pls answer and explain thanks A review of the ledger of Sunland Company at December 31, 20XX produces these data pertaining to the preparation of annualadjusting entries.1.2.DateNov. 1Dec. 13.4.Prepaid Insurance $14,500. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564on the building was purchased on July 1, 20XX-1 for $10,650. The policy has a term of three years. Policy A2958 on thevehicles was purchased on January 1, 20XX for $6,570. This policy has a term of 18 months.Unearned Rent Revenue $437,000. The company began subleasing office space in its new building on November 1. AtDecember 31, the company had the following rental contracts that are paid in full for the entire term of the lease.Term(in months)87Monthly Rent$4,860$9,200Number ofLeases45Notes Payable $37,000. This balance consists of a note for six months at an annual interest rate of 6%, dated October 1.Salaries and Wages Payable $0. There are 8 salaried employees. Salaries are paid every Friday for the current week. 4employees receive a salary of $530 each per week, and 4 employees earn $770 each per week. Assume December 31 is aWednesday. Employees do not work weekends. All employees worked the last three days of December. Prepare the adjusting entries at December 31, 20XX. (If no entry is required, select "No Entry" for the account titles and enter O for theamounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)No. Date Account Titles and Explanation1.2.3.4.Dec. 31Dec. 31Dec. 31Dec. 31DebitCredit

Adjusting entries are those journal entries which are passed at the end of accounting period. Main…

Prepare the adjusting entries at December 31, 20XX. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. 2. 3. 4. Dec. 31 Dec. 31 Dec. 31 Dec. 31 Debit NUOT Credit

Prepare the adjusting entries at December 31, 20XX. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. 2. 3. 4. Dec. 31 Dec. 31 Dec. 31 Dec. 31 Debit NUOT Credit

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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C) Prepaid Insurance $9,900. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on April 1, 2018, for $7,200. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1, 2019, for $4,500.This policy has a term of 2 years Instructions: prepare adjusting entries and post insurance policy in ledger in 31\12\2019
Prepare a General Journal entry for the following transaction: On December 17, On Your Mark paid $1,500 to Keystone Insurance Company toward the premium for a six-month insurance policy, check No. 1001.
Sensible Insurance Company collected a premium of $18,000 for a 1-year insurance policy on April 1. What amount should Sensible report as a current liability for Unearned Service Revenue at December 312 Select one: a. $4,500. b. $18,000. C. $0. d. $13,500.
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)
Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entry accounting system. April 12 Clark Company receives and pays a bill for a two-year insurance policy premium, $3,800. The policy begins on May 1. Clark Company purchases equipment costing $5,600, paying 40% down and the rest on account. November 27
Madison Company issued an interest-bearing note payable with a face amount of $25,800 and a stated interest rate of 8s to the Metropolitan Bark on August 1, Year 1. The note carried a one year term. Based on this information alone, the amount of total liablities appearing on Madisoris Year 1 balance sheet would be Select one O A $25,800 OB $27864 OC $26,660 OD $27,004 Denver Co. issued bonds with a face value of $79,000 and a stated interest rate of 7% The bonds have a life of five years and were sold at 103.50. If Denver amortizes discounts and premiums using the straight ine method, the amount of interest expense each full year would be Select one O A S6083. OB. $5530. OC S4977. OD $5724. Victor Company issued bonds with a $400,000 face value and a 3% stated rate of interest on January 1, Year 1. The bonds carried a Syear term and sold for 93. Victor uses the straight-line method of amortization. Interest is payable on December 31 of each year. The carrying value of the bond…
On March 1, Smith Company purchased equipment costing $14,792 by signing a 3-year, 6% note requiring monthly payments of $450 starting March 31. The journal entry to record the first payment would include a _______ to Notes Payable of debit; $376. credit; $74. credit; $376. debit; $74.
Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: Date Face Amount Interest Rate Term 1. Mar. 6 $75,300 5% 45 days 2. Apr. 23 24,500 9 60 days 3. July 20 41,600 5 120 days 4. Sept. 6 55,400 6 90 days 5. Nov. 29 24,100 7 60 days 6. Dec. 30 67,400 6 30 days Required: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year when calculating interest. (Note: Round each interest computation to the whole dollar.) 2. Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. Round your answer to the nearest whole dollar. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Refer to the Chart of Accounts for…
Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes: Date Face Amount Interest Rate Term 1. Mar. 6 $75,300 5% 45 days 2. Apr. 23 24,500 9 60 days 3. July 20 41,600 5 120 days 4. Sept. 6 55,400 6 90 days 5. Nov. 29 24,100 7 60 days 6. Dec. 30 67,400 6 30 days Required: 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. Round your answer to the nearest whole dollar.
Accounts of Milo Inc. for the year ended 12/31/20 disclosed transactions shown below. Prepare the necessary journal entry and audit adjustments for each of the transactions. 1. Signed a 5-year lease for a new warehouse effective 12/1/20 at a monthly rental of P100,000. On that date, P1,000,000 was paid to cover for the following: Rent security deposit, P200,000; first month’s rent, P100,000; last month’s rent, P100,000; reimbursement to lessor for modifications to leased premises, P600,000. The entire amount was debited to Rent Expense. 2. Paid P200,000 on 12/16/20 for one-year advertising contract to take effect starting January 16, 2021. The amount was debited to Prepaid Advertising. 3. Vacation advances were made on December 17, 2020 and charged to Vacation Expense. Of this amount, P30,000 applies to vacations commencing January 1, 2021. 4. Balance of Supplies Expense Account at 12/31/20 was P33,000; physical inventory of supplies at 12/31/20 was P11,000.
A company purchased a certificate of deposit (a short-term investment that pays interest to the purchaser when it matures) on March 1 that will pay $120 of interest 3 months from that date when it matures. On March 31, which of the following adjusting journal entries would be made? Account Debit Credit A. Interest receivable 120 Interest revenue 120 B. Interest receivable 40 Interest revenue 40 C. Interest receivable 120 Unearned revenue 120 D. No entry is recorded on March 31. Group of answer choices A. B. C. D.
On July 1, a company paid the $3,840 premlum on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31? Multiple Choice O O O $1,920. $3,840. $1,600. O $960. O $2,880.