On July 1, 2019, Carla Vista Co. pays $ 21.500 to Kingbird Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kingbird Insurance Co. Kingbird uses the accounts Unearned Service Revenue and Service Revenue. (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. Round answers to 0 decimal places, eg. 5.275.)
Q: On July 1, 2019, Ivanhoe Co. pays $27,000 to Concord Insurance Co. for a 4-year insurance contract.…
A: Given, Ivanhoe company insurance paid = $27000 of 4 year insurance contract on 1st July 2019, which…
Q: Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 7 note from…
A: Journal Entry is the primary step to record the transaction in the books of accounts. Accounts…
Q: Waterway Magazine sold 11, 760 annual subscriptions on August 1, 2025, for $21 each. Prepare…
A: Unearned revenue is revenue for which payment has already been made but revenue has not yet been…
Q: On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both…
A: In the books of sandbill company
Q: A company lends $51,000 with 10% interest on May 1, 2021. This amount plus interest will be received…
A:
Q: On July 1, 2020, Wilson Co. pays $20,160 to Baker Insurance Co. for a 4-year insurance policy. Both…
A: Prepare journal entry:
Q: 31 Prepared an adjusting entry to record the accrued interest on the Lee note. (Algo) Notes…
A: Notes receivable is an instrument issued by the payer to the receiver against the unpaid amount. It…
Q: On July 1, 2017, Oriole Company pays $20,000 to Pharoah Company for a 2-year insurance contract.…
A:
Q: On July 1, 2025, Flint Co. pays $18,000 to Crane Insurance Co. for a 2-year insurance contract. Both…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…
Q: Jennifer’s Landscaping Services signed a $400-per-month contract on November 1, 2019, toprovide…
A: Unearned income refers to money obtained from a client for work which has yet to be completed. It is…
Q: On July 1, 2017, Pharoah Company pays $21,000 to Carla Vista Co. for a 2-year insurance contract.…
A: Prepare journal entry on July 1, 2017.
Q: On July 1, 2022, Teal NV pays € 14,820 to Flint Insurance for a 3-year insurance policy. Both…
A: Date Account Titles Debit Credit July 1, 2022 Cash €14,820 To Unearned Insurance Revenue…
Q: Cheyenne Wholesalers accepts from Gates Stores a $24,000, 4-month, 8% note dated May 31 in…
A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…
Q: On July 1. 2022, Damlen Jurado Company pays $12,000 to its insurance company for a 2-year insurance…
A: Solution:- Preparation of journal entries as follows under:- On July 1,2022 pays $12,000 for 2 years…
Q: At the end of the year, a company's balance of Allowance for Uncollectible Accounts is $2,800…
A: Allowance for Uncollectible Accounts or Doubtful Debt is a contra assets account that nets against…
Q: On December 31, journalize the write-offs and the year-end adjusting entry under the allowance…
A: Journalisation of write off and the year end adjustment entry under the allowance method write off…
Q: Journalize the entry on July 1 and the adjusting entry on December 31 for Sheridan Company. Sheridan…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Carlile Company paid $3,600 on November 1, 2024 for a 12-month insurance policy. The company's…
A: The objective of the question is to determine the correct adjusting journal entry for the insurance…
Q: Following are transactions for Vitalo Company. November 1 Accepted a $7,000, 180-day, 7% note from…
A: The accrued interest is the amount of interest due but not received in cash. The maturity amount is…
Q: Smokey Company purchases a one-year insurance policy on July 1 for $10,992. The adjusting entry on…
A: Answer – Debit Insurance expenses $5496 and credit Prepaid insurance $5496 (Option B)
Q: 1. 2019, Shemeld Corp. pays $20,700 to Kaiter Insurance Co. for a 3-year insurance contract. Both…
A: Working note: Prepaid insurance : $20700/3 = $6900 Prepaid insurance for 6 months $6900 x 6/12 =…
Q: Jane Smith founded Premier Pet Spa. Operations started on July 1, 2021.The bookkeeper retired. Jane…
A: The objective of this question is to record the financial transactions for Premier Pet Spa for the…
Q: how is the 12/31 amount $3,350
A: In the given information the insurance contract is for 3 years for which Tamarisk, Inc. pays $20,100…
Q: At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is…
A: Bad debt expense = $9,500 - $1,900 Bad debt expense = $7,600
Q: On July 1, 2022, Oriole Co. pays $15,200 to Sheffield Insurance Co. for a 4-year insurance contract.…
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…
Q: Sandhill Company sells tablet PCs combined with Internet service, which permits the tablet to…
A: Journal is the book of original entry in which all the financial transactions relating to the…
Q: On July 1, 2025, Riverbed Co. pays $19,920 to Pharoah Insurance Co. for a 2-year insurance contract.…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: On September 1, 2022, Rowen Manufacturing issued a $90,000, 6-month, 9% note payable to purchase…
A: Golden Rules of Accounting: Account Debit Credit Personal Accounts the giver the receiver…
Q: nearest whole dollar, eg. 5,275. If no entry is required, select "No Entry" for the account titles…
A: To close the books for period end and reopen it for the next period, adjusting entries needs to be…
Q: On June 1, Bonita Company borrows $106,500 from First Bank on a 6-month, $106,500, 8% note.…
A: Interest accrued on June 30 = Amount borrowed x rate of interest x No. of Months / 12 months =…
Q: On July 1, 2019, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3-year insurance…
A: From July 1 to Dec 31: 6 months Out of 36 months of insurance, the amount for 6 months has been…
Q: Prepare the journal entries for Oriole for this revenue arrangement on June 1, 2025 and September…
A: A journal entry is a record of a business transaction in your business books. In double-entry…
Q: On May 1, 2024, a company lends $120,000 to one of its main suppliers and accepts a 12-month, 8%…
A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: On July 1, 2022, Culver NV pays €21,680 to Larkspur Insurance for a 4-year insurance policy. Both…
