Jay Instructions: For each adjustment below, indicate which category (prepaid expense, depreciation,accrued expense, accrued revenue, or unearned revenue) each fall under. Also, prepare the annualadjusting entries as of December 31.1.The equipment depreciates at a $2,000 per year. The equipment was purchased on Oct. 1st of the currentyear.2. The company has a 9 month, $6,000, 5% note payable outstanding which is dated Nov. 1st of the currentyear.453. The balance in the prepaid insurance account is $4,000. This represents a one-year policy purchased on May1st of the current year.4. Unbilled revenue at Dec. 31st total $1,200.5. The company rents out office space and requires all tenants to pay the first six months in advance at the timeof rental. On Oct. 1st of the current year, the company received $9,000 in advance.Item132Category of AdjustmentAccountsDebitCredit

Adjusting entry is an accounting entry which is made at the end of reporting period to adjust the…

Instructions: For each adjustment below, indicate which category (prepaid expense, depreciation, accrued expense, accrued revenue, or unearned revenue) each fall under. Also, prepare the annual adjusting entries as of December 31. 1. The equipment depreciates at a $2,000 per year. The equipment was purchased on Oct. 1st of the current year. 2. The company has a 9 month, $6,000, 5% note payable outstanding which is dated Nov. 1st of the current year. 3. The balance in the prepaid insurance account is $4,000. This represents a one-year policy purchased on May 1st of the current year. . Unbilled revenue at Dec. 31st total $1,200. The company rents out office space and requires all tenants to pay the first six months in advance at the time of rental. On Oct. 1st of the current year, the company received $9,000 in advance. tem 1 2 Category of Adjustment Accounts Debit Credit

Instructions: For each adjustment below, indicate which category (prepaid expense, depreciation, accrued expense, accrued revenue, or unearned revenue) each fall under. Also, prepare the annual adjusting entries as of December 31. 1. The equipment depreciates at a $2,000 per year. The equipment was purchased on Oct. 1st of the current year. 2. The company has a 9 month, $6,000, 5% note payable outstanding which is dated Nov. 1st of the current year. 3. The balance in the prepaid insurance account is $4,000. This represents a one-year policy purchased on May 1st of the current year. . Unbilled revenue at Dec. 31st total $1,200. The company rents out office space and requires all tenants to pay the first six months in advance at the time of rental. On Oct. 1st of the current year, the company received $9,000 in advance. tem 1 2 Category of Adjustment Accounts Debit Credit

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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Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
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