For each separate case, record an adjusting entry of necessary). a. Lonzo Company receives $6,000 cash in advance for six months of recycling services on September 1 and records by debiting Cash and crediting Unearned Revenue for $6,000. Lonzo provides recycling services monthly as promised. Prepare the December 31 year-end adjusting entry that Lonzo records for the work performed from September 1 through December 31 b. On October 20, Milwaukee Bucks sold a 10 game ticket package for $400 and recorded Uneamed Revenue. By December 31.41 of the 10 games had been played. Record the December 31 year-end adjusting entry that the Bucks record for the 40% of revenue earned on the $400 ticket package

For each separate case, record an adjusting entry of necessary). a. Lonzo Company receives $6,000 cash in advance for six months of recycling services on September 1 and records by debiting Cash and crediting Unearned Revenue for $6,000. Lonzo provides recycling services monthly as promised. Prepare the December 31 year-end adjusting entry that Lonzo records for the work performed from September 1 through December 31 b. On October 20, Milwaukee Bucks sold a 10 game ticket package for $400 and recorded Uneamed Revenue. By December 31.41 of the 10 games had been played. Record the December 31 year-end adjusting entry that the Bucks record for the 40% of revenue earned on the $400 ticket package

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 5RE: Garcia Company rents out a portion of its building to Jerry Company for 1,000 per month. On August...

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For each separate case, record an adjusting entry (if necessary).
Hanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% one year note payable. Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
In the journal provided, prepare entries for the following (assume a calendar-year accounting period).Dec. 1 Received a three-month, 15 percent note receivable for $3,920 from acustomer as an extension of his past-due account.31 Made the year-end adjustment for accrued interest.Mar. 1 Received full payment on the note.
Garcia Company rents out a portion of its building to Jerry Company for 1,000 per month. On August 1, Jerry paid Garcia 12,000 for 1 year of rent in advance. Prepare journal entries for Garcia to record the collection ofrent and the related year-end adjusting entry on December 31.
Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
On December 1, Home Store sells a mower (that costs $160) for $460 cash with a one-year warranty that covers parts. Warranty expense is estimated at 12% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $32 in materials taken from the Parts Inventory. Prepare the December 1 entry to record the mower sale (and cost of sale), the December 31 adjusting entry for estimated warranty liability, and the January 24 entry to record the warranty repairs. Note: Round your answers to 2 decimal places. View transaction list Journal entry worksheet 2 3 4 Record the mower sales. Note: Enter debits before credits. Date December 01 General Journal Debit Credit > Record entry Clear entry View general journal
On December 1, Home Store sells a mower (that costs $220) for $520 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $36 in materials taken from the Parts Inventory. Prepare the December 1 entry to record the mower sale (and cost of sale), the December 31 adjusting entry for estimated warranty liability, and the January 24 entry to record the warranty repairs. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 Record the mower sales. Date December 01 Note: Enter debits before credits. 4 General Journal Debit Credit
Sheridan Company borrows $37,800 on July 1 from the bank by signing a $37,800, 8%, one-year note payable. (a) Prepare the journal entry to record the proceeds of the note.(b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
On December 1, Home Store sells a mower (that costs $280) for $580 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $41 in materials taken from the Parts Inventory. Prepare the December 1 entry to record the mower sale (and cost of sale), the December 31 adjusting entry for estimated warranty liability, and the January 24 entry to record the warranty repairs. Note: Round your answers to 2 decimal places. View transaction list 1 2 3 4 Record the mower sales. Record the cost of mower sales. Record the estimated warranty expense. Record the cost of warranty repairs. Note : = journal entry has been entered Record entry Clear entry X Credit View general journal >
Alpha Corporation is in the business of leasing temporary warehouse space. On December 1, 20Y4. Alpha receives a $75,000 advance payment from a tenant for a three-month lease that starts December 1, 20Y4, and ends February 28, 20Y5. Alpha's accountant makes the proper journal entry on December 1 to record the receipt of the advance payment and also makes the proper adjusting journal entry on December 31 with respect to the unearned revenue liability. What is the effect of the December 31, 20Y4 adjusting journal entry on Alpha's current ratio and acid-test ratio? O Has no effect on either the current ratio or the acid-test ratio O Increases the current ratio and has no effect on the acid-test ratio O Has no effect on the current ratio and increases the acid-test ratio O Decreases both the current ratio and the acid-test ratio pis O None of the above
Byrde Industries had the following transactions occur: Nov. 1: Accepted a $81,000, 75 day, 5% note from Ruth Langmore in granting a time extension on her past-due account receivable. Dec. 31: Adjusted the year-end accounts for the accrued interest earned on the note. Next year: Ruth Langmore honored the note on its due date. Use this information to answer the following questions. Assume 360 days in a calendar year. Round all answers to the nearest dollar. 1. Provide the journal entry Byrde records on November 1. If no entry is required type No Entry. 2. Provide the journal entry Byrde records on December 31. If no entry is required type No Entry. 3. Provide the date and the journal entry Byrde records on the date the note is honored. If no entry is required type No Entry.