On July 1, 2022, Teal NV pays € 14,820 to Flint Insurance for a 3-year insurance policy. Both companies have fiscal years endingDecember 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Flint Insurance. Flint uses the accountsUnearned Insurance Revenue and Insurance Revenue. (Credit account titles are automatically indented when amount is entered. Do notindent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the orderpresented in the problem.)DateAccount Titles and ExplanationDebitCredit

Date Account Titles Debit Credit July 1, 2022 Cash €14,820 To Unearned Insurance Revenue…

Answered: On July 1, 2022, Teal NV pays € 14,820…

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 November 1, 2019, C Laguna Company paid P36,000 to renew its insurance policy for 3 years. On December 31, 2019, C. Laguna’s unadjusted trial balance showed a balance of P900 for prepaid insurance and P44,100 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in C. Laguna’s December 31, 2019 financial statements? Prepaid InsuranceP34,900 Insurance Expense P10,100 Prepaid InsuranceP33,000 Insurance Expense P12,000 Prepaid InsuranceP34,000 Insurance Expense P12,000 Prepaid InsuranceP34,000 Insurance Expense P11,000
On July 1, 2025, Novak Co. pays $10,200 to Splish Insurance Co. for a 2-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Splish Insurance Co. Splish uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
On July 1, 2022, Sheridan Company pays $18,500 to Wildhorse Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Journalize the entry on July 1 and the adjusting entry on December 31 for Wildhorse Co.. Wildhorse 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 Credit
On July 1, 2017, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a) For Sandhill Co., 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 choose a transaction date 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 enter an account title enter a debit amount enter a credit amount…
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Sheffield Corporation obtained a franchise from Sage Hill Inc. for a cash payment of $96,000 on April 1, 2025. The franchise grants Sheffield the right to sell certain products and services for a period of 8 years. Prepare Sheffield's April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. 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. List all debit entries before credit entries.) Date Account Titles and Explanation eTextbook and Media List of Accounts. Debit Credit
On January 1, 2022, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Sept. 1 Acquired a 9-year franchise; expiration date July 1, 2,031, $576,000. Research and development costs $178,500.
On July 1, 2025, Novak Co. pays $10,200 to Splish Insurance Co. for a 2-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Splish Insurance Co. Splish uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date July 1 Dec. 31 Account Titles and Explanation Prepaid Insurance Cash Service Revenue Unearned Service Revenue Debit 10200 2550 Credit 10200 2550
Under Fierce Company’s accounting system, all insurance premiums paid are charged to insurance expense. Information for the year ended December 31, 2020 is as follows: Prepaid insurance, beg. P150,000 Renewal of insurance charged to expense during the year applicable for the period April 1, 2020-2021 is P500,000. What is the insurance expense using the accrual basis accounting?
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…
Vishnu

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