For each of the following separate situations, determine the amount of expense each company should recognize in December (using accrual basis accounting). a. Chipotle has monthly wages expense of $5,000 that has been incurred but not paid as of December 31. b. United Airlines purchases a 24-month insurance policy for $75,000 on December 1 for immediate coverage. c. On December 15, Pfizer prepays $38,000 for hotel rooms for its January sales meeting. Expense recognized in December Situations a. Wages expense incurred but not paid b. Purchases a 24-month insurance policy c. Prepays for hotel rooms for its annual sales meeting

Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1.  Calculate the estimated cost of workers' compensation insurance for the year.$fill in the blank 79e6ee06efc5fe1_1 2. Show the journal entry for the first quarterly payment on January 2, 20--. If an amount box does not require an entry, leave it blank. Page:     DATE DESCRIPTION POST.REF. DEBIT CREDIT   1 Jan. 2 Workers' Compensation Insurance Expense    fill in the blank 6b0385fff039038_2 fill in the blank 6b0385fff039038_3 1 2   Cash    fill in the blank 6b0385fff039038_5 fill in the blank 6b0385fff039038_6 2 3           3 3a.  Assume Ryan's actual payroll for the year was $89,000. Calculate the additional premium owed for 20--.$fill in the blank 29f2d308aff9fad_1 3b. Assume Ryan's actual payroll for the year was $89,000. Record the adjustment…

On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that the fiscal year of Jones ends on July 31st. Using the 360 day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar.

On September 15, Berto Motor Service Center issued a 90-day, 18% note amounting to P10,000for a loan from a friend. The service center uses the fiscal accounting period ending September30.Required: Entries on date of issue and end of September

Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2023, accounts receivable were $610,000 and the allowance account had a credit balance of $74,000. Accounts receivable activity for 2024 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance The company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group $ 610,000 2,800,000 (2,663,000) (57,000) $ 690,000 0-60 days 61-90 days 91-120 days over 120 days Total Amount $ 460,000 78,000 67,000 85,000 $ 690,000 Percent Uncollectible 44 15 26 41 Required: 1. Prepare a summary…

Swathmore Clothing Corporation grants its customers 30 days’ credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2023, accounts receivable were $596,000 and the allowance account had a credit balance of $60,000. Accounts receivable activity for 2024 was as follows: Beginning balance $ 596,000 Credit sales 2,730,000 Collections (2,593,000) Write-offs (50,000) Ending balance $ 683,000 The company’s controller prepared the following aging summary of year-end accounts receivable Age Group Summary Amount Percent Uncollectible 0−60 days $ 425,000 5% 61−90 days 91,000 14 91−120 days 60,000 30 Over 120 days 107,000 41 Total $ 683,000…

Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2023, accounts receivable were $584,000 and the allowance account had a credit balance of $48,000. Accounts receivable activity for 2024 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance The company's controller prepared the following aging summary of year-end accounts receivable: Age Group 0-60 days 61-90 days 91-120 days Over 120 days Total Req 1 $ 584,000 2,670,000 (2,533,000) (44,000) $ 677,000 Req 2 Required: 1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the…

Swathmore Clothing Corporaton grants ts customers 30 deys' credit. The compeny uses the allowance method for tos uncollectible accounts receivable. During the year, a monthly bed debt accrual Is made by multiplying 2% times the amount of credt sales for the month. At the fiscal year-end of December 31, an aging of accounts recelveble schedule is prepared and the allowance for uncollectible accounts Is adjusted accordingly. Se & B S At the end of 2017, accounts recelvable were $592,000 and the allowance account had a credit balance of $56,000. Accounts recelvable activity for 2018 was as follows: Beginning balance Credit sales Collections $ 592,000 2,710,000 (2,573,000) (48,000) Write-offs Ending balance $ 681,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Percent Uncollectible Age Group 0-60 days 61-90 days 91-120 days Over 120 days Amount $415,000 98,000 58,000 110,000 12 28 39 Total $681,000 Required: - Prepare a summary…

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On July 8, Jones Inc. issued an $66,900, 9%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar.