On July 1, 2019, Oriole Co. pays $ 27,300 to Skysong Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Oriole Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (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.) Date Account Titles and Explanation Debit Credit >
On July 1, 2019, Oriole Co. pays $ 27,300 to Skysong Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Oriole Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (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.) Date Account Titles and Explanation Debit Credit >
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
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 18P: Soon after December 31, 2019, the auditor requested a depreciation schedule for trucks of Jarrett...
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![On July 1, 2019, Oriole Co. pays $ 27,300 to Skysong Insurance Co. for a 4-year insurance contract. Both companies have fiscal years
ending December 31.
For Oriole Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (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.)
Date
Account Titles and Explanation
Debit
Credit
Prepaid Insurance
Insurance Expense
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc2b83612-ff2a-4275-a72b-052633ab1a44%2Fba912a10-8125-42c0-b68c-4fca0640e158%2Fxc34tra_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On July 1, 2019, Oriole Co. pays $ 27,300 to Skysong Insurance Co. for a 4-year insurance contract. Both companies have fiscal years
ending December 31.
For Oriole Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (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.)
Date
Account Titles and Explanation
Debit
Credit
Prepaid Insurance
Insurance Expense
>
![At the end of its first year, the trial balance of Wildhorse Company shows Equipment $ 33,200 and zero balances in Accumulated
Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $ 3,660.
Prepare the adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered.
Do not indent manually.)
Date Account Titles and Explanation
Debit
Credit
Dec. 31
Post the adjustments to T-accounts.
Depreciation Expense
Accumulated Depreciation- Equipment
Indicate the balance sheet presentation of the equipment at December 31.
Wildhorse Company
Balance Sheet (Partial)
$
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc2b83612-ff2a-4275-a72b-052633ab1a44%2Fba912a10-8125-42c0-b68c-4fca0640e158%2Fjcmk4nh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:At the end of its first year, the trial balance of Wildhorse Company shows Equipment $ 33,200 and zero balances in Accumulated
Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $ 3,660.
Prepare the adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered.
Do not indent manually.)
Date Account Titles and Explanation
Debit
Credit
Dec. 31
Post the adjustments to T-accounts.
Depreciation Expense
Accumulated Depreciation- Equipment
Indicate the balance sheet presentation of the equipment at December 31.
Wildhorse Company
Balance Sheet (Partial)
$
%24
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