AAA Insurance Company issues one year, motor/vehicle insurance for a total premium of P15,000. If it was issued on January 1, 2019, How much is the earned portion for the month ended January 31, 2019? How much is the earned portion for the month ended December 31, 2019? How much is the unearned portion for the month ended January 31, 2019? How much is the unearned portion for the month ended December 31, 2019? How much is the provision for unearned premium on December 31, 2019?

Q: (a), assuming that in addition to the assurance warranty, Crane sold an extended warranty…

A: Solution:- a). Repeat the requirements for (a), assuming that in addition to the assurance warranty,…

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A: In accounting adjusting entry refers to that journal entry that are recorded at the end of the…

Q: Kingbird Factory provides a 2-year warranty with one of its products which was first sold in 2025.…

A: Summary:-Journal entry is providedExplanation:

Q: Clarity Co. has a year-end of December 31.  The company estimates its annual warranty expense to be…

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Q: On January 2, 2020, Crane Company sells production equipment to Fargo Inc. for $46,000. Crane…

A: Journal: Recording of a business transactions in a chronological order.

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Q: On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance…

A: Insurance premium for a month = Total premium collected / Period of insurance = $24,000 / 24 months…

Q: On January 2, 2020, Crane Company sells production equipment to Fargo Inc. for $46,000. Crane…

A: Note: Amount for warranty services is not given separatly in the question. So we are taking the…

Q: Wildhorse Co. issued a five-year interest-bearing note payable for $324000 on January 1, 2019. Each…

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Q: On January 2, 2020, Monty Company sells production equipment to Fargo Inc. for $47,000. Monty…

A:

Q: On October 31, 2020, DonutCo Company signed a $890,000, 5%, ten-month note payable with the amount…

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A: Company issued note at 12% for 12 month so interest rate for 1 month = 12%/12 = 1%

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Q: During 2019, Angel Co. introduced a new line of appliances that carry a three-year warranty against…

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Q: Paid 1/1/20 Coverage period 1/1/20—12/31/20 $3,500 Fire, storm, and other casualty insurance:…

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Q: 1. On January 1, 2019, EROS Company introduced a new line of products that carries a 3-year warranty…

A: Hi student Since there are multiple questions, we will answer only first question.

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A:

Q: Cardinal Company, a dealer in lawn equipment, accepted a 6 month note receivable from a customer on…

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Q: Sunland Company lends Monty industries $49200 on August 1, 2022, accepting a 9-month, 9% interest…

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Q: Prepare the journal entry to record this transaction on January 2, 2020, and on December 31, 2020…

A:

Q: December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign…

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Q: On July 1, 2020 Walker Inc. signed a $600,000, 15 month, 10% note payable. At due date, the…

A: This is based on bill of exchange, in the given case since note is payable in 15 months and the same…

Q: Capricorn Company must determine the December 31, 2019 year-end accruals for advertising and rent…

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Q: Fisher minus Wallace Corporation signed a six-month note payable on October 23, 2021. What accounts…

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Q: On November 1, 2023, Tommy Tunes accepted a $15,200, 6-month, 4% note from customer Tammy Notune.…

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Q: Ellsworth Enterprises borrowed $486,000 on an 12%, interest-bearing note on September 30, 2020.…

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Q: On July 1, 2019, Park Company leased office space for ten years to Rudd at a monthly rental of…

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Q: On June 1, 2021, Demer Consulting provides services to a customer for $150,000. To pay for the…

A: The journal entries are prepared to record the day to day transactions of the business during the…