On September 1, 2024, Mountain View Resort collected $36,000 in advance for a 12-month membership package. By December 31, 2024, four months of membership services have been provided. What adjusting entry should be recorded on December 31, 2024?
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- On November 1, 2024, Survival Training Corporation borrows $49,000 cash from Community Savings and Loan. Survival Training signs a three-month, 6% note payable. Interest is payable at maturity. Survival's year-end is December 31. Required: 1. to 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.)A gift shop signs a three-month note payable on May 1/2020 of OMR 36,000 with an annual interest of 10%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date? Select one: O a. Debit Interest Expense, 2,400; Credit Interest Payable, 2,400. b. Debit Prepaid Interest, 2,000; Credit Interest Expense, 2,000. c. Debit Interest Expense, 2,100; Credit Interest Payable, 2,100. d. None of the answers are correct e. Debit Interest Expense, 2,400; Credit Prepaid Interest, 2,400.C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2021, to advance Jeff $35,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2022. CSM prepares financial statements on June 30 and December 31. Required: Prepare the journal entries that CSM will make: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount.) When the note is established To record the interest accruals at each quarter-end and interest payments at each payment date to record the principal payment at the maturity date
- To attract retailers to its shopping center, the Marketplace Mall will lend money to tenants under formal contracts, provided that they use it to renovate their store space. On November 1, 2020, the company loaned $105,000 to new tenants on one-year notes with stated annual interest rates of 10 percent. Interest is to be received by Marketplace Mall on April 30, 2021, and at maturity on October 31, 2021. Required: Prepare journal entries that Marketplace Mall would record related to these notes on the following dates: (a) November 1, 2020; (b) December 31, 2020 (Marketplace Mall’s fiscal year-end); (c) April 30, 2021; and (d) October 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2021, to advance Jeff $40,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2022. CSM prepares financial statements on June 30 and December 31. Required: Prepare the journal entries that CSM will make: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount.) 1. When the note is established 2. Prepare the journal entries to accrue interest on June 30 and December 31. 3. to record the principal payment at the maturity dateOn November 1, 2021, Aviation Training Corp. borrows $41,000 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. 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.) 1. Record the issuance of note. 2. Record the adjusting entry for interest. 3. Record the repayment of the note at maturity.
- 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, 2021On 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 repayment of the note at maturity. Note: Enter debits before credits. Date General Journal Debit Credit February 01, 2022On 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 issuance of note. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2021
- 1. At what amount should Montgomery record the note payable and corresponding cost of the building on January 1, 2021?2. How much interest expense on this note will Montgomery recognize in 2021?(For all requirements, Round your final answers to nearest whole dollar amountOn September 1, 2020, Amazon sells 2,000 Amazon Prime annual subscriptions to 500 customers receiving $120 from its customers for each subscription. Required Task Prepare the appropriate journal entries that Amazon would record on January 1, 2020 and September 30, 2020 related to its subscription salesUsing the given information, calculate the amount in respect of Subscription that is needed to be credited into Income and Expenditure account. Also show various ledger accounts. During the Current year (2020), subscription received in Cash is $ 50,000. It also includes the amount that is receivable during the previous year (2019) of $ 2,500 and amount received in advance for next year (2021) for $1,500. Also there is an outstanding receivable for 2020 of $ 4,500.
