a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 2,800 Mar 31 3,000 Greens prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Greens pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work week. The current accounting period ends on Wednesday. 1 Bal c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $600 that it will collect next year. d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies costing $6,300, and at December 31 supplies on hand total $2,200. e. Greens is providing services for Dolphin Investments, and the owner of Dolphin paid Greens an annual service fee of $11,400. Greens recorded this amount as Unearned Service Revenue. Greens estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $5,300.
a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 2,800 Mar 31 3,000 Greens prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Greens pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work week. The current accounting period ends on Wednesday. 1 Bal c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $600 that it will collect next year. d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies costing $6,300, and at December 31 supplies on hand total $2,200. e. Greens is providing services for Dolphin Investments, and the owner of Dolphin paid Greens an annual service fee of $11,400. Greens recorded this amount as Unearned Service Revenue. Greens estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $5,300.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
Related questions
Question
Question attached in the screenshot appreciate the help
---
13r
23t2t2t2
![a. The details of Prepaid Insurance are as follows:
Prepaid Insurance
Jan
2,800
Mar
31
3,000
Greens prepays insurance on March 31 each year. At December 31, $800 is still prepaid.
b. Greens pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work
week. The current accounting period ends on Wednesday.
1 Bal
c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of
$600 that it will collect next year.
d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies costing
$6,300, and at December 31 supplies on hand total $2,200.
e. Greens is providing services for Dolphin Investments, and the owner of Dolphin paid Greens an annual
service fee of $11,400. Greens recorded this amount as Unearned Service Revenue. Greens estimates
that it has earned 70% of the total fee during the current year.
f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $5,300.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa28a3aca-6f5c-4d99-81ba-23fc85855901%2F5755a761-89aa-4619-8108-b3942bb9a366%2F0nl6qy_processed.png&w=3840&q=75)
Transcribed Image Text:a. The details of Prepaid Insurance are as follows:
Prepaid Insurance
Jan
2,800
Mar
31
3,000
Greens prepays insurance on March 31 each year. At December 31, $800 is still prepaid.
b. Greens pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work
week. The current accounting period ends on Wednesday.
1 Bal
c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of
$600 that it will collect next year.
d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies costing
$6,300, and at December 31 supplies on hand total $2,200.
e. Greens is providing services for Dolphin Investments, and the owner of Dolphin paid Greens an annual
service fee of $11,400. Greens recorded this amount as Unearned Service Revenue. Greens estimates
that it has earned 70% of the total fee during the current year.
f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $5,300.
![Consider each of the following independent cases:
(Click the icon to view the independent cases.)
Requirement
1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the independent cases affecting Greens Corporation. Include an explanation for each entry.
c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $800 that it will collect next year.
Journal Entry
Accounts and Explanation
Date
Dec
Date
31
Dec
d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies for $6,300, and at December 31 the supplies on hand total $2,200.
31
Debit
Journal Entry
Accounts and Explanation
Credit
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa28a3aca-6f5c-4d99-81ba-23fc85855901%2F5755a761-89aa-4619-8108-b3942bb9a366%2F0ot5eru_processed.png&w=3840&q=75)
Transcribed Image Text:Consider each of the following independent cases:
(Click the icon to view the independent cases.)
Requirement
1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the independent cases affecting Greens Corporation. Include an explanation for each entry.
c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $800 that it will collect next year.
Journal Entry
Accounts and Explanation
Date
Dec
Date
31
Dec
d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies for $6,300, and at December 31 the supplies on hand total $2,200.
31
Debit
Journal Entry
Accounts and Explanation
Credit
Debit
Credit
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![PAYROLL ACCT., 2019 ED.(LL)-TEXT](https://www.bartleby.com/isbn_cover_images/9781337619783/9781337619783_smallCoverImage.gif)
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![PAYROLL ACCT., 2019 ED.(LL)-TEXT](https://www.bartleby.com/isbn_cover_images/9781337619783/9781337619783_smallCoverImage.gif)