what amount should Thrift report as prepaid expenses?
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An analysis of Thrift Corp.’s unadjusted prepaid expense account at December 31, 2020, revealed the following: An opening balance of ₱1,500 for Thrift’s comprehensive insurance policy. Thrift had paid an annual premium of ₱3,000 on July 1, 2019. A ₱3,200 annual insurance premium payment made July 1, 2020. A ₱2,000 advance rental payment for a warehouse Thrift leased for one year beginning January 1, 2021. In its December 31, 2020 balance sheet, what amount should Thrift report as prepaid expenses?
a. P5,200
b. P3,600
c. P2,000
d. P1,600
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- A company borrowed P100,000 on September 30, 2019 by signing a six-month note that specifies interest at an annual percentage rate of 12%. No interest or principal payment is due until the note matures on March 31, 2020. 6. Prepare the initial entries to record the loan. 7. What date should be used to record the December adjusting entry? 8. What are the accounts involved in the adjusting entries? 9. Prepare the adjusting entries.Jane's Don't Company borrowed $201,000 on January 1, 2024, and signed a two-year note bearing interest at 13%. Interest is payable in full at maturity on January 1, 2026. In connection with this note, Jane's should report interest expense at December 31, 2024, in the amount of: Multiple Choice $55,396. $26,130. $52,260. $0.4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.
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