Label the adjustments as either Deferrals / Prepaids, Accrual, or Depreciation AND as a revenue or expense. Viewdrag and drop keyboard instructionsDeferrals /AccruedAccruedPrepaidExpenseUnearnedAccrualPrepaidsRevenueRevenueExpenseDepreciationA two-year insurance policy for $700was purchased on May 1 of thecurrent year.Received $1,300 cash from customerCompleted services that were paid forsix months earlier, $3.100.in advance for six month servicecontract.-PrepaldExpenseUnearnedDeferrals/RevenuePrepaidsDeferrals/PrepaidsUnearnedRevenueDeferrals /PrepaidsDrag card hereDrag card hereDrag card here

Any Cash received advance against contract which is to be completed in future. It should be…

abel the adjustments as either Deferrals / Prepaids, Accrual, or Depreciation AND as a revenue or expense. View rag and drop keyboard instructions Deferrals / Prepaid Unearned Accrued Accrued Accrual Prepaids Expense Revenue Revenue Expense Depreciation Received $1,300 cash from customer in advance for six month service Completed services that were paid for six months earlier, $3,100. A two-year insurance policy for $700 was purchased on May 1 of the contract. current year. Deferrals/ Prepaid Expense Unearned Revenue Prepaids Deferrals / Prepaids Unearned Revenue Deferrals / Prepaids Drag card here

abel the adjustments as either Deferrals / Prepaids, Accrual, or Depreciation AND as a revenue or expense. View rag and drop keyboard instructions Deferrals / Prepaid Unearned Accrued Accrued Accrual Prepaids Expense Revenue Revenue Expense Depreciation Received $1,300 cash from customer in advance for six month service Completed services that were paid for six months earlier, $3,100. A two-year insurance policy for $700 was purchased on May 1 of the contract. current year. Deferrals/ Prepaid Expense Unearned Revenue Prepaids Deferrals / Prepaids Unearned Revenue Deferrals / Prepaids Drag card here

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 1/1/2021 AAUP paid insurance to Tamkin insurance company $50,000 cash for four years period. The adjusting entry on 31/12/2021 is: O a. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500. O b. Debit Insurance Expense, $50,000; Credit Prepaid Insurance, $50,000. O c. Debit Prepaid Insurance, $50,000; Credit Insurance Expense, $50,000. O d. Debit Prepaid Insurance $12,500; Credit Insurance Expense $12,500.
C The following transactions for Carleton Company ocured during January 2020: 1. Purchase two-year insurance policy for cash, $8,400 4. Paid Utilities bill recieved in December 2019, $450. 9. Peformed service account, $1,200 16. Paid Bi-monhly salary to employees, $2, 700 21. Recieved $800 from a costumer on account. 25. Recieved $600 from Janaury 9 transaction. 30, Prepared the adjusting entry for insurnace from Janaury 1 Transaction. 30. Accrued wages of $2,750. Required: show the amount on revenue and expense recognized for each transaction under both accrual basis and cash basis of accounting by completing the charts below. ACCRUAL BASIS Date Revenue Expenses CASH BASIS Date Revenue Expenses
Which one of the following is example of prepaid expenses? A. Provision for warranty expenses B. Advanced paid to supplier for the purchase of material C. Payment of insurance premium for 3 years.
Direction: Prepare Journal Entries for the following transactions using both Liability and Income method and prepare Adjusting Journal Entries for each transaction assuming that the adjustments are made on December 31, 2020. 1. On March 1, 2020, Dr. Sy received P125,000 dental fees to be rendered for 10 months starting on May 1, 2020.2. Ms. Curtis received P30,000 on December 1, 2020 for cleaning services to be rendered for 3 months.
Employee advances Amounts owed by customers for the sale of services (due in 30 days) Refundable income taxes Interest receivable Accepted a formal instrument of credit for services (due in 18 months) A loan to company president Dishonored a note for principal and interest which will eventually be collected $1,580 3,050 1,120 950 2,220 8,000 1,380 Based on this information, what amount should appear in the "Other Receivables" category? a. $18,300 b. $11,650 C. $13,030 d. $15,250
Brian Burns uses perpetual inventory system and LIFO All credit sales discounts are recorded using the net method – customers receive a 3 percent discount if they pay within 30 days. Purchase discounts are recorded using the net method All depreciation is straight line. Additional Information for Journal Entries Brian Burns records accruals for utilities expense as an adjusting journal entry at the end of each year. They pay utilities once a year on January 31st for the prior year. NOTE: There is no payment for utilities on January 31st of 2022 because January 1 of 2022 is the first day of operations. January 1 Sold 10,000 shares of common stock for $95 per share. Borrowed $2,000,000 at 8 percent with interest payable semi-annually (on July 1 and January 1). Purchased 1,000 units of inventory at $150 a piece on credit from Biggie Smalls Inc. Terms are 2/10; n/60 Paid $480,000 for 2 years of rent in advance…
1. Purchased 18-month insurance policy for cash. enter an account title enter an account title 2. Paid weekly payroll. enter an account title enter an account title 3. Purchased supplies on account. enter an account title enter an account title 4. Received utility bill to be paid at later date.
Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $11,500 and was debited for $18,000 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $13,000. If an amount box does not require an entry, leave it blank. 88 Insurance Expense Prepaid Insurance
Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $6,750 and was debited for $2,700 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,740. If an amount box does not require an entry, leave it blank.
View Policies Show Attempt History Current Attempt in Progress Colada Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2021: 1. 2. 3. 4. (a) Type here to search 5/10 Purchased a one-year insurance policy on June 1 for $1,800 cash. Paid $7,120 on August 31 for five months' rent in advance. On September 4, received $3,780 cash in advance from a corporation to sponsor a game each month for a total of nine months for the most improved students at a local school. Signed a contract for cleaning services starting December 1, for $1,070 per month. Paid for the first two months on November 30. (Hint: Use the account Prepaid Cleaning to record this prepayment.) On December 5, received $1,650 in advance from a gaming club. Determined that on December 31, $480 of these games had not yet been played. in A 18°C Sunny ... ENG
Can you please help me finish this? The filled in answers I have correct.
Adjustment for prepaid expense The prepaid insurance account had a beginning balance of $11,500 and was debited for $18,000 of premiums paid during the year.Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $13,000.