A: Prepaid expenses means the expenses which have already been paid but the service will be received…
Q: Novak Corporation obtained a franchise from Windsor Inc. for a cash payment of $105,600 on April 1,…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: i Required Information [The following Information applies to the questions displayed below.]…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: On July 1, 2017, Crane Company pays $19,000 to Oriole Company for a 1-year insurance contract. Both…
A: Unearned service revenue as on July 1st 2017 = $19000 On December 31 2017 we should recognize…
Q: On July 1, 2020, Wilson Co. pays $16,140 to Anderson Insurance Co. for a 3-year insurance policy.…
A: Journalize the entry:
Q: Prepare all of the journal entries for the lessor for 2020 and 2021 to record the lease agreement,…
A: It has been given in the question that the annual lease payment is at the beginning of the year it…
Q: On July 1, 2025, Novak Co. pays $10,200 to Splish Insurance Co. for a 2-year insurance policy. Both…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Journalize the entry on July 1 and the adjusting entry on December 31 for Wildhorse Co. Wildhorse…
A: Solution:- Preparation of the entry on July 1 and the adjusting entry on December 31 for Wildhorse…
Q: On July 1, 2017, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both…
A: Insurance is an expense incurred by the company to safeguard the assets and reduce the risk…
Q: On July 1, 2025, Novak Co. pays $10,200 to Splish Insurance Co. for a 2-year insurance policy. Both…
A: The money received by a business in advance for products or services that it has not yet delivered…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Larkspur Leasing Company signs a lease agreement on January 1, 2025, to lease electronic equipment to Crane Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement. 1. Crane has the option to purchase the equipment for $27,000 upon termination of the lease. It is not reasonably certain that Crane will exercise this option. 2. The equipment has a cost of $330, 000 and fair value of $368,000 to Larkspur Leasing. The useful economic life is 2 years, with a residual value of $27,000. 3. Larkspur Leasing desires to earn a return of 6% on its investment. 4. Collectibility of the payments by Larkspur Leasing is probable. Prepare the journal entries on the books of Larkspur Leasing to record the payments received under the lease and to recognize income for the years 2025 and 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is…ces Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $20,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. Note: Do not round your intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st, Interest Recognized December 31 20,000 4% 18/360 Principal Rate (%) Time Total interest Total Through Maturity $ 20,000 $ 4% 45/360 Check my workOn July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) For Blossom Company, journalize the entry on July 1 and the annual 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 choose a transaction date July 1Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date July 1Dec. 31 enter an account title enter a…
- At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $1,500 (credit) before adjustment. The company estimates future uncollectible accounts to be $7,500. What adjusting entry would Dahir record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)Following are transactions for Vitalo Company. November 1 Accepted a $10,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. General Journal Interest Amounts Complete the table to calculate the interest amounts at December 31st and April 30th Total Through Maturity November 1 Through December 31 January 1 Through April 30 Principal Rate (%) Time Total interest Amounts General Journal > ere to search 68°F 40 4. ort se deleteCarla Vista Corporation has the following selected transactions during the year ended December 31, 2024: Jan. 1 Purchased a copyright for $117.480 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Sept. 1 Dec. 31 Acquired a franchise with a contract period of nine years for $500,850; the expiration date is March 1, 2033, Paid cash of $38,820 and borrowed the remainder from the bank. Purchased a trademark with an indefinite life for $73,190 cash. As the purchase was being finalized, spent $33.150 cash in legal fees to successfully defend the trademark in court. Purchased an advertising agency for $640,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $58,000, furniture of $170,000, and leasehold improvements of $320,000. Carla Vista hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $58,000,…View Policies Current Attempt in Progress On July 1, 2022, Blossom Co. pays $12.000 to Nash's Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Blossom Co. journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. 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) Debit Credit Date Account Titles and Explanation 100Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a tine extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.. April 30 white honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your Journal entries. Note: Do not round intermediate calculations. Use 360 days a year.On July 1, 2022, Sheridan Company pays $12,500 to Oriole Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Oriole Company. Oriole uses the accounts Unearned Service Revenue and Service Revenue.On July 1, 2017, Sandhill Co. pays $16,500 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a) Journalize the entry on July 1 and the adjusting entry on December 31 for Pharoah Company. Pharoah uses the accounts Unearned Service Revenue and Service Revenue. (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 CreditOn July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Sunland Company. Sunland uses the accounts Unearned Service Revenue and Service Revenue. (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.)On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021SEE MORE QUESTIONS