A taxi operator started a business on 1st January 2022, providing executive car rental services. Regulations require the business to purchase a license that will expire after three years. The cost of the license is $21,600. Calculate the amount of license expense to be included in the income statement for the 6 months ended 30 June 2022.
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- On November 1, 2024, Survival Training Corporation borrows $49,000 cash from Community Savings and Loan. Survival Training signs a three-month, 6% note payable. Interest is payable at maturity. Survival's year-end is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)An office supply company that sells and services commercial office copiers was founded in 2020. Record the following transactions from the month of September 2024. Regular entries: Sept. 1 Purchased a new delivery truck for $88,800, paying $36,400 cash and financing the balance using a note payable at 9% per annum. The note payable is due in 12 months, and interest on the note must be paid on the first day of every month, beginning on October 1, 2024. The truck has a useful life of six years and a residual value of $8,880. Sept 1 Paid $2,664 for an insurance policy on the new truck for the period September 1, 2024, to August 31, 2025. Sept 5 Purchased inventory on credit at a cost of $14,430. Sept 12 A local University, one of the company’s largest customers, signed a photocopy service contract. The contract runs from October 1, 2024, to September 30, 2025, and will mean that the company services all of the university’s photocopiers. InIn accordance with the contract terms, the…On December 1, 2024, Liang Chemical provides services to a customer for $88,000. In payment for the services, the customer signs a three-year, 9% note. The face amount is due at the end of the third year, while annual interest is due each December 1.Required: 1. Record the acceptance of the note on December 1, 2024.2. Record the adjusting entry for interest revenue on December 31 for 2024, 2025, and 2026, and the collection of annual interest on December 1, 2025 and 2026.3. Record the cash collection on December 1, 2027.Prepare the journal entries for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Do not give answer in image
- On November 1, 2021, Aviation Training Corp. borrows $41,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 1. Record the issuance of note. 2. Record the adjusting entry for interest. 3. Record the repayment of the note at maturity.On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the repayment of the note at maturity. Note: Enter debits before credits. Date General Journal Debit Credit February 01, 2022
- On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the issuance of note. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2021On June 1, 2021, Demer Consulting provides services to a customer for $150,000. To pay for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each June 1. Required: 1. Record the acceptance of the note on June 1, 2021.2. Record the interest collected on June 1 for 2022 and 2023, and the adjustment for interest revenue on December 31, 2021, 2022, and 2023.3. Record the cash collection on June 1, 2023. Record the acceptance of the note. please do a journal entry for each date. listed below. There should be 7 in total Date Jun 01, 2021 dec 31,2021 jan 01,2022 dec 31,2022 jun 01,2023 dec 31,2023 jun 01,2023Below are transactions for Hurricane Company during 2021.1. On October 1, 2021, Hurricane lends $9,000 to another company. The other company signs a note indicating principal and 12% interest will be paid to Hurricane on September 30, 2022.2. On November 1, 2021, Hurricane pays its landlord $4,500 representing rent for the months of November through January. The payment is debited to Prepaid Rent for the entire amount.3. On August 1, 2021, Hurricane collects $13,200 in advance from another company that is renting a portion of Hurricane’s factory. The $13,200 represents one year’s rent and the entire amount is credited to Deferred Revenue.4. Depreciation on machinery is $5,500 for the year.5. Salaries for the year earned by employees but not paid to them or recorded are $5,000.6. Hurricane begins the year with $1,500 in supplies. During the year, the company purchases $5,500 in supplies and debits that amount to Supplies. At year-end, supplies costing $3,500 remain on…
- 1. What amount of warranty expense should be shown on Crassula's income statement for the year ended December 31, 2021? 2. What amount of warranty liability should be shown on Crassula's statement of financial position as of December 31, 2021?ed Commander Appliance Store prepares annual financial statements. At December 31, 2022. Commander needs to analyze the following items to determine whether adjusting entries are required for 2022. 1. Twenty-two employees worked during 2022 and each of them will take two weeks of vacation in 2023. Twelve of these employees earn $500 per week and ten employees earn $800 per week. (If an adjusting entry is required, ignore payroll taxes on this item.) 2. Office rent for January, 2023 has not yet been paid. 3. Commander sold 3,000 coffee brewing machines for total sales of $150.000. Commander expects that 30 machines will need warranty repairs in the next two years and estimates the cost of repairs to be $2,400. 4. Commander has been sued by a customer and assesses the probability of losing the lawsuit to be reasonably possible. The estimate of the contingency loss is $20,000. Required: Record the adjusting entry needed at December 31. Note: If no entry is required for a…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
