not use ai please don't On July 1, 2017, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2-year insurance contract. Both companies have fiscal yearsending December 31.(a)Your answer is correct.For Ling Co., journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in theproblem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automaticallyindented when the amount is entered. Do not indent manually.)(b)DateAccount Titles and ExplanationJuly 1Prepaid InsuranceDec. 31CashInsurance ExpensePrepaid InsuranceDebit12,4003,100CreditAttempts: 3 of 5 usedYour answer is partially correct.For Ling Co., post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previouspart.)Prepaid Insurance7/17/112,40012/316,20012/31 Bal.6,20012,3,

Required A: July 1. To record the advanced payment for the insurance:Debit prepaid insurance…

Answered: On July 1, 2017, Ling Co. pays $12,400…

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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On July 1, 2017, Oriole Company pays $20,000 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Oriole Company, journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL For Oriole Company, post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance Insurance Expense
On July 1, 2025, Flint Co. pays $18,000 to Crane Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. Your answer is partially correct. For Flint Co., journalize the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date July 1 Dec. 31 Account Titles and Explanation I Insurance Expense Prepaid Insurance Debit 18,000 4,500
On July 1, 2019, Ivanhoe Co. pays $27,000 to Concord Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Ivanhoe Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatica Indented when the amount Is entered. Do not Indent manually. Record journal entries in the order presented In the problem. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 1 v Prepaid Insurance 27000 Cash 27000 Dec. 31 v Insurance Expense Prepaid Insurance Prepaid Insurance
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Marin Family Importers sold goods to Tung Decorators for $ 31,800 on November 1, 2022, accepting Tung's $ 31,800, 6-month, 6% note. Prepare Marin's November 1 entry, December 31 annual adjusting entry, and May 1, 2023, entry for the collection of the note and interest. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit >
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At the end of 2022, Cullumber Co. has accounts receivable of $717,900 and an allowance for doubtful accounts of $63,900. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,900. (a) Your Answer Correct Answer Your answer is correct. Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) Account Titles and Explanation Allowance for Doubtful Accounts Accounts Receivable eTextbook and Media eTextbook List of Accounts Cash realizable value Debit Before Write-Off 6900 What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Credit After Write-Off 6900 Assistance Used Attempts: 1 of 1 used
n June 1, Wildhorse Company Ltd. borrows from Scotiabank on a 6-month, $48,800, 9% note. The note matures on December 1 terest is due monthly starting July 1. Wildhorse only prepares adjusting entries at its fiscal year end. Prepare the entry on June 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles June 1 eTextbook and Media List of Accounts Debit Credit Prepare the adjusting entry on June 30, Wildhorse's fiscal year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)

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