On June 15, 2018, Maria shop paid 18,000 to secure insurance company for a 3 year insurance policy. This was taken up in the books using asset method. What is the adjusting entry at year end? 2.On March 1,2018, Delacruz tutorials received 60,000 representing an advance payment for services to be rendered in November 2018. This was booked using Liability method. At year end, only 70% of the expected service was rendered. What is the Adjusting entry at year end?

On June 15, 2018, Maria shop paid 18,000 to secure insurance company for a 3 year insurance policy. This was taken up in the books using asset method. What is the adjusting entry at year end? 2.On March 1,2018, Delacruz tutorials received 60,000 representing an advance payment for services to be rendered in November 2018. This was booked using Liability method. At year end, only 70% of the expected service was rendered. What is the Adjusting entry at year end?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

please answer in detail. how to record a journal entry this on 30/06/21 Restaurant Due to surplus cash in the bank account, on 1 June 2021, The Unit Trust prepaid its insurance premium for the next 12 months totalling $13,200 (GST-inclusive) By making this payment, this means that the restaurant's insurance is prepaid until 31 May 2022. Belinda recorded the following journal entry in MYOB on 1 June 2021: DATE PARTICULARS POST REF DEBIT CREDIT 1 June Insurance expense 6-1110 GST receivable 2-1040 Cash at bank - Bank of Brisbane 1-1010 13,200 (Prepayment of insurance policy for the next 12 months) 30/June InSulance expense 1.000 plepaid insurance Ignore any GST consequences. If any adjusting entries are required, please record this entry in the general journal in MYOB. Note: There are 30 days from 1 June 2021 to 30 June 2021. 12,000 1,200
Journalize the following transactions for the Scott Company. Assume 360 days per year. November 4: Received a $6,500, 90-day, 6% note from Tim's Co.in payment of the account. If an amount box does not require an entry, leave it blank. Nov. 4 December 31: Accrued interest on the Tim's Co. note. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31 February 2: Received the amount due from Tim's Co. on the note. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Feb. 2
5) Suppose that our business uses a monthly fiscal period. On March 1, 2020, we paid 6 months of rent, a value of $9,000 to our landlord, in advance, for the coming months. What would the journal entry in the general journal for the purchase of Prepaid rent look like? 1.Debit - Rent Expense $9000 </> Credit - Prepaid Rent $9000 2.Debit - Rent Expense $9000 </> Credit - Cash $9000 3.Debit - Prepaid Rent $9000 </> Credit - Building $9000 4.Debit - Prepaid Rent $9000 </> Credit - Cash $9000
Please solve this question
How would you record this transaction into a journal (On the day of the transaction) and a closing entry?: Transaction: Purchased two phones for a total of $10000 by paying $1234 down and signing a note payable for the rest. Interest of 10% to be paid with the note payable on December 1 next year. The phones expected to last 4 years.
Please provide the following journal entries for these transactions, you can draw the T- Accounts or journal entries; A) Mortgage Company funded a loan for $100,000 and the company only advance 98% of the loan through financing (Warehouse Line). Remaining 2% is gathered from Companys funds. B) The same loan was sold to investor at 102 % 15 days later, please prepare the journal entries. C) The Company has expenses at the end of the month in the amount of $20,000 but has not paid until 30 days later. Please prepare journal entries at the end of the month and 30 days payment. D) The company received funds and has a trust liability account for borrowers in the amount of $10,000. 30 days later the trust liability is being transferred to the final investors. E) Company Prepaid Insurance for 12 months and paid in January for $1,200. You are now in the March 31 st of the year.
Please help me. Thankyou.
hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
Help me selecting the right answer. Thank you
complete please
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.