Maple Tree Inc. purchased a 12-month insurance policy on March 1, 2019 for $900. At December 31, 2019, the adjusting journal entry to record expiration of this asset will include a: o Debit to Insurance Expense and a credit to Prepaid Insurance for $900 o Debit to Prepaid Insurance and a credit to Insurance Expense for $100 o Debit to Insurance Expense and a credit to Prepaid Insurance for $75 o None of the above

Q: Prepare the individual account of H. Potter in the debtors ledger of Dumbledore Magic World for May…

A:

Q: Masterfalls Corporation purchased a one-year insurance policy in January 2016 for $36,000. The…

A: ADJUSTING ENTRIESAdjusting entries are made at the end of the accounting period. This is also known…

Q: Montague Auto Repair specializes in the repair of foreign car transmissions. To encourage business,…

A: Following is the answer to the given questions

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A: Given information, Marigold purchased Machinery on Dec. 31, 2019 Down Payment = $ 53,800 Balance…

Q: On May 1, 2020, Splish Company enters into a contract to transfer a product to Eric Company on…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The following facts pertain to a non-cancelable lease agreement between Crane Leasing Company and…

A: Lease is a contract between two parties in which one party is authorized to use the assets. The…

Q: Plummer Leasing Company signs a lease agreement on January 1, 2020, to lease warehouse equipment to…

A: A lease is referred to the contract in which one of the party, the lessor, grants the right to use a…

Q: Amatek Industries Pty Ltd. received annual interest in advance in the amount of $216 on 31/8/2020.…

A: The journal entries are prepared to keep the record of day to day transaction of the business.

Q: 18. Prepare the initial entries to record the given loan. 19. What are the accounts involved in the…

A: Unearned revenue: It is the amount  received from a client  for a service or product which is  yet…

Q: The following additional information is available at the December 31 2020 year end. A) insurance…

A: The expenses and revenue are adjusted on the basis of the period in which they are incurred.

Q: Chain Co purchased 1M life insurance policy on its president, of which Chain is the beneficiary.…

A: Increase in cash surrender value should be treated as direct reduction in insurance premium of…

Q: special orders for machinery constructed to the customer specifications. Information are as follows:…

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Q: The Richards Company paid for a five-year extended warranty on all of their equipment on March 1,…

A: Given that, Richard company paid five years warranty on all of their equipment on March 1, 2019…

Q: 1) Tappa Corp.'s current liabilities at December 31, 2020, totaled P1,600,000 before any necessary…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: An insurance company MUST take which of the following actions when one of its producers replace an…

A: Here discuss about the details of the procedures and action which are taken by the insurance company…

Q: How much is the rent expense reported in Happy Company’s profit or loss for the year ended December…

A: Lease is a agreement which has been made by the parties which are involved in the agreement on which…

Q: Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2024. Chance elected the…

A: A short-term lease, also known as an operating lease, is a lease agreement that is typically for a…

Q: elated Information: ease term enthly lease payments. conomic life of asset terest rate charged by…

A: A short-term lease, also known as an operating lease, is a lease agreement that is typically for a…

Q: Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2024. Chance elected the…

A: Rent agreements are legal documents, and both parties (the lessor and the lessee) are typically…

Q: The lease was paid in full for the next 6 months for a total of $12000 on September 1, 2020. a)…

A: Meaning of Lease: Leases are contracts in which the property/asset owner allows another party to use…

Q: Carla Vista Corporation owns equipment that cost $94,400 and has a useful life of 8 years with no…

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A: Rent is earned for the year ended December 31, 2021 is the amount of rent received for this period

Q: Coco rented a building on 7/1/2019 by signing a one year lease and making one upfront annual payment…

A: The objective of the question is to determine the adjusting entry for the lease payment made by…

Q: Skysong Cosmetics Co. purchased machinery on December 31, 2019, paying $52,900 down and agreeing to…

A: carrying value: Carrying value=$56,000*3.16987(PVIFA of 10% for 4 years)…

Q: Live Company acquired a fire insurance on Nov. 1, 2021. The company paid P12,000 for the said annual…

A: Prepaid expense: Prepaid expense means future expenses which are paid in advance. Initially, Prepaid…

Q: On September 1, 2019, Jordan, Inc. acquired a patent for $600,000. The patent has 16 years remaining…

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Q: Martin Corp, signed a $253,900, three-month, zero interest-bearing note on November 1, Year 4 for…

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A: The accrued expenses are the expenses which are incurred but not paid yet.

Q: On December 30, 2006, Gannett purchases a general liability insurance agreement for the period of…

A: Prepaid expenses refer to those expenses which are paid in advance. It is recorded as an asset at…

Q: business borrowed $200,000 on January 1, 2019 to be paid back on January 1 2022. On January 1, 2019,…

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Q: Korah Corporation signed a three-month, zero-interest-bearing $152,205 note on November 1, 2021 for…

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Q: Assume the recoverable amount is calculated to be $429,000 at the end of 2024. Determine if the…

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Q: Capricorn Company must determine the December 31, 2019 year-end accruals for advertising and rent…

A: Accrued rent from December 16 to December 31 = Monthly rent x 15/30 days = 4800 x 15/30 = P2400

Q: During 2019, P determined that insurance premiums of $12289 for the 3-year period beginning January…

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Q: Calculate the balance of the Contract Asset/Liability account at the end of each year using the…

A: According to IFRS 15, Contract asset is entity's right to consideration in exchange for service that…

Q: In 2026, Sandhill Company incurred actual costs relative to 2025 television warranty sales of $2,190…

A: Warranty expense is the cost associated with a defective product repair, replacement, or refund. A…

Q: Dec 31 Purchased new equipment for P750,000, paying P150,000 cash and signing a 3-year, 7% note for…

A: Warranty expense refers to the expenses which is to be incurred by a business entity in case their…

Q: On July 1, 2019, Park Company leased office space for ten years to Rudd at a monthly rental of…

A: Amount receivable at December 31, 2019 should be monthly rent for the month of December which is not…

Q: UA Company must determine the December 31, 2019 year-end accruals for advertising and rent expenses.…

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Q: On January 1, 2019, AAA insurance co. entered into reinsurance contract with CCC Co. for a  premium…

A: Reinsurance is an arrangement between an insurance company (insurer) and other insurance company…