Wyco's fiscal Year ends September 30. On September 10, it's collects $30.000 for a painting job and credits unearned painting revenue. As of September 30, 60% of the work has been done. What adjusting entry must WyCo record on September 30?

Q: b. Caden started a new publication called Contest News. Its subscribers pay $36 to receive 12…

A: The advance payments that a business has received from clients for subscription services that have…

Q: The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal…

A: Journal: Recording of a business transactions in a chronological order.

Q: Hitzu Company sold a copler (that costs $7,500) for $15,000 cash with a two-year parts warranty to a…

A: Warranty expense is the cost associated with a defective product repair, replacement, or refund. In…

Q: Ecco Company sold $150,000 of kitchen appliances with six-month warranties during September. The…

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019.The…

A: The procedure of entering business transactions for first time in the books of accounts is known as…

Q: n December 1, Sheridan Company introduces a new product that includes a one-year warranty on parts.…

A: Solution:  estimated warranty cost = Units sold * 5% *90 = 1400*5%*90  = $6,300

Q: Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 6%…

A: The concept applied here is the accrual accounting principle.Accrual accounting recognizes expenses…

Q: Zoey Bella Company has a payroll of $7,820 for a five-day workweek. Its employees are paid each…

A: Salaries expense for 5 days = $7,820 Hence, Salaries expense for 4 days period = $7,820 x 4/5 =…

Q: Alpha Corporation is in the business of leasing temporary warehouse space. On December 1, 20Y4.…

A: Unearned revenue is the amount of revenue that has been received by the company even before…

Q: On March 1, Smith Company purchased equipment costing $14,792 by signing a 3-year, 6% note requiring…

A: When we made a payment against a note Payable as liability decreases notes Payable account will be…

Q: On December 1, Home Store sells a mower (that costs $280) for $580 cash with a one-year warranty…

A: The journal entries are prepared to record the transactions on regular basis. The warranty expense…

Q: what amount of tuition revenue should the college recognize on february 28

A: MEANING OF UNEARNED REVENUE Unearned revenue is the amount received by the company for the services…

Q: December 31, Reuter Company has a balance of $98.75 in the FUTA taxes payable account.  This…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Bartow Photographic Services takes wedding and graduation photographs. At December 31, theend of…

A: Reconciliation journals are entries in the company's general ledger created at the end of an…

Q: On December 1, Home Store sells a mower (that costs $160) for $460 cash with a one-year warranty…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Ecco Company sold $155,000 of kitchen appliances with six-month warranties durin September. The cost…

A: Warranty expense is the expected cost to be incurred for the repair or replacement of goods that…

Q: McFriend Inc. records its liabilities for employees' vacations at the end of each month. For the…

A: According to the logic of a journal entry, every business transaction should be documented in at…

Q: Wall Design Services billed its customers a total of $490,200 for the month of August, including 9…

A: Sales tax and federal excise tax are collected by firm from their customers are the liabilities for…

Q: Accountants Plus has a 5 day work week (Monday through Friday) and pays its employees every other…

A: Salary means the award an employee gets from employer for working in its business enterprises. Any…

Q: Olney Cleaning Company had the following items that require adjustment at year end. For one…

A: Unearned Income describes the cash received for any contract service against which will be provided…

Q: On December 1, Home Store sells a mower (that costs $220) for $520 cash with a one-year warranty…

A: Cash received on sale of mower = $520 Estimated Warranty liability = Sales × 8% =$520×8% =$41.60

Q: On June 11 of the current year, a retailer sells a trimmer for $400 with a one-year warranty that…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The Buttery Margarine Company pays its employees every second Friday throughout the year. On…

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

Q: On August 1, Mitchell Company received $21,900 for six months of rent in advance. Required:   1.…

A: Rent revenue of the current year the revenue which is accured this year not in the next year. It is…

Q: December 1, Waterway Company introduces a new product th are sold. Management believes that 5% of…

A: Solution: Warranty liability to be accrued = (3400*5%*$85) = 14,450

Q: Subscriptions to Kat Company's magazine cost $16 per year. During November 2022, Kat Company sells…

A: For the purpose of keeping track of commercial transactions, the business entities document them in…

Q: Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of…

A:

Q: Ecco Company sold $158,000 of kitchen appliances with six-month warranties during September. The…

A: The estimated warranty expense is $7,900 ($158,000*5%) and out of which $226 ($140 + $86) worth of…

Q: Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 4%…

A: Solution:- a)Preparation of  the adjusting entry required at January 31, the end of the first month…

Q: Journalize the adjusting entry required at September 30, the end of the first month of the current…

A: A warranty obligation is created when sales is made. It remain on the BS till all of them are used…

Q: On July 1, Mitchell Company receives 20 months of rent in advance, $41,360. Mitchell Company's…

A: July 1 to December 31 = 6 months Total rent paid in advance = $41,360

Q: Chavez Company's salaried employees earn four weeks' vacation per year. Chavez estimated and must…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: McFriend Inc. records its liabilities for employees’ vacations at the end of each month. McFriend…

A: INTRODUCTION: Vacation pay is the remuneration that employees receive for accrued vacation days…

Q: krug company collected $16800 in rent in advance on november 1, debiting cash and crediting unearned…

A: Unearned revenue:- Unearned revenue is the money that has been received by a person or business…

Q: nearest whole dollar, eg. 5,275. If no entry is required, select "No Entry" for the account titles…

A: To close the books for period end and reopen it for the next period, adjusting entries needs to be…

Q: Cee & Co.’s fiscal year begins April 1. At the beginning of its fiscal year, Cee & Co. estimates…

A: Introduction:- Property taxes are taxes collected by governments based on the value of certain…

Q: Cedar Valley is a national restoration contractor licensed in roofing, siding, gutters and windows.…

A: 2. Allowance Method - Under allowance method company make provision of uncollectible accounts at the…

Q: Campbell Inc. accepted a customer's $80,000 zero-interest-bearing six-month note payable in a sales…

A: Interest Revenue is the amount of interest earned on interest-bearing assets during the period. It…

Q: 45% of the requested services performed by the end of September, how would ABC record this revenue

A: The correct option is option 2 2. Dr Service Revenue - $6,750                                  Cr…

Q: On December 1, M

A: martinez recieved on 1st december $20510 in advance of 10 months . So, rent of 1 month = 20510/10 =…

Q: On March 1, Gonzalez Magazine Company receives annual subscriptions totaling $612,900. The first…

A: Solution: Total amount received for subscription = $612,900

Q: plish Brothers publishes a monthly music magazine, DiscOver. Subscriptions to the magazine cost $20…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated…

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