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- Prepaid Rent—Quarterly Adjustments On September 1, Northhampton Industries signed a six-month lease for office space, which is effective September 1. Northhampton agreed to prepay the rent and mailed a check for $12,000 to the landlord on September 1. Assume that Northhampton prepares adjusting entries only four times a year: on March 31, June 30, September 30, and December 31. Required Compute the rental cost for each full month. Prepare the journal entry to record the payment of rent on September 1. Prepare the adjusting entry on September 30. Assume that the accountant prepares the adjusting entry on September 30 but forgets to record an adjusting entry on December 31. Will net income for the year be understated or overstated? by what amount?Accrued Vacation Pay A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $66,600. a. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. If an amount box does not require an entry, leave it blank. fill in the blank df5780022f8e03d_2 fill in the blank df5780022f8e03d_3 fill in the blank df5780022f8e03d_5 fill in the blank df5780022f8e03d_6 b. How is the vacation pay reported on the company's balance sheet? , unless employees are allowed to accumulate their vacation pay for use in future years. When is this amount removed from the company's balance sheet?A company receives rent for subletting part of its office block. Rent, receivable quarterly in advance, is received as follows: Date of receipt Period covered $ 1 October 20X1 3 months to 31 December 20X1 7,500 30 December 20X1 3 months to 31 March 20X2 7,500 4 April 20X2 3 months to 30 June 20X2 9,000 1 July 20X2 3 months to 30 September 20X2 9,000 1 October 20X2 3 months to 31 December 20X2 9,000 What figures, based on these receipts, should appear in the company's financial statements for the year ended 30 November 20X2?
- Accrued Vacation Pay A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation pay is $77,400. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. If an amount box does not require an entry, leave it blank. fill in the blank db942400303a02e_2 fill in the blank db942400303a02e_3 fill in the blank db942400303a02e_5 fill in the blank db942400303a02e_6 b. How is the vacation pay reported on the company's balance sheet? When is this amount removed from the company's balance sheet?In detail pleaseHelp On October 1, Vista View Company rented warehouse space to a tenant for $3,900 per month and received $19,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $15,600 $3,900, $19,500. $7,800. $11,700. Type here to search W P 7:27 F 100% 2/21/20
- The activity on Monique Ramirez’ Visa account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is November 11 through December 10, the previous balance was $642.38, and the annual interest rate is 20%.November 15 November 28 December 1payment office supplies toy store$150 $23.82 $312.58Accrual calculation – insurance cost posting Let's assume the company must insure one of its buildings. The insurance company bills to the company $600 every six months (one bill in January, the next in July). The company received the January’s invoice on 15th Jan ‘19. The invoice is paid on 12th March ’19. Please book the followings: 1.) Post the January’s invoice 2.) Book the month-end adjustments from Jan – July 3.) Post the payment of the invoice...invoice may 15 date goods are received june 05 terms 3/10,n/30,ROG last day of discount period_______ final day bill is due (end of credit period)
- Does a customer earn a cash discount with terms 5/15, net 60 on an invoice dated April 27 that is paid on May 13P9-7 Determining Financial Statement Effects of Deferred Revenues LO9-1 A. Deferred revenues-customer deposits Eastern Brewing Company (EBC) distributes its products in an aluminum keg. Customers are charged a deposit of $22 per keg, and deposits received from customers are recorded in the keg deposits account. Required: 1. This part of the question is not part of your Connect assignment. 2. A production specialist who works for EBC estimates that 85 kegs for which deposits were received during the year will never be returned. How would the deposits related to these 85 kegs be reflected in the company's financial statements? (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) View transaction list Journal entry worksheet < 1 Record deposit revenue. Note: Enter debits before credits. Transaction A Record entry General Journal Clear entry Debit Credit View general journalOn June 20, 2021, Amy Smith, owner of Amy's Floral Shop, Inc., signed a contract to rent a retail store. As part of the contract, Amy paid four months of rent in advance. The rental rate is $3,000 per month, thus she paid $12,000 cash in advance when she signed the contract on June 20. Amy will move into the retail store on July 1, 2021, which is the start of her rental period. The company has the accounting policy that all prepaid assets are initially recorded in asset accounts. The following is a partial list of the accounts in Amy's General Ledger. These are the only accounts you need for this problem. D Cash D Prepaid Rent (asset account) D Rent Expense roblem 11 to in the Requirement 1 Prepare the General Journal entry to record the $12,000 payment made when the rental contract was signed on June 20, 2021. Requirement 2 Fill-in the amounts on the Prepaid Rent timeline. The boxes above the timeline show the amount of Prepaid Rent still remaining at various dates during the four…
