On July 3, the company paid 2 years of insurance premiums worth$2,000.00 to Farmers' Insurance Co. The entry will include: a. Debitto Cash for $2,000.00 b. Credit to Cash for $2,000.00 c. Debit toInsurance Expense for $2,000.00 d. Credit to Prepaid Insurance for$2,000.00 e. Debit to Prepaid Insurance for $1,000.00

Explanation of Prepaid Insurance: Prepaid insurance is an asset account that represents the payment…

Answered: On July 3, the company paid 2 years of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest Revenue
Using the box below, prepare Journal entries for the following transactions: 1 On 9/1/17, AFSPA received an invoice of $36,000 for the annual insurance renewal 2 On 9/15/17, cheek is written for # 1 above 3 10/1/17, the monthly amount is expensed for #1 above 4 On 1/4/18, AFSPA received an invoice from Staples in the amount of S3200 5 On 3/5/18 member pays their quarterly dental insurance premium (this is revenue to AFSPA) in the amount of S300 6 On 3/10/18 the check bounces from # 5 above 7 Record the revenue for April #5 above Date DR Account name Cr Account name Dr Cr GL. description (25 characters)
On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance premiums and recorded the funds in Unearned Revenue. Umbrella records insurance revenue on a monthly basis. How much will be in the Unearned Revenue account on November 30, 2021?
On June 1, the company paid 2 years of insurance premiums worth $2,000.00 to Farmers' Insurance Co. The entry will include: a. Debit to Cash for $2,000.00 b. Credit to Cash for $2,000.00 c. Debit to Insurance Expense for $2,000.00 d. Credit to Prepaid Insurance for $2,000.00 e. Debit to Prepaid Insurance for $1,000.00
Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9
Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7
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Discount Auto Insurance deposited $1800 in a savings account paying 6% compounded monthly on January 1 and deposited an additional $2300 in the account on March 12. Find the balance on April 1
Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest computations.) June 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. The cost of merchandise sold was $36,000. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due. Regis Co. (Borrower). If an amount box does not require an entry, leave it blank. June 1 fill in the blank 0fa28bf87f8205e_2 fill in the blank 0fa28bf87f8205e_3 fill in the blank 0fa28bf87f8205e_5 fill in the blank 0fa28bf87f8205e_6 June 30 fill in the blank 0fa28bf87f8205e_8 fill in the blank 0fa28bf87f8205e_9 fill in the blank 0fa28bf87f8205e_11 fill in the blank 0fa28bf87f8205e_12 Aug. 29 fill in the blank 0fa28bf87f8205e_14 fill in the blank 0fa28bf87f8205e_15 fill in the blank 0fa28bf87f8205e_17 fill in the blank 0fa28bf87f8205e_18 fill in the blank…

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