An insurance premium of $6,300 was paid on March 1, 2020, and was charged to Prepaid Insurance. The premium covers a 24-month period beginning March 1, 2020. 2. On June 1, 2020, cash of $45,000 was received from subscribers (customers) for a 36-month subscription period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Unearned Subscription Revenue. 3. The Supplies account showed a balance of $3,500 at the beginning of 2020. Supplies costing $14,500 were purchased during 2020 and debited to the asset account. Supplies of $1,500 were on hand at December 31, 2020.

An insurance premium of $6,300 was paid on March 1, 2020, and was charged to Prepaid Insurance. The premium covers a 24-month period beginning March 1, 2020. 2. On June 1, 2020, cash of $45,000 was received from subscribers (customers) for a 36-month subscription period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Unearned Subscription Revenue. 3. The Supplies account showed a balance of $3,500 at the beginning of 2020. Supplies costing $14,500 were purchased during 2020 and debited to the asset account. Supplies of $1,500 were on hand at December 31, 2020.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14EB: Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on...

See similar textbooks

Similar questions

Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.
Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019
On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance premiums and recorded the funds in Unearned Revenue. Umbrella records insurance revenue on a monthly basis. How much will be in the Unearned Revenue account on November 30, 2021?
A gift shop signs a three-month note payable on May 1/2020 of OMR 36,000 with an annual interest of 10%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date? Select one: O a. Debit Interest Expense, 2,400; Credit Interest Payable, 2,400. b. Debit Prepaid Interest, 2,000; Credit Interest Expense, 2,000. c. Debit Interest Expense, 2,100; Credit Interest Payable, 2,100. d. None of the answers are correct e. Debit Interest Expense, 2,400; Credit Prepaid Interest, 2,400.
On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 7% note payable. Interest is payable at maturity. Aviation’s year-end is December 31.Required:1. Record the note payable by Aviation Training.2. Record the appropriate adjustment for the note by Aviation Training on December 31, 2021.3. Record the payment of the note at maturity.
XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued will be collected after 1 year. At the end of December, which of the following journal entry is required to take up the interest income? Select one: a. Debit Cash $900; Credit Interest Revenue $900 b. Debit Interest Revenue $75; Credit Interest Receivable $75 c. Debit Interest Receivable $900; Credit Unearned Revenue $900 d. Debit Interest Receivable $75; Credit Interest Revenue $75
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest Revenue
a. On December 31, 2019, the Notes Payable account at Northwood Manufacturing Company had a balance of $13,500. This balance represented a three-month, 10 percent note issued on November 1. Journal entry worksheet Record the adjustment for interest. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019
Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales of $45,000 with term 2/15, n/45. Prepare the required journal entries, if: On July 22 Rasheed company received full payment.
On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize all entries for Team Bank related to the note for 2018 and 2019. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Begin by recording the loan on September 30, 2018. Date Accounts and Explanation Debit Credit 2018 Sep. 30 Course Chat Time GB V
Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7
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?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

1.		An insurance premium of $6,300 was paid on March 1, 2020, and was charged to Prepaid Insurance. The premium covers a 24-month period beginning March 1, 2020.
2.		On June 1, 2020, cash of $45,000 was received from subscribers (customers) for a 36-month subscription period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Unearned Subscription Revenue.
3.		The Supplies account showed a balance of $3,500 at the beginning of 2020. Supplies costing $14,500 were purchased during 2020 and debited to the asset account. Supplies of $1,500 were on hand at December 31, 2020.