 and debited advertising expense at the time of payment. 3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2024, Mazzanti collected $24,000 representing rent for the 2024 calendar year and credited rent revenue at the time cash was received. 4. On February 17, 2024, Mazzanti purchased $7,200 of office supplies and debited supplies expense. By June 30, 2024, only $4,100 of the supplies have been used. 5. Mazzanti provides delivery services to its customers and offers special pricing to those customers who pay for these services in advance. Suppose Mazzanti receives…
- Craig has decided to start snow plowing during the winter months. He purchased a heavy-duty dump truck with plow and salter from Power Equipment for $40,000 on October 1st, 2026. He paid $1,000 as a down payment and the remaining balance on a 5% -7 year note to Power Equipment. You will be completing several accounting activities in regards to this purchase. What would the journal entry be for the check 1. Use the write check function in QB Online to record the entire purchase (down payment and capitalization of the truck and related liability). Use check number 171. Create accounts as needed in QB Online. You may find it helpful to write out the journal entry first before completing it in QB Online.They gave the customer a discount for purchasing an AC unit as well as a service plan for 2 years, so the total revenue collected was only $50,000. The customer agreed to pay $48,000 for the AC unit and installation on January 1st. In addition, they agreed to pay $1,000 at the end of 2021 and $1,000 at the end of 2022 for the service plan maintenanc. Provide an adjusting journel entryi need the answer quickly
- sDr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2020 year-end. a. On October 1, 2020, Dr. Chan prepaid $8,000 for four months of rent. b. On November 1, 2020, Dr. Chan prepaid $480 to renew the clinic's magazine subscriptions. The subscription is for one year. c. On December 1, 2020, Dr. Chan pays $3,000 for supplies. At the end of the year, $2,000 of supplies had not been used. Required: For the above transactions, record the initial journal entry and the adjusting entry required on December 31, 2020. a. View transaction list Journal entry worksheet 1 2 > Record prepaid rent.Juan Dela Cruz paid the Club Tara Suite P20,000 on August 20, 2021 for a one-week hotelaccommodation to be consumed starting September 4, 2021. Suppose you are tasked to give a financialreport at the end of August 2021. Explain why accrual basis of accounting will provide a better measure ofincome for Club Tara Suite. Your answer should not exceed 100 words. Use the spaces below for yourexplanation
- On January 1, 2024, Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2024, Poplar Fabricators' employees each earned an average of $800 per week Nine hundred vacation weeks earned in 2024 were not taken during 2024 Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. 2. Suppose that, by the time vacations actually are taken in 2025, salary rates for employees have risen by an average of 5 percent from their 2024 level. Also, assume salaries earned in 2025 (including vacations earned and taken in 2025) were $31 million. Prepare a journal entry that summarizes 2025 salaries and the payment for 2024 vacations taken in 2025.Prepare journal entries to record the following transaction: Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which is represented 2020 salary of $6,000Ali Inc. is a manufacturer of custom furniture, which was incorporated on January 3, 2019. The following transactions happened during the year ended December 31, 2019. 1 On January 3rd, the owner invested $750,000 to start the business. On January 3rd, Ali signed a two-year lease contract to rent a building which will be used as the main manufacturing facility. The first and last month rent was paid in advance on Jan 3rd. Monthly rent is $5,000. On March 1, Ali purchased manufacturing equipment at a cost of $200,000. Ali paid $50,000 in cash and the rest will be paid next year. The equipment has a useful life of 8 years and $5,000 residual value. The company uses double declining balance method of depreciation. On April 1, Ali borrowed $350,000 from a bank. The loan is a 4-year with 4% interest rate. The interest is 4 payable on the first day of each month, beginning May 1st. On April 15, Ali purchased inventory of $150,000 from suppliers on account and is charged 13% harmonized sales…