The rent expense account in 2020 has debit balance of P74,400 composed of the following: (1) January 1, 2020 balance of P16,800 representing rent for January through April 2020; and (2) a debit of P57,600 representing a payment for one-year rent beginning May 1, 2020. Compute for the total rent expense at the end of the 2020

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: Prepare journal entries to record provisions for warranties and reconstruct the provision for…

A: Warranty is a form of assurance being provided by seller to the buyer that in case product will have…

Q: The following unadjusted accounts are taken from the records of Brown Corp. at December 31, 2019:…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Patrick Trash Haulers borrowed 42,000 on June 1, 2020. The loan had an interest rate of 5%. The…

A: Notes payable are promissory notes and negotiable instruments. In this one party agrees to pay a…

Q: Complete the following chart with Revenu Québec remittance due date using the current year calendar.…

A: | PAY DATE | REMITTER | REMITTANCE TYPE | PAY PERIOD ENDING DATE | DUE DATE |…

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

A: Interest accrued on December 31, 2020 = Face value of note x interest rate x no. of days/360 =…

Q: On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance…

A: Insurance premium for a month = Total premium collected / Period of insurance = $24,000 / 24 months…

Q: Wildhorse Co. issued a five-year interest-bearing note payable for $324000 on January 1, 2019. Each…

A: Balance sheet is the financial statement which involves the total debt, liabilities, assets and…

Q: On October 1, 2021, Oberley Corporation loans one of its employees $24,000 and accepts a 12-month,…

A: Using accrual basis accounting, the revenue is earned and recorded in the period it is actually…

Q: On November 1, 2021, Ayayai Corp, which uses a calendar year as its fiscal year, signs a $28200, 8%,…

A: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…

Q: nando issued a promissory note on July 29, 2019 to Metrobank amounting to Php 160,000 with interest…

A: Promissory Notes is a written negotiable instrument wherein a person is promised to pay a fixed sum…

Q: On October 31, 2020, DonutCo Company signed a $890,000, 5%, ten-month note payable with the amount…

A: Notes Payable - Notes is an instrument required to be issued by the borrower. This instrument is a…

Q: Prepare journal entry for Windsor, Inc. to record the receipt of the proceeds of the note.  Prepare…

A: Solution:- Given, Windsor, Inc. borrows $67,200 from Wildhorse Co.  Signing a 4%, one-year note…

Q: b. On September 1, 2019 the Robbem Co. received a $30,000 note receivable from a customer in…

A: December 31, 2019 = Face value of note x rate of interest x No. of months  / 12 = $30,000 x 12% x…

Q: Blossom Industries received its 2024 annual property tax bill for $21,300 on May 1. The taxes…

A: Journal Entries are recorded for the expense incurred during the financial year. Expense that does…

Q: FDNACCT Co. purchased merchandise and issued a twelve-month promissory note with 8% interest and…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: On May 1, 2021, FDNACCT Co. received one-year rent in advance of P150,000 from one tenant. At the…

A: Rent is earned for the year ended December 31, 2021 is the amount of rent received for this period

Q: On July 1, 2024, Li-Ma Industries issued nine-month notes in the amount of $400 million. Interest is…

A: Notes payable, also known as promissory notes, are a type of debt that a business or individual…

Q: On November 1, 2019, Edwin Inc. borrowed cash and signed a $60,000, 1-year note payable.…

A: Every business transaction should indeed be documented in at least two locations, according to the…

Q: Prepare all the appropriate journal entries for the year (that is, for April 1, June 30 and December…

A: Journal entries are the initial step to record the transaction in the book, The journal entries are…

Q: Delta took out a one year, 8% $100,000 loan on March 31, 2021. Interest is due upon maturity of the…

A: The adjustment entries are prepared to adjust the revenues and expenses of the current period.

Q: On September 1, 2020, Vicovaro SpA borrows €450,000 from Unidebit Bank, to be repaid one year later,…

A: Present Value Accounting - Present value accounting is an accounting approach that involves…

Q: Sammy Company, a calendar-year company, has a 6% note receivable dated November 1, 2020 in the…

A: Answer) In the given question, the company had note receivable of P 3,000,000 on November 1, 2020…

Q: on october 1, 2019, Island Jewelry company accepted a 4 -month, 10% note fot $2,400 in settlement of…

A: Note Receivable: A note receivable is a written agreement or promise to receive a specific amount of…

Q: the pita pit borrowed 197000 on november 1 2021 and signed a six month note bearing interest at 12%.…

A: Interest expense = Principal amount x Interest rate x Time period