![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_largeCoverImage.gif)
Concept explainers
On December 31, the end of the year, the accountant for Fireside Magazine was called away suddenly because of an emergency. However, before leaving, the accountant jotted down a few notes pertaining to the adjustments. Journalize the necessary
a–b. A physical count of inventory revealed a balance of $199,830. The Merchandise Inventory account shows a balance of $202,839.
c. Subscriptions received in advance amounting to $156,200 were recorded as Unearned Subscriptions. At year-end, $103,120 has been earned.
d.
e. The amount of expired insurance for the year is $1,612.
f. The balance of Prepaid Rent is $2,400, representing four months’ rent. Three months’ rent has expired.
g. Three days’ salaries will be unpaid at the end of the year; total weekly (five days’) salaries are $4,000.
h. As of December 31, the balance of the supplies account is $1,800. A physical inventory of the supplies was taken, with an amount of $920 determined to be on hand.
![Check Mark](/static/check-mark.png)
Trending nowThis is a popular solution!
![Blurred answer](/static/blurred-answer.jpg)
Chapter 11 Solutions
College Accounting (Book Only): A Career Approach
Additional Business Textbook Solutions
Marketing: An Introduction (13th Edition)
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
Financial Accounting, Student Value Edition (5th Edition)
Horngren's Accounting (12th Edition)
Principles of Operations Management: Sustainability and Supply Chain Management (10th Edition)
- Oriole Company sells product 2005WSC for $55 per unit and uses the LIFO method. The cost of one unit of 2005WSC is $52, and the replacement cost is $51. The estimated cost to dispose of a unit is $6, and the normal profit is 40% of selling price. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-market?arrow_forwardNonearrow_forwardGeneral accountingarrow_forward
- Please correct answer with accounting questionarrow_forwardA company has decided to purchase equipment, needing to borrow $100,000 from its local bank to make the purchase. The bank gives the company two options: (a) 60-month installment note with 4% interest or (b) 120-month installment note with 8% interest. Lenders often charge a higher interest rate for longer-term loans to compensate for additional risk of lending for a longer time period. Record $100,000 cash received from the issuance of the 120-month installment note with 8% interest.Record $100,000 cash received from the issuance of the 120-month installment note with 8% interest. Select the options to display a 120-month installment note with 12% interest. How much of the principal amount is due after the 60th payment?arrow_forward!??arrow_forward
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengageFinancial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)