December 31: Company ABC received cash upfront from a customer on 11/1/2020 and promised to perform services evenly over the following 3 months. The total cash received upfront was $30,000. Date Account Debit Credit December 31: Company ABC must record depreciation for their building. Their building was purchased on the first day of this year for $100,000. Company ABC plans to use the building over the next 10 years. Date Account Debit Credit December 31: Company ABC has an outstanding 5%-interest notes payable for $400,000. The loan was taken out on July 31“ of the current year and no interest has been recorded yet. Date Account Debit |Credit
December 31: Company ABC received cash upfront from a customer on 11/1/2020 and promised to perform services evenly over the following 3 months. The total cash received upfront was $30,000. Date Account Debit Credit December 31: Company ABC must record depreciation for their building. Their building was purchased on the first day of this year for $100,000. Company ABC plans to use the building over the next 10 years. Date Account Debit Credit December 31: Company ABC has an outstanding 5%-interest notes payable for $400,000. The loan was taken out on July 31“ of the current year and no interest has been recorded yet. Date Account Debit |Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
complete the following journal entries
Transcribed Image Text:PART 3 - Record the period-end adjusting journal entries based on the following information for
Соmpany ABC.
December 31: Company ABC received cash upfront from a customer on 11/1/2020 and promised to
perform services evenly over the following 3 months. The total cash received upfront was $30,000.
Date
Account
Debit
Credit
December 31: Company ABC must record depreciation for their building. Their building was
purchased on the first day of this year for $100,000. Company ABC plans to use the building over
the next 10 years.
Date
Account
Debit
Credit
December 31: Company ABC has an outstanding 5%-interest notes payable for $400,000. The loan
was taken out on July 31* of the current year and no interest has been recorded yet.
Date
Account
Debit
| Credit
December 31: In the beginning of December, Company ABC paid $12,000 for advertising in
advance and recorded the appropriate journal entry. One of four ads ran in December, so an
adjusting entry needs to be made.
Date
Account
Debit
| Credit
December 31: Employees still have yet to be paid $300,000 for their five-day work week (Monday
thru Friday) until after the period ends.
Date
Account
Debit
Credit
